Bryan Company employs a standard cost system in which direct materials inventory is carried at standard cost. Bryan has established the following standards for the prime costs of one unit of product:Standard Quantity Standard Price Standard CostDirect materials 6.0 grams $3.50/gram $21.00Direct labour 1.3 hours $11.00/hour 14.30$35.30During March, Bryan purchased 170,000 grams of direct material at a total cost of $585,750. The total factory wages for March were $400,000, 90 percent of which were for direct labour. Bryan manufactured 25,000units of product during March using 151,000 grams of direct material and 32,000 direct labour hours.TB 11 -76 The price variance for the direct...The price variance for the direct material acquired by the company during March is:Multiple Choice$7,550 favourable.$7,550 unfavourable.$8,250 unfavourable.$8,250 favourable.

Price variance is a measure of cost control and efficiency. It is the difference between the actual…

Answered: Bryan Company employs a standard cost…

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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Harris Company manufactures and sells a single product. A partially completed schedule of the company’s total costs and costs per unit over the relevant range of 68,000 to 108,000 units is given below: Required: 1. Complete the schedule of the company’s total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 98,000 units during the year at a selling price of $9.34 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Complete the schedule of the company’s total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) 68,000 Units Produced and Sold 88,000 Units Produced and Sold 108,000 Units Produced and Sold Total cost: Variable cost $204,000 Fixed cost 470,000 Total cost $674,000…
Milar Corporation makes a product with the following standard costs Standard Quantity Standard Price on or Hours 6.5 pounds Direct materials Direct labor Nariable overhead Rate. $ 6.00 per pound $25.00 per hour $11.50 per hour 0.8 hours 0.8 hours In January the company produced 3,360 units using 13.440 pounds of the direct material and 2.808 direct labor-hours, During the month, the company purchased 16,900 pounds of the direct material at a cost of $14,200. The actual direct labor cost was S69,795 and the actual Varlable overhead cost Was $30,940. The company applies variable overhead on the basis of direct iabor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is Multiple Choice $405 F $405 U Windows Update S2.595U Countdown to goodnes... We're all set to do the restart you scheduled. Mc Graw Hill Prev 24 of 36 Nexflm Type here to search |耳 59 F Mostly cloudy 8:34 AM 10/21/2021 DELL F1 F2 F3 F4 F5 F6 F7…
Raiden Sdn. Bhd. manufactures two products: A and B. The company predicts a sales volume of 10,000 units for product A and ending finished-goods inventory of 2,000 units. These numbers for product B are 12,000 and 3,000, respectively. Raiden Sdn. Bhd currently has 7,000 units of A in inventory and 9,000 units of B. The following raw materials are required to manufacture these products: Description Raw Required for Product A Cost per Kilo gram (RM / KG) 2.00 Material 2 kg 1 kg 1 kg 3 kg Y 2.50 1.25 Product A requires three hours of cutting time and two hours of finishing time; B requires one hour and three hours, respectively. The direct labour rate for cutting is RM10 per hour and RM18 per hour for finishing. Required to prepare: (a) Production budget in units for products A and B. (b) Materials usage budget in kilogram and cost for materials X, Y. and Z. (c) Direct labour budget in hours and cost for product A.
Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 55,000 to 95,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 85,000 units during the year at a selling price of $8.67 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost: Variable cost Fixed cost Total cost Cost per unit: Variable cost Fixed cost Total cost per unit $ $ 55,000 Units Produced and Sold 75,000 187,000 320,000 507,000 95,000
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Multiple Choice O $34,150 During November, TaskMaster purchased 169,500 pounds of direct materials at a total cost of $610,200. The total factory wages for November were $61,000, 90% of which were for direct labor. TaskMaster manufactured 20,000 units of product during November using 150,000 pounds of direct materials and 5,190 direct labor-hours. What is the direct materials efficiency variance for November? $35,900 $37,000 Standard Quantity 8 pounds 0.25 hour $34,300 Standard Price $ 3.70 per pound $11.80 per hour Standard Cost $ 29.60 2.95 $ 32.55
Required Information During June, Danby Company's material purchases amounted to 6,600 pounds at a price of $7.90 per pound. Actual costs incurred in the production of 2,300 units were as follows: Direct labor: Direct material: $ 131,835 ($18.70 per hour) $ 37,920 ($7.90 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $18.60 per hour Required: Fill in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places. Actual Material Cost Actual Quantity pounds used x X Actual Price Direct Material: Quantity, 2 pounds per unit Price, $7.60 per pound per pound Direct-material price variance…
The Cool Company uses standard costing and has established the following direct material and direct labor standards for each unit of the single product it makes: Direct materials - 4 gallons at P8 per gallon Direct labor - 1 hour at P16 per hour During January, the company made 6,000 units of product and incurred the following costs: Direct materials purchased - 26,800 gallons at P8.20 per gallon Direct materials used - 25,200 gallons Direct labor used - 5,600 hours at P15.30 per hour The material price variance for January was (U):________
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Standard Quantity 8 pounds 0.25 hour Standard Price $ 3.80 per pound $ 12.00 per hour Standard Cost $ 30.40 3.00 $ 33.40 During November, TaskMaster purchased 170,000 pounds of direct materials at a total cost of $663.000. The total factory wages for November were $62.000, 90% of which were for direct labor. TaskMaster manufactured 20,100 units of product during November using 150.750 pounds of direct materials and 5.200 direct labor-hours. What is the direct labor rate variance for November? Multiple Choice $1,874 $2,900 $6,600 54.200
Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 53,000 to 93,000 units is given below: Required: 1. Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. 2. Assume that the company produces and sells 83,000 units during the year at a selling price of $9.29 per unit. Prepare a contribution format income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1 Complete the schedule of the company's total costs and costs per unit as given in the relevant tab below. (Round the per unit variable cost and fixed cost to 2 decimal places.) Total cost Variable cost Fixed cost Total cost Cost por unit: Required 2 Variable cost Fixed cost Total cost per unit 53,000 Units Produced and Sold $ S $ Required 1 Required 2 73,000 Units Produced and Sold 185,500 350,000…
Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Sitka Industries cost standards Standard Quantity Standard Price Direct materials 4 pounds $5.41 per pound Direct labor 3.11 hours $11.96 per hour Sitka Industries made 2,695 ladders in July and used 8,913 pounds of material to make these units. Smith Industries bought 15,751 pounds of material in the current period. There was a $279 unfavorable direct materials price variance. What is the direct materials quantity variance? Round to the nearest whole dollar, no decimals. If it is an unfavorable variance, enter a positive number. If is a favorable variance, enter a negative number using a - dash not parentheses.
5. Protic Company employs a standard cost system in which direct materials inventory is carried at standard cost. The company has established the following standards for the prime costs of one unit of product: Standard Quantity Standard Price Standard Cost Direct labor 2.6 hours $44.00/hour $114.40 During April, the total factory wages for April were $3,200,000, among those 90% were direct labor cost. The company manufactured 25,000 units of product during April using 64,000 direct labor hours. Required: a) What is the direct labor rate and efficiency variance for April?
Dani Corp incurred costs of P50,000 for direct materials (raw) purchased. Direct labor was P60,000 and factory overhead was P35,000 for May. Inventories were as follows: Raw materials beginning P14,000; raw materials ending P10,000 Work-in-process beginning 24,000; work-in-process ending 36,000 Finished goods beginning 10,000; finished goods ending 25,000 Required: Calculate the cost of goods manufactured for May

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