Assume the following: • The standard price per pound is $2.35. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,700 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice O $3,055 F O $5,175 F O $2,925 F O $5,405 F

Assume the following: • The standard price per pound is $2.35. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,700 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice O $3,055 F O $5,175 F O $2,925 F O $5,405 F

Name: Assume the following:• The standard price per pound is $2.35.• The st
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Assume the following:• The standard price per pound is $2.35.• The standard quantity of pounds allowed per unit of finished goods is 4pounds.• The actual quantity of materials purchased was 53,000 pounds, whereas thequantity of materials used in pro

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

Provide solution for this question
Tercer reports the following for one of its products. Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. Direct materials standard (4 lbs. @ $2 per lb.). $8 per finished unit Actual finished units produced. 60,000 units Actual direct materials used . 300,000 lbs. Actual cost of direct materials used. $540,000
The standard direct material cost per unit for Willis Group was $152 (= $38 per gallon × 4 gallons per unit). During the period, actual direct materials costs amounted to $2,020,690, materials used totaled 55,475 gallons, and 13,270 units were produced. Required: Compute the direct materials price and efficiency variances for the period. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
Assume that the cost formula for one of a company’s mixed expenses is $10,000 + $3.80 per unit. The company’s planned level of activity was 2,000 units and its actual level of activity was 2,200 units. The actual amount of this expense was $18,200. The activity variance for this expense is:
For the current period, Kay Company's manufacturing operations show a $6,500 unfavorable direct materials price variance. The actual price per pound of material is $82, the standard price is $81.50 per pound. How many pounds of material were used in the current period? Actual pounds used pounds
Get the Answer for all Questions
Can you answer both of these questions
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
Assume the following: . The standard price per pound Is $2.35. . The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materlals purchased was 53,000 pounds, whereas the quantity of materlals used in production was 51,000 pounds. • The actual purchase price per pound of materlals was $2.25. • The company produced 13,000 units of finished goods during the perlod. What Is the materlals quantity varlance? Multiple Choice $4,700 F $2.250 F $2.350 F $4,500 F
Explain
Provide Answer for A B and C.. please provide with Step
Use this information to answer the question that follow.The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.96; actual, $2.03Standard yards per unit: standard, 4.73 yards; actual, 5.21 yardsUnits of production: 9,100Calculate the direct materials price variance.