Business, 24.05.2021 19:50 jackferguson34

Patriot Company produces flak jackets for military use. The company recently adopted a standard costing system and set the following standards for materials per unit of product: Materials (Ballistic Nylon): 8 yards
$4 per yard During the most recent month, Patriot produced 5,500 units of flak jackets. Actual materials purchased and used were 40,000 yards at the price of $4.20 per yard. Based on the information above, answer the following questions: L 5 points]
(1) What was the total material costs incurred by the company during the month (i. e, actual costs of materials)?
(2) What should be the total material costs allowed for the production during the month (i. e., standard costs of materials)?
(3) What is the total variance for materials to be reported during the month? Is it favorable (F) or unfavorable (U)? materials price and quantity (usage) variances below. Indicate whether each variance is favorable (F or unfavorable (U
(4) Using either the template (columnar) approach or the formula approach, compute direct

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Patriot Company produces flak jackets for military use. The company recently adopted a standard cost...

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