--/1Question 25View PoliciesCurrent Attempt in ProgressIf a company purchases raw materials on account for$18830 when the standard cost is $15900, it willO debit Materials Quantity Variance for $2930.O debit Materials Price Variance for $2930.O credit Material Quantity Variance for $2930.O credit Materials Price Variance for $2930.Chpinsf12f11f10f9f817f6f5&%3D00TO96

Direct material variances: The difference between the actual material cost per unit and the standard…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Data Table AC × AQ SC × AQ SC × SQ $0.65 per pounds $0.30 per pounds $0.30 per pound × × × 7,600 pounds 7,600 pounds 7,200 pounds $4,940 $2,280 $2,160 Cost Efficiency Variance Variance $2,660 U $120 U . Record Smithson's direct materials journal entries. Assume purchases were made on account. 2. Explain what management will do with this variance information.
--/1 Question 5 View Policies Current Attempt in Progress If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance? O $3000 U O $3900 F O $4350 U O $900 F hp 12 f10 fg 144 18 f7 f6 f5 4+
Relevant information for material A follows: Actual quantity used Standard quantity allowed Actual price Standard price 6,500 lbs. 6,000 lbs. $3.80 $4.00 What was the direct material quantity variance for material A? $1,900 favorable. $2,000 unfavorable. $1,900 unfavorable. $2,000 favorable.
-/1 Question 7 View Policies Current Attempt in Progress Swifty Corporation has a materials price standard of $2.00 per pound. 5100 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5100 pounds, although the standard quantity allowed for the output was 4900 pounds. Swifty Corporation's materials quantity variance is O $400 U. O $440 U. $400 F. $440 F. (hp 16 17 fe
O 2 Seacoast Company provided the following information about its standard costing system for 2019: F2 - W S Materials Labor Budgeted production 3 Materials Price Variance F3 + Calculate the price, quantity and total variances for labor and materials. Format your answers using $, commas, and zero decimal places. Also indicate for each variance "F" for favorable or "U" for unfavorable. # E D Labor Price Variance F4 0 4 $ R 10 lbs. @ $4 per lbs. 3 hrs. @ $21 per hr. 3,500 units F F5 Total Materials Variance. Standard Data 5 % T Total Labor Variance G F6 Favorable/Unfavorable Favorable/Unfavorable H F7 6 ^ Y H F8 Materials Variances 7 & Produced Materials purchased Materials used Labor worded O Search L U J Labor Variances Materials Quantity Variance Labor Quantity Variance LG F9 88 F10 - 8 * 9 ( A K O 4,000 units 50,000 lbs. for $215,000 41,000 lbs. 11,000 hrs. costing $220,000 Favorable/Unfavorable F11 - 0) L Actual Data Favorable/Unfavorable P Favorable/Unfavorable…
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8. How much is the sale mix variance? Product B 2018 2019 2018 2019 Product C 2018 2019 Product A Average 2018 2019 Sale Price 120.00 110.00 200.00 240.00 500.00 540.00 182.00 208.75 Cost per Unit 70.00 65.00 120.00 149.00 300.00 320.00 108.00 125.00 Gross Profit 50.00 45.00 80.00 91.00 200.00 220.00 74.00 83.75 Product A Product B Product C Total 2018 2019 2018 2019 2018 2019 2018 2019 Units Sold 1,200 1,500 600 500 200 400 2,000 2,400
Problem 2: Material Variance Katrina Company's direct material costs are as follows: Standard unit price Actual quantity purchased Standard quantity allowed for actual production Materials purchase price variance - favorable P 3.60 1,600 1,450 P 240 Required: Compute the actual purchase price per unit, rounded to the nearest centavos.

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