-/1Question 8View PoliciesCurrent Attempt in ProgressMarigold Corp. has a materials price standard of $2.00 perpound. 5400 pounds of materials were purchased at $2.20a pound. The actual quantity of materials used was 5400pounds, although the standard quantity allowed for theoutput was 4900 pounds.Marigold Corp.'s total materials variance isO $2180 U.O $2080 U.O $2180 F.O $2080 F.hp

Calculate the direct material price variance.

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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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Question I – Variances LAR Chemical Company manufactures a wide variety of chemical compounds and liquids for industrial uses. The standard mix for November’s production of 40,000 litres of Product “A” and the budgeted costs for that mix, are as follows: Liquid Chemical Quantity (in litres) Cost (per litre) Total Cost Maxan Xulon Cralyn 8,000 24,000 18,000 $2.00 $.75 $1.00 $16,000 18,000 18,000 The actual quantities of direct materials and the cost of the materials placed in production during November to product Product “A” were as follows (all materials purchased were used): Liquid Chemical Quantity (in litres) Total Cost Maxan Xulon Cralyn 8,480 25,200 18,520 52,200 $17,384 17,640 16,686 $51,710 A total of 40,000 good litres of Product “A” were produced during November. REQUIRED: Calculate the direct materials efficiency, mix, and yield variances for each raw material.
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Question Content Area Myers Corporation has the following data related to direct materials costs for November: actual cost for 4, 690 pounds of material at $5.30 and standard cost for 4, 410 pounds of material at $6.30 per pound. The direct materials price variance is a. $1,764 favorable b. $4,690 favorable c. $1,764 unfavorable d. $4,690 unfavorable
Question 8.2 The following materials standards have been established for product Wand: Standard quantity per unit of output 10.0 kilograms Standard price $16.20 per kilograms The following data pertains to operations concerning product Wand for the last month: Actual materials purchased 7,300 kilograms Actual cost of materials purchased $120,000 Actual materials used in production 7,122 kilograms Actual output 740 units Required: What is the materials price variance for the month? What is the materials quantity variance for the month?
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15
Denger
MC Qu. 10-65 Assume that... Cost standards for one unit of product no. C77: Direct material Direct labor 3 pounds at $2.70 per pound 7 hours at $7.50 per hour Actual results: Units produced 5,900 units Direct material purchased Direct material used 27,000 pounds at $2.90 17,400 pounds at $2.90 41,500 hours at $7.30 Direct labor Assume that the company computes variances at the earliest point in time. The standard hours allowed for the work performed are: Multiple Choice O 40,250. 41,450. 41,300. 41,200. None of the answers is correct. O $ 8.10 52.50 $ 78,300 50,460 302,950
-/1 Question 21 View Policies Current Attempt in Progress Oriole has a standard of 1.5 pounds of materials per unit, at $6 per pound. In producing 2200 units, Oriole used 3500 pounds of materials at a total cost of $20475. Oriole's materials quantity variance is O $2100 U. O $675 F. O $525 U. O $1200 U. hp ins prt sc f12 f11 f1o f9 f5 f8 17 f6 080 %3D 11 7
Problem 16-61 (Algo) Direct Materials (LO 16-5) Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production 20 2,270 grams 2,400 grams $15,890 F Price variance Required: What was the actual purchase price per gram? Actual purchase price per gram
--/1 Question 18 View Policies Current Attempt in Progress A company developed the following per unit materials standards for its product: 3 pounds of direct materials at $5 per pound. If 24000 units of product were produced last month and 73000 pounds of direct materials were used, the direct materials quantity variance was $5000 favorable. O $3000 unfavorable. $5000 unfavorable. O $3000 favorable. op 12 f11 f10 f9 f8 f7 f6 f5 8. 11 60 96 96

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