Problem Set: Module 51. PR.08.02B2. TMM.09.023. BE 09.02.EXCEL.ALGO4. BE 09.01.EXCEL.ALGO5. TMM.08.01engagenow.com + 40Direct materials variancesBellingham Company produces a product that requires 2.3standard pounds per unit. The standard price is $3.40 perpound. 15,600 units used 35,300 pounds, which werepurchased at $3.60 per pound.This information has been collected in the Microsoft ExcelOnline file. Open the spreadsheet, perform the requiredanalysis, and input your answers in the questions below.XOpen spreadsheetWhat is the direct materials (a) price variance, (b) quantityvariance, and (c) cost variance? Round your answers to thenearest dollar. Enter a favorable variance as a negative numberusing a minus sign and an unfavorable variance as a positivenumber.a. Direct materials price varianceb. Direct materials quantity variancec. Direct materials cost varianceD X templateA1 Direct materiala variances23 The following data is provided for Bellingham Company:45678910112229303132333412131415 a. Direct materials price variance16 b. Direct materials quantity variance17 c. Direct materials cost variance1819203536373839404142434445464748495051525354555758596061626364656667686970717273747511:10767778798081828384858687888990✪ about:blank91929394959607DATAResources requirements, standard pounds per unResources standard price, per poundUnits producedResources used for production, poundsResources' actual price, per pound>Using formulas and cell references, perform the required analysis, and input your answers into the green cells inthe Amount column. Select the corresponding type of variance in the dropdowns in cells D15:D17. Transfer thenumeric results for the green entry cells (C15:C17) into the appropriate fields in CNOWv2 for grading.Data +2.353.4015,60035,300$3.60000A ONAmount+Formulasall 88%41Edit ...

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Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.40 per pound. 15,600 units used 35,300 pounds, which were purchased at $3.60 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance

Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.40 per pound. 15,600 units used 35,300 pounds, which were purchased at $3.60 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost 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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Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The company’s cost accountant has gathered the following information needed to perform a variance analysis at the end of the month: Standard Cost Information Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5 per pound Quantity allowed per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100 pounds per unit Direct labor rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.00 per hour Hours allowed per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 hours per unit Fixed overhead budgeted . . . . . . . . . . . . . . . . . . . . . . . . $12,000 per month Normal level of production . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 units Variable overhead application rate . . . . . . . . . . . . . . . . . . . $ 2.00 per unit Fixed overhead application rate ($12,000 _ 1,200 units) . . . 10.00…
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See attached image Required:Calculate Parker Plastic’s direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
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