1. The standard and actual prices per pound of raw material are $4.00and $4.50, respectively. A total of 10,500 pounds of raw materialwas purchased and then used to produce 5,000 units. Thequantity standard allows two pounds of the raw material per unitproduced. What was the materials quantity variance?a. $5,000 unfavorableb. $5,000 favorablec. $2,000 favorabled. $2,000 unfavorable2. Referring to the facts in question 1 above, what was the materialprice variance?a. $5,250 favorableb. $5,250 unfavorablec. $5,000 unfavorabled. $5,000 favorable

Answered: Image /qna-images/answer/ac824952-b2bb-4df6-9294-9cc1637cf2d9.jpg

1. The standard and actual prices per pound of raw material and $4.50, respectively. A total of 10,500 pounds of raw was purchased and then used to produce 5,000 units. Th quantity standard allows two pounds of the raw materia produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the r price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable

1. The standard and actual prices per pound of raw material and $4.50, respectively. A total of 10,500 pounds of raw was purchased and then used to produce 5,000 units. Th quantity standard allows two pounds of the raw materia produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the r price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.91; actual, $2.04Yards per unit: standard, 4.70 yards; actual, 5.08 yardsUnits of production: 9,000The direct materials price variance is a.$5,499.00 favorable b.$1,170.00 unfavorable c.$5,943.60 favorable d.$5,943.60 unfavorable
The standard costs and actual costs for direct materials for the manufacture of 2,300 actual units of product are as follows: Standard Costs Direct materials Direct materials Actual Costs The direct materials price variance is Oa. $166 unfavorable Ob. $368 favorable Oc. $166 favorable Od. $368 unfavorable 1,040 kilograms at $8.51 2,300 kilograms at $8.35
Use the following information to calculate the materials price variance: Direct material purchased and used (kgs) 30,000 Cost of direct material 84,000 Unfavourable direct materials usage variance 3,000 Standard quantity of direct materials allowed for production (kgs) 29,000 Select one: a. $6,000 U b. $2,800 F c. $6,000 F d. $2,800 U
Subject: acounting
2. Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced A. Compute the material price and quantity, and the labor rate and B. C. D. E. unfavorable variances. $1.00 $0.90 100 90 15 $ $ 16 200 220 efficiency variances. Describe the possible causes for this combination of favorable and
QUESTION 7 The standard price of materials is $4.6 per pound and the standard quantity allowed for actual output is 5230 pounds. If the actual quantity purchased and used was 5700 pounds, and the actual price per pound was $5.9, the direct materials price variance is Indicate whether the variance is F (favorable) or U (Unfavorable) by placing the letter next to the amount. For example, if your answer is 1,000 Favorable, answer 1000F, Do not use a space between the amount and the letter. Show your answer as an absolute number (no negative signs) S
Peking Palace Company reported the following: Standard quantity per unit 3 lbs. Standard price per pound $2.75 Actual pounds used 15,000 lbs. Actual price per pound $2.90 Number of units produced 5,070 What is the total direct materials cost variance? O a. $(1,672.50) favorable O b. $1,672.50 unfavorable O c. $2,859.00 unfavorable O d. $(2,859.00) favorable
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required a. Material Price Variance and Material Quantity Variance b. Labor Rate Variance and Labor Efficiency Variance
actual price paid for material $1.00 standard price for material $1.20 actual quality purchased and used in production 100 standard quality for units produced 110 actual labor rate per hour $15.00 standard labor rate per hour $16.00 actual hours 200 standard hours for unit produced 220 Required: Compute the material price and quantity, and the labor rate and efficiency variances. Describe the possible causes for this combination of favorable and unfavorable variances.
Can you answer both of these questions
The standard costs and actual costs for direct materials for the manufacture of 2,780 actual units of product are as follows: Standard Costs Direct materials Direct materials 2,780 kilograms at $8.70 Actual Costs 2,900 kilograms at $8.05 The direct materials quantity variance is Oa. $835 unfavorable Ob. $1,044 unfavorable Oc. $1,044 favorable Od. $835 favorable
Use this information to answer the question that follow.The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.93; actual, $2.04Standard yards per unit: standard, 4.61 yards; actual, 5.10 yardsUnits of production: 9,500Calculate the direct materials price variance. a. $1,045.00 unfavorable b. $4,817.45 favorable c. $5,329.50 unfavorable d. $5,329.50 favorable