**Transcription and Explanation for Educational Website**---**Scenario Overview:**Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,300 helmets, using 2,475 kilograms of plastic. The plastic cost the company $18,810.According to the standard cost card, each helmet should require 0.068 kilograms of plastic, at a cost of $8.00 per kilogram.**Required:**1. **Standard Quantity of Kilograms of Plastic (SQ):** What is the standard quantity of kilograms of plastic that is allowed to make 3,300 helmets?2. **Standard Materials Cost Allowed:** What is the standard materials cost allowed (SQ × SP) to make 3,300 helmets?3. **Materials Spending Variance:** What is the materials spending variance?4. **Materials Price Variance and Materials Quantity Variance:** What is the materials price variance and the materials quantity variance?*(For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)***Table:**| | Description | Value ||----|------------------------------------------------|------------|| 1. | Standard quantity of kilograms allowed | 2,244 || 2. | Standard cost allowed for actual output | $12,791 || 3. | Materials spending variance | || 4. | Materials price variance | || 4. | Materials quantity variance | |**Analysis Overview:**- **Standard Quantity Calculation:** - To find the standard kilograms allowed, multiply the number of helmets (3,300) by the standard kilograms per helmet (0.068).- **Standard Cost Calculation:** - Multiply the standard kilograms allowed by the standard price per kilogram ($8.00).- **Variances:** - **Materials Spending Variance:** May be calculated by comparing the actual cost to the standard cost allowed. - **Materials Price Variance:** Determined by the difference between the actual price per kilogram and the standard price, multiplied by the actual quantity used. - **Materials Quantity Variance:** Calcul

I am answering the last three parts because the first two parts are already answered. Variances are…

Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special During the quarter ending June 30, the company manufactured 3,300 helmets, using 2,475 klograms of plastic. The plastic ca company $18,810. According to the standard cost card, each helmet should require 0.68 kilograms of plastic, at a cost of $8.00 per kilogram Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,300 helmets? 2. What is the standard materials cost allowed (SQ SP) to make 3,300 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance?

Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special During the quarter ending June 30, the company manufactured 3,300 helmets, using 2,475 klograms of plastic. The plastic ca company $18,810. According to the standard cost card, each helmet should require 0.68 kilograms of plastic, at a cost of $8.00 per kilogram Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,300 helmets? 2. What is the standard materials cost allowed (SQ SP) to make 3,300 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance?

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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