(b)The Janual y figures for purchasing, production, and labor are:Show Transcribed TextThe company purchased 230,100 pounds of raw materials in January at a cost of 78¢ a pound.Production used 230,100 pounds of raw materials to make 116,000 units in January.Direct labor spent 18 minutes on each product at a cost of $7.80 per hour.Overhead costs for January totaled $41,342 variable and $75,000 fixed.Answer the following questions about standard costs.Your answer is partially correct.ůMaterials quantity varianceeTextbook and MediaWhat is the materials quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0decimal places, e.g. 125.)Save for LatercShow Transcribed TextĴ63478FavorableAttempts: unlimited Submit Answer Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are not "ideal"at this point, but the management is working toward that as a goal. At present, the company uses the following standards.MaterialsItemMaterialsPer unit2 lb.Direct laborItem,LaborCost80.00€ per lb.Per unitCost15 min.$8.00 per hr.Predetermined overhead rate based on direct labor hours - $3.83The January figures for purchasing, production, and labor are:The company purchased 230,100 pounds of raw materials in January at a cost of 784 a pound.Production used 230,100 pounds of raw materials to make 116,000 units in January.Direct labor spent 18 minutes on each product at a cost of $7.80 per hour.

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Description: (b)The Janual y figures for purchasing, production, and labor are:Show Transcribed TextThe company purchased 230,100 pounds of raw materials in January at a cost of 78¢ a pound.Production used 230,100 pounds of raw materials to make 116,000 units in

The variance is the difference between actual and standard production cost data. Materials quantity…

Business

Accounting

(b) Your answer is partially correct. What is the materials quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Materials quantity variance eTextbook and Media Save for Later 63478 Favorable Attempts: unlimited Submit Answer

(b) Your answer is partially correct. What is the materials quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Materials quantity variance eTextbook and Media Save for Later 63478 Favorable Attempts: unlimited Submit Answer

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are not “ideal” at this point, but the management is working toward that as a goal. At present, the company uses the following standards. Materials Item Per unit Cost Metal 1 lb. 63¢ per lb. Plastic 12 oz. $1.00 per lb. Rubber 4 oz. 88¢ per lb. Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours = $4.68 The January figures for purchasing, production, and labor are: The company purchased 231,800 pounds of raw materials in January at a cost of 78¢ a pound. Production used 231,800 pounds of raw materials to make 117,000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.70 per hour. Overhead costs for January totaled $71,489 variable and $70,000 fixed. Answer the…
Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are not "ideal" at this point, but the management is working toward that as a goal. At present, the company uses the following standards. Materials Item Per unit Cost Metal 1 lb. 63¢ per lb Plastic 12 oz. $1.00 per Ib. Rubber 4 oz. 88¢ per Ib. Direct labor Item Per unit Cost Labor 15 min. $9.00 per hr. Predetermined overhead rate based on direct labor hours = $424 The January figures for purchasing, production, and labor are: The company purchased 228,200 pounds of raw materials in January at a cost of 79¢ a pound. Production used 228,200 pounds of raw materials to make 115,000 units in January. Direct labor spent 18 minutes on each product at a cost of $8.80 per hour. Overhead costs for January totaled $54,597 variable and $72,000 fixed. Answer the following questions about standard costs. Your answer is partially correct. What is the materials price variance? (Round…
Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are not “ideal” at this point, but the management is working toward that as a goal. At present, the company uses the following standards. Materials Item Per unit Cost Metal 1 lb. 63¢ per lb. Plastic 12 oz. $1.00 per lb. Rubber 4 oz. 88¢ per lb. Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours = $4.68 The January figures for purchasing, production, and labor are: The company purchased 231,800 pounds of raw materials in January at a cost of 78¢ a pound. Production used 231,800 pounds of raw materials to make 117,000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.70 per hour. Overhead costs for January totaled $71,489 variable and $70,000 fixed. Answer the following questions about standard costs. What is…