(b)Calculate the materials variance, and the price and quantity variances, assuming the purchase price is $5.82 and the quantitypurchased and used is 28,000 units.Materials varianceMaterials price varianceMaterials quantity varianceeTextbook and Media$$$UnfavourableNeither favourable nor unfavourableFavourable The standard cost of product B manufactured by Kingbird Company includes 3 units of direct materials at $5.65 per unit. During June,the company purchases 29,000 units of direct materials at a cost of $5.31 per unit and uses 29,000 units of direct materials to produce9,500 units of product B.(a)Your answer is correct.Calculate the materials variance, and the price and quantity variances.Materials varianceMaterials price varianceMaterials quantity varianceeTextbook and Media$$7035 i98602825FavourableFavourable:Unfavourable

DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…

(b) Calculate the materials variance, and the price and quantity variances, assuming the purchase price is $5.82 and the quantity purchased and used is 28,000 units. Materials variance Materials price variance Materials quantity variance eTextbook and Media $ $ $ Unfavourable Neither favourable nor unfavourable Favourable

(b) Calculate the materials variance, and the price and quantity variances, assuming the purchase price is $5.82 and the quantity purchased and used is 28,000 units. Materials variance Materials price variance Materials quantity variance eTextbook and Media $ $ $ Unfavourable Neither favourable nor unfavourable Favourable

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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Similar questions

Most companies compute the materials price variance when materials are purchased. Group of choices True False
The total manufacturing cost variance is a.the flexible budget variance plus the time variance b.the difference between actual costs and standard costs for units produced c.the difference between planned costs and standard costs for units produced d.None of these answers are correct.
Required A Required B Calculate the variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing costs Variances
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Fill out the chart and mainly where there’s a red astiris
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K Purchasing a greater quantity of raw materials than budgeted, but paying the Standard OA. Materials quantity variance B. Materials price variance C. Both of the variances may be affected D. Neither of the variances may be affected
An example of a performance measure with a long−timehorizon is ________. A. quality of room service B. direct materials efficiency variances C. number of new patents developed D. overhead spending variances
2. Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced A. Compute the material price and quantity, and the labor rate and B. C. D. E. unfavorable variances. $1.00 $0.90 100 90 15 $ $ 16 200 220 efficiency variances. Describe the possible causes for this combination of favorable and
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Required Indicate whether each of the following variances is favorable (F) or unfavorable (U). The first one has been done as an example. Note: Select "None" if there is no effect (1.e., zero variance). Item to Classify Sales volume Sales price Materials cost Materials usage Labor cost Labor usage Fixed cost spending Fixed cost per unit (volume) $ $ $ $ $ Standard 40,100 units 3.61 per unit 3.00 per pound 91,100 pounds 10.10 per hour 61,100 hours 401,000 3.21 per unit $ $ $ $ $ Actual 42,100 units 3.64 per unit 3.10 per pound 90,100 pounds 9.70 per hour 61,900 hours 391,000 3.17 per unit Type of Variance F
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