a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Standard Cost Ingredient per Batch Whole tomatoes $ Vinegar Corn syrup Salt Total Standard unit materials cost per pound b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Materials Quantity Ingredient Variance Favorable/Unfavorable Whole tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance

a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Standard Cost Ingredient per Batch Whole tomatoes $ Vinegar Corn syrup Salt Total Standard unit materials cost per pound b. Determine the direct materials quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Materials Quantity Ingredient Variance Favorable/Unfavorable Whole tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance

Name: Standard Product Cost, Direct Materials VarianceCondiments Company us
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Standard Product Cost, Direct Materials VarianceCondiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,800 pounds) has the following standards:Standard QuantityStandard PriceWhole tomatoes4,700 Ibs.$0.43

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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Requirement: Compute for the following variances1. Fixed Spending Variance2. Variable Spending Variance3. Efficiency Variance4. Controllable Variance5. Volume Variance6. Spending Variance 7. Total Variance
Title Calculate the material quantity variance. Description (JIT variances) Natural Gardens makes recylcable pots for plants and uses JIT to manage inventories and production. The following are standards for a typical 1-gallon pot: Annual Material Standards 32 ounces of Component X × $0.02 $0.64 2 ounces of Component Y × $0.05 0.10 $0.74 Current Material Standards 27 ounces of Component X × $0.02 $0.54 4 ounces of Component Y × $0.05 0.20 $0.74 In-house experiments indicated that changing the material standard would make the pots stronger, so the company issued an engineering change order for the product in February; this ECO established the current material standards. March production was 8,000 pots. Usage of raw material (all purchased at standard price) in March was 220,000 ounces of Component X and 31,000 ounces of Component Y. a. Calculate the material quantity variance. b. Calculate the ECO variance. c. Summarize the…
B. Given the possible causes of the variances, identify the variance for each number and whether Favorable or Unfavorable. Form 2 columns to write your answers. State whether variance is Favorable or Unfavorable Causes Give the Material Variance Name substandard material, quantity 1. discount, negotiated better price, quantity discount, or price drop higher-quality material, price 2. 2. increase, and negotiated poorly Give the Material Variance Name higher-quality material, better- qualified employees, or a change in manufacturing 3. 3. process lower-quality material, less- qualified employees, or a change in manufacturing 4. process Give the Labor Variance Name less-qualified employees or a change in quality level of employees due to a change in 5. 5. process more-qualified employees, a change in contract with employees, or a change in manufacturing process that changes the level of employees needed 6. Give the Labor Variance Name better material, higher-quality employees, or a change…
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 54,400 lb. at $1.70 Standard: 53,300 Ib. at $1.65 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance Unfavorable Quantity variance Unfavorable Total direct materials cost variance Unfavorable b. The direct materials price variance should normally be reported to the Purchasing Department - V. If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the Production Supervisor V. If the favorable use of raw materials had been caused by the purchase of higher- quality raw materials, the variance should be reported to the Purchasing Department
"Required 2" looks the save as "Required 1" (pictured).
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5. Using the data below, find the graphical solution for variance on quantity first and material cost first, then find the total variance. Product Element Estimate Material cost per unit $30.00 Number of units 150 Actual $40.00 250
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