Hii ticher given correct answer general Accounting Beta Company produced 15,000 widgets. Standardmaterial usage is 0.5 pounds per widget at $10 perpound. If the actual quantity used was 7,200 pounds,calculate the materials quantity variance.

Step 1: Calculate the Standard Quantity Allowed• Multiply the standard usage per widget by the…

Answered: Beta Company produced 15,000 widgets.…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5PA: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...

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Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?
Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: During the first quarter of the year, Jameson produced 45,000 cases of paper towels. The company purchased and used 135,700 pounds of paper pulp at 0.38 per pound. Actual direct labor used was 91,000 hours at 12.10 per hour. Required: 1. Calculate the direct materials price and usage variances. 2. Calculate the direct labor rate and efficiency variances. 3. Prepare the journal entries for the direct materials and direct labor variances. 4. Describe how flexible budgeting variances relate to the direct materials and direct labor variances computed in Requirements 1 and 2.
Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The standard variable manufacturing overhead (M0H) rate used by the company is $6.75 per machine hour. Each sewing machine requires 13.5 machine hours. Actual machine hours used last month were 33,500, and the actual variable MOH rate last month was $7.00. Calculate the variable overhead rate variance and the variable overhead efficiency variance.
Edgar, Inc. has a materials price standard of $1.75 per pound. eight thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4,000 pounds, although the standard quantity allowed for the output was 5,400 pounds. Calculate the materials price variance
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $5 per gallon) Direct labor (1 hours @ $10 per hour) $ 10.00 $ 10.00 During the period, the company produced and sold 24,000 units, incurring the following costs: Direct material 51,000 gallons @ $ 4.90 per gallon Direct labor 24,500 hours @ $ 9.75 per hour The direct material usage variance was: Multiple Choice O O $15,000 unfavorable. $14,700 unfavorable. $15,000 favorable. $14,700 favorable. Pray 19 of 30 Next > MAANSTER FORGE
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material Direct labor $ 8.00 $13.00 50,000 gallons @ $3.90 per gallon 23,500 hours @ $12.75 per hour The direct material usage variance was:
Tools-N-Time has a standard of 2 hours of labor per unit, at $12 per hour. In producing 2,000 units, Tools-N-Time used 3,850 hours of labor at a total cost of $46,970. What is Tools-N-Time's total labor variance?
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $5 per gallon) $ 10.00 Direct labor (1 hours @ $11 per hour) $ 11.00 During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material 49,000 gallons @ $ 4.90 per gallon Direct labor 23,500 hours @ $ 10.75 per hour The direct material usage variance was: Multiple Choice $15,000 favorable. $14,700 unfavorable. $14,700 favorable. $15,000 unfavorable.
Ambient Inc. produces aluminum cans. Each can has a standard labor requirement of 0.03hour. During the month of May, 500,000 cans were produced using 14,000 labor hours @$15.00. The standard wage rate is $14.50 per hour. Refer to the information for Ambient Inc. above.Required:Calculate the labor rate and efficiency variances using the columnar and formula approaches.
The Russell Company provides the following standard cost data per unit of product: Direct material (3 gallons @ $3 per gallon) Direct labor (2 hours @ $13 per hour) $9.00 $26.00 During the period, the company produced and sold 24,000 units, incurring the following costs: Direct material Direct labor 75,000 gallons @ 48,500 hours @ $ 2.90 per gallon $ 12.75 per hour The direct labor usage variance was: Multiple Choice $6,500 unfavorable. $6.375 unfavorable

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Beta Company produced 15,000 widgets. Standard material usage is 0.5 pounds per widget at $10 per pound. If the actual quantity used was 7,200 pounds, calculate the materials quantity variance.