nkt A company reports the following for one of its products.Direct materials standard (4 pounds @ $3 per pound)Actual direct materials used (AQ)Actual units producedActual cost of direct materials used$ 12 per unit350,000 pounds70,000 units$910,000AQActual Quantity=SQ Standard Quantity=AP Actual PriceSP Standard Price=Compute the direct materials price and quantity variances and identify each as favorable or unfavorable.AQ350,000Actual Cost×APEA0×APAQ350,000×$00EA0Standard CostSQ×SPSP$ 3.00

Computation of direct material price, quantity, and total variance by using the following…

Answered: A company reports the following for one…

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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A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. X X X $ 8 per unit 340,000 pounds 72,000 units X $ 612,000 Standard Cost X X
A company reports the following for one of its products. Direct materials standard (3 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $ 6 per unit 280,000 pounds 72,000 units $ 476,000 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost Standard Cost
A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $12 per unit 330,000 pounds 64,000 units Actual Cost $ 924,000 AQ - Actual Quantity SQ - Standard Quantity = AP = Actual Price SP Standard Price Compute the direct materials price and quantity variances and Identify each as favorable or unfavorable. Standard Cost
A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used i $. 12 per unit 350,000 pounds 70,000 units Actual Cost $ 910,000 AQ=Actual Quantity SQ=Standard Quantity AP Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Standard Cost
NXE manufacturing concern furnishes the following information: Standards: Material for 70kg finished products: 100kg Price of Material: $ 1 per kg Actual: Actual Production (Output) : 210000 Material Used : 280000 Cost of Materials 252000 Calculate (a) Material Usages Variance and (b) Material Price Variance
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Future Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit 50.44/lb.) 51.32 per finished good Actual direct materials purchased 30,000 pounds Actual Direct Materials Used ( AQU) 34,000 pounds Actual Price (AP) paid per pound $0.64 How much is the direct materials price variance? Question content area bottom Part 1 A. 56,000 favorable B. $6,000 unfavorable C. 56,800 unfavorable D. 56,800 favorable
Larry's Woodworks has collected the following data for its cutting board line of products: K Direct materials standard Direct materials standard cost Actual Direct Materials Used (AQU) Actual finished goods purchased What is the direct materials quantity variance? 10 pounds per unit $0.54 per pound 40,000 pounds 4,100 units OA. $17,860 unfavorable OB. $17,860 favorable OC. $540 unfavorable OD. $540 favorable
Explain
Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production 100 Standard quantity for units produced 110 $ 15.00 $ 16.00 Actual labor rate per hour Standard labor rate per hour Actual hours 200 Standard hours for units produced 220 Calculate the Labor Efficiency (Time) Variance and indicate if the variance is favorable or unfavorable
01. The following materials standards have been established for the product Wand: JM- Standard quantity per unit of output 10.0 kilograms the Standard price $16.20 per kilogram The following data pertains to operations S Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output ■ Required: What is the materials price variance for the month? 2. What is the materials quantity variance for the month? === .. B M ======= D M BEBE === g 295. = 3 = 7,300 kilograms $120,000 7,122 kilograms 740 units ■ concerning the product Wand for the last month; HUFINAİJA ■ ■ 20-121=0 EXCE HE SIC D 10= ■ Fe
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