Based on the following, what is the total direct materials variance?Total Product Cost Flexible Budget Variance(a)Total Direct MaterialsVariance(b)Total Direct Labor VarianceTotal Manufacturing Overhead Variance(d)DirectMaterialsDirectMaterialsDirect LaborDirectLaborTotal VariableTotal FixedCostEfficiencyEfficiencyVarianceVarianceCost VarianceVarianceOverhead VarianceOverhead Variance$300 F$150 U$450 U$500 F(e)VariableOverheadCostVariance$350 UVariable OverheadEfficiency Variance$425 FFixed OverheadCost Variance$650 FOA. $300 UOB. $150 UOC. $150 FOD. $300 F

To calculate the total direct materials variance, you need to combine both the Direct Materials Cost…

Answered: Based on the following, what is the…

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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K Juda Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Juda allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Data table X Sales Static Budget Actual Results (1,025 recliners) (1,005 recliners) (1,025 recliners x $515 each) (1,005 recliners x $480 each) $ 527 875 S 482 400 Variable Manufacturing Costs: Direct Materials (6,150 yds @ $8.90/ yd.) (6,300 yds @ $8.707 yd.) 54.735 54.810 Direct Labor (10,250 DLHr @ $11.30/DLHr) (9,850 DLHr @ $11.40/DLHr) 115 825 112 290 Variable Overhead (6,150 yds @ $5.107 yd.) 31,365 (6,300 yds. @$6.50/yd.) 40.950 Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold 62,730 64,730 264,655 272,780 263,220 $ 209,620 Gross Profit
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
Describe the difference between a direct materials efficiency variance and a variable manufacturing overhead efficiency variance. OA. A direct materials efficiency variance indicates whether more or less of the chosen allocation base was used than was budgeted for the actual output achieved. A variable manufacturing overhead efficiency variance indicates whether more or less direct materials were used than was budgeted for the actual output achieved. OB. A direct materials efficiency variance indicates whether more or less was paid for direct materials than was budgeted for the actual output achieved. A variable manufacturing overhead efficiency variance indicates whether more or less was paid for the chosen allocation base than was budgeted for the actual output achieved. OC. A direct materials efficiency variance indicates whether more or less direct materials were used than was budgeted for the actual output achieved. A variable manufacturing overhead efficiency variance indicates…
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Direct Materials Variances The following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual: 50,800 Ib. at $2.05 Standard: 49,300 Ib. at $2.10 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 Favorable 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
Determine the variances for A, B, and C.
arker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year llows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($345,800 910,000 units) arker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,040,000 11,400,000 $ 9,120,000 308,000 $ 3,449,600 $ 689,000 $365,000 Standard Unit C $9.96 3.15 0.66 0.38
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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

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