Can you help me with general accounting question? Bright Manufacturing has the following information concerning its direct materials:Direct Materials:• Standard Quantity: 150,000 units.•Actual Quantity: 165,000 units•Standard Price: $5 per unit•Actual Price: $4.50 per unitA. Determine the materials price variance and whether it is favorable or unfavorable.B. Determine the materials usage variance and whether it is favorable orunfavorable.

Step 1: Define Material Price and Usage VarianceMaterial Price Variance (MPV): Measures the…

Answered: Bright Manufacturing has the following…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 12EA: Acme Inc. has the following information available: A. Compute the material price and quantity, and...

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Use the information provided to answer the questions. All material purchased was used in production. A. What is the standard price paid for materials? B. What is the direct materials quantity variance? C. What is the total direct materials cost variance? D. If the direct materials price variance was unfavorable, what would be the standard price?
Tokan company has the following information concerning it's direct material need answer this question
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Longman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.9 pound per glass at a cost of $0.50 per pound. The actual result for one month's production of 7,100 glasses was 1.4 pounds per glass, at a cost of $0.40 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance. .....
The cost analyst for Sheffer Systems collected the following data concerning direct materials: Actual production 36,100 units Direct materials purchased (actual) Standard cost of materials purchased Standard direct materials costs per unit produced Standard price times actual amount of materials used Required: Compute the direct materials cost variances. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct Materials Price variance Efficiency variance Total direct materials cost variance $ 716,500 720,300 17 628,200 F
LMN Inc. has the following information available: 1 Compute the material price and quantity, and the labor rate and efficiency variances. 2 Describe the possible causes for this combination of favorable and unfavorable variances. Actual price paid for material 1.00 Standard price for material 1.10 Actual quantity purchased & used in production 100.00 Standard quantity for units produced 110.00 Actual labor rate per hour 15.00 Standard labor rate per hour 14.00 Actual hours 200 Standard hours for units produced 190
You are provided with the following information. Please give me the answers in an excel format.
Rayan Ltd has provided the following information:Quantity (kg) Unit Rate (Rs.) Total (Rs.)StandardMaterial X 10 2 20Material Y 20 3 60Material Z 20 6 120Total 50 200ActualMaterial X 5 3 15Material Y 10 6 60Material Z 15 5 75Total 30 150You are required to compute the following and interpret the result:a) Material cost varianceb) Material price variancec) Material usage variance Do not give answer in image
1a. Compute the following variances for May, materials price and quantity variances.1b. Compute the following variances for May, labor rate and efficiency variances.1c. Compute the following variances for May, variable overhead rate and efficiency variances
Compute for the variances of the problem using the information given. Answer the numbers only up to two decimal places. A. Compute for Direct Materials Spending Variance B. Compute for Direct Materials Price Variance C. Compute for Direct Materials Quantity Variance
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 200 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance
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