Bonita Corporation prepared the following variance report.Fill in the missing amounts or letters in the report. (Round actual and standard price answers to 2 decimal places, e.g. 2.75.)Type ofMaterialsRogue11Storm17Beast29QuantityPurchasedlbs.4.800 oz.21,500 units$ActualPriceBONITA CORPORATIONVariance Report-Purchasing DepartmentFor Week Ended January 9, 2022$5.15$0.35 $StandardPrice$4.95$3.20$4,820PriceVariance$1,200 Unfavorable$1,075 FavorableExplanationPrice increaseRush orderBought larger quantity

Price variance is the difference of actual cost and standard cost on the the basis of actual…

Bonita Corporation prepared the following variance report. Fill in the missing amounts or letters in the report. (Round actual and standard price answers to 2 decimal places, eg. 2.75.) Type of Materials Rogue11 Storm17 Beast29 Quantity Purchased lbs. 4,800 oz. 21,500 units $ Actual Price Variance Report-Purchasing Department For Week Ended January 9, 2022 $5.15 BONITA CORPORATION $0.35 $ Standard Price $4.95 $3.20 $4,820 Price Variance $1,200 Unfavorable $1,075 Favorable Explanation Price increase Rush order Bought larger quantity

Bonita Corporation prepared the following variance report. Fill in the missing amounts or letters in the report. (Round actual and standard price answers to 2 decimal places, eg. 2.75.) Type of Materials Rogue11 Storm17 Beast29 Quantity Purchased lbs. 4,800 oz. 21,500 units $ Actual Price Variance Report-Purchasing Department For Week Ended January 9, 2022 $5.15 BONITA CORPORATION $0.35 $ Standard Price $4.95 $3.20 $4,820 Price Variance $1,200 Unfavorable $1,075 Favorable Explanation Price increase Rush order Bought larger quantity

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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Required: A. Materials mix varianceB. Materials yield variance
Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used $ 56 4,370 gallons 4,400 gallons Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. > Answer is complete but not entirely correct. $ 52.10 per gallon Actual purchase price $ 17,043 U
eBook Show Me How Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., organic toys: Quantity of direct materials used 6,000 lbs. Actual unit price of direct materials $6 per Ib. Units of finished product manufactured 2,880 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable $1,488 Direct materlals price variance-favorable $1,200 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at eitH beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished V units Standard finished product for direct materials used |X units Deficiency of finished product for materials used Xunits Standard cost for direct materials I x Xper unit Feedback icheck My…
A5
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8. Company S purchased 1,000 units raw materials amounting to $5,000 and used $4,500 worth for the production during the current month. The standard price for these raw materials is $5.2 per unit. How much is the materials price variance for the current month if Company S analyzes the variance at the point of purchase? $200 favorable O $200 unfavorable O $700 favorable $700 unfavorable
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During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual Standard Job Number Hours Costs Hours Costs Total Variance A257 220 $5,280 226 $5,424 $144 F A258 430 11,610 411 9,864 1,746 U A259 305 7,625 303 7,272 353 U A260 100 2,200 94 2,256 56 F Total variance $1,899 U Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent.
Ninth Question
Overhead Variance (Over-or Underapplied), Closing to cost of goods sold At the end of the year, Eates Company provided the following actual information: Overhead $412,600 Direct labor cost 532,000 Estes uses normal costing and applies overhead at the rate 75% of direct labor cost, At the end of the year, Cost of goods sold(before adjusting for any overhead variance) was $1,670,000. Required : 1. Calculate the overhead variance for the year 2. Dispose of the overhead variance by ajusting Cost of goods sold.
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