The following information is available for Coady's Chocolates:Actual production3,000 boxesBudgeted production 3,200 boxesDirect MaterialsStandard2 pounds of chocolate per box @ $8 per poundActual7,000 pounds purchased @ $7.8 per pound6,500 pounds used @ $7.8 per pound(a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal places, e.g. 125. Ifvariance is zero, select "Not Applicable" and enter 0 for the amounts.)Direct material price variance$Direct material quantity variance◄►

Name: The following information is available for Coady's Chocolates:Actual
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Description: The following information is available for Coady's Chocolates:Actual production3,000 boxesBudgeted production 3,200 boxesDirect MaterialsStandard2 pounds of chocolate per box @ $8 per poundActual7,000 pounds purchased @ $7.8 per pound6,500 pounds us

Business

Accounting

(a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal p variance is zero, select "Not Applicable" and enter 0 for the amounts.) Direct material price variance $ $ Direct material quantity variance tA 4

(a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal p variance is zero, select "Not Applicable" and enter 0 for the amounts.) Direct material price variance $ $ Direct material quantity variance tA 4

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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The following information was taken from the annual manufacturing overhead cost budget of Tamarisk Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours Normal production level in units Standard labour hours per unit $35,260 $18,860 16,400 4,100 4 During the year, 4,000 units were produced, 16,300 hours were worked, and the actual manufacturing overhead was $55,600. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours.
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong
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The following direct materials and direct labor data pertain to the operations of Sunland Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $290 $12.50 per hour per ton per hour $292 per ton Quantities. Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used. 4,200 hours 1,000 tons 4,290 hours 990 tons
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