Brookman, Inc, is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.7 pound per glass at a cost of $0 50 per pound The actual result for one month's production of 6,900 glasses was 1.2 pounds per glass, at a cost of $0.30 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). Actual Cost Standard Cost Actual Quantity Direct Materials Cost Variance 0.50 0.30 8280 $1,656 U

Brookman, Inc, is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.7 pound per glass at a cost of $0 50 per pound The actual result for one month's production of 6,900 glasses was 1.2 pounds per glass, at a cost of $0.30 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). Actual Cost Standard Cost Actual Quantity Direct Materials Cost Variance 0.50 0.30 8280 $1,656 U

Name: Brookman, Inc. is a manufacturer of lead crystal glasses. The standar
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Brookman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.7 pound per glass at a cost of $0 50 per pound The actualresult for one month's production of 6,900 glasses was 1.2 pounds per glass, at a cost of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bellingham Company produces a product that requires nine standard pounds per unit. The standard price is $10.5 per pound. If 4,300 units used 40,200 pounds, which were purchased at $10.08 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? 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 $fill in the blank 1 b. Direct materials quantity variance $fill in the blank 3 c. Direct materials cost variance $fill in the blank 5
Rancho Cucamonga Inc. established the following direct materials and direct labor standards for its product. Item Price Quantity Total Direct materials $2 3 lbs $6 Direct labor $6 2 hrs $12 The firm expected to make, and made, ten (10) units of finished goods inventory. Use the table above to complete the following direct materials variance table and to answer the following questions: Complete the following direct materials variance table. The left column reports the actual cost data and has been completed for you. Direct Materials Variances Actual Price x Actual Quantity Standard Price x Actual Quantity $3lb x (4lbs x 10 units) = $120 $ _x (_ x _) = $_ Report the variance and indicate each variance as either favorable "F" or unfavorable "U" (for example, 30U). Do not include dollar signs or spaces. Direct materials quantity variance $___ Direct materials price variance $ ___ Total direct materials variance $___
Ivanhoe Industries uses a standard cost system in which direct material is carried at standard cost. Ivanhoe has established the following standards for one unit of product: standard quantity of 10 pounds, standard price $1.80 per pound. During January, Ivanhoe purchased 162,000 pounds of direct material at a cost of $308,000 and used 144,500 pounds in production of 19,100 units. Calculate the direct materials price variance and indicate whether the variance is favorable or unfavorable. Direct materials price variance $
Grace Company manufactures tables with glass tops. The standard material cost for the glass used per Style-R table is P7.80 based on 6 square feet of vinyl at a cost of P1.30 per square foot. A production run of 1,000 tables in January resulted in usage of 6,400 square feet of vinyl at a cost of P1.20 per square foot, a total cost of P7,680. The usage variance resulting from the above production run was: Group of answer choices 520 unfavorable 640 favorable 120 favorable 480 unfavorable
Nas daily Company has a standard price of P5.50 per pound for materials. August’s results showed an unfavorable material price variance of P44 and a favorable quantity variance of P209. If 1,066 pounds were used in production, what was the standard quantity allowed for materials?
Please help me with show all calculation thanku
HeadsetHeadset manufactures headphone cases. During September 20182018, the company produced and sold 108 comma 000108,000 cases and recorded the following cost data: LOADING... (Click the icon to view the cost data.) Read the requirements LOADING... . Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U).(Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance = = Direct labor cost variance = = Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and…
Ruby Company produces a chair for which the standard specifies 7 yards of material per unit. The standard price of one yard of material is $10.60. During the month, 4,800 chairs were manufactured, using 33,300 yards at a cost of $10.07 per yard. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance
Alvarado Company produces a product that requires 15 standard pounds per unit. The standard price is $9.00 per pound. If 2,400 units used 34,600 pounds, which were purchased at $9.18 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance a. Direct materials price variance $fill in the blank 1 b. Direct materials quantity variance $fill in the blank 3 c. Direct materials cost variance $fill in the blank 5
Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard. Determine the following: Enter favorable variances as negative numbers. a. Price Variance $fill in the blank 1 b. Quantity Variance $fill in the blank 3 c. Cost Variance $fill in the blank 5
Home Company manufactures tables with vinyl tops. The standard material cost for the vinyl used per Type-R table is P7.80 based on six square feet of vinyl at a cost of P1.30 per square foot. A production run of 1,000 tables in January resulted in usage of 6,400 square feet of vinyl at a cost of P1.20 per square foot, at a total cost of P7,680. 15. The usage variance resulting from the above production run was a. P120 favorable b. P480 unfavorable c. P520 unfavorable d. P640 favorable
Blossom, Inc. purchased 1.930 pounds of direct materials at a price of $1.50 per pound. The standard price of the material is $1.60 per pound. Blossom used 1,730 pounds in production while the standard pounds allowed for actual production was 1,530. Calculate the direct materials price and quantity variances and indicate whether the variances are favorable or unfavorable. Direct materials price variance Direct materials quantity variance $