A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $27 per pound. During July, A Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials quantity variance?

A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $27 per pound. During July, A Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials quantity variance?

Name: A Company has a material standard of 1.1 pound per unit of output. Eac
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $27 per pound. During July, A Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials quantity

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

Scarlett Company has a direct materials standard of 3 gallons of input at a standard price of $13.00 per gallon. During July, Scarlett Company purchased and used 7,470 gallons at an actual price of $12.60 to produce 2,050 units. What is the direct materials price variance?
Zillow Inc. has the following data related to direct materials costs for the current month: actual cost for 7,000 pounds of material at $2.50 per pound and standard cost for 6,700 pounds of material at $3.20 per pound. What is the direct materials price variance? Group of answer choices -$4,900 favorable $4,900 unfavorable -$960 unfavorable $960 favorable
A company developed the following per-unit standards for its product: 2 pounds of direct materials at $10 per pound. Last month, 3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month was O $13300 favorable. O $21700 favorable. O $21700 unfavorable. O $10850 favorable.
Sheridan Company's standard labor cost per unit of output is $22.00 (2.00 hours x $11 per hour). During August, the company incurs 2.420 hours of direct labor at an hourly cost of $12.10 per hour in making 1,100 units of finished product. Compute the total, price, and quantity labor variances. (Round answers to 2 decimal places, e.g. 52.75.) Total labor variance Labor price variance $ $ Labor quantity variance $ Unfavorable Unfavorable Unfavorable V
Edgar, Inc. has a materials price standard of $1.75 per pound. eight thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4,000 pounds, although the standard quantity allowed for the output was 5,400 pounds. Calculate the materials price variance
XYZ Company's standard materials cost per unit of output is $12 (3 pounds x $4). During July, the company purchases and uses 5,800 pounds of materials costing $22,910 in making 2,000 units of finished product. Compute the Total, Price, and Quantity Materials Variances.
Vikram Bhai
Bailey’s standard labor cost of producing one unit of Product DD is 1.8 hours at a rate of $12.4 per hour. During August, 1,436 hours were incurred at a cost of $11.1 per hour to produce 1,134 units of Product DD. Bailey’s direct labor rate variance is $__________ Indicate the amount and whether it is Favorable or Unfavorable by placing F or U by amount, do not skip a space and do not use $ in your answer. For example, if your answer is $1,000 favorable, answer 1000F Selected Answer: 9,371.28F Correct Answer: 1,867 ± 1 (F)
Sheffield Company's standard materials cost per unit of output is $8.20 (2.00 pounds x $4.10). During July, the company purchases and uses 2,700 pounds of materials costing $14,580 in making 1,500 units of finished product. Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.) Total materials variance $ Materials price variance Materials quantity variance $ %24 %24
Simba Company's standard materials cost per unit of output is $9.00 (2.00 pounds x $4.50). During July, the company purchases and uses 3,080 pounds of materials costing $16,632 in making 1,400 units of finished product. Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.) Total materials variance $ Materials price variance $ Materials quantity variance $ %24 %24
Your Company’s materials quantity variance was $24,000 favorable. The standard cost per pound is $12.00 and 30 pounds are allowed for each unit of output. Records show that 46,500 pounds of material were used. How many units of output were actually produced?
Metcalf Manufacturing Company has established direct labor standards of 1.0 hour at $15.25 per hour for a product it makes. During December, the company made 5,500 units of that product. Direct labor used was 5,400 hours, and workers were paid $16.25 per hour. Which of the following is true? The labor efficiency variance is $5,400 favorable. The labor efficiency variance is $5,400 unfavorable. The labor efficiency variance is $1,525 favorable. The labor efficiency variance is $1,525 unfavorable.