HELP Compound X27G is a raw material used to manufacture Baxter Corporation's main product. Thestandard cost of compound X27G is $25 per ounce, and the standard quantity is 4.2 ounces per unitof output.Data concerning the compound for November appear below:Cost ComponentValueCost of material purchased in November, per oun$25.20Material purchased in November, ounces2,800Material used in production in November, ounces2,500650Actual output in November, unitsThe raw material was purchased on account.Required:The Materials Price Variance for November would be recorded as a

Concept of Standard CostStandard cost is a predetermined or estimated cost assigned to each unit of…

Answered: Compound X27G is a raw material used to…

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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Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $41.00 per ounce and the standard quantity is 21.8 ounces per unit of output. Data concerning the compound for October appear below: Cost of material purchased in October $ 41.10 per ounce Material purchased in October 3,200 ounces Material used in production in October 2,300 ounces Actual output in October 780 units The material was purchased on account and Calvin Corporation uses a standard costing system.The debit to the Materials Inventory account for October would total: Multiple Choice $131,200. $94,300. $131,520. $697,164.
Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $24.00 per ounce and the standard quantity is 3.8 ounces per unit of output. Data concerning the compound for October appear below Cost of material purchased in October Material purchased in October Material used in production in October Actual output in October $ 24.10 per ounce 2,350 ounces 2,130 ounces 610 units The material was purchased on account and Calvin Corporation uses a standard costing system. The Materials Efficiency Variance for October would be recorded as a: Multiple Choice debit of $5,280. debit of $4,512 credit of $4,512 credit of $5,280
Help Save & Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $34.00 per ounce and the standard quantity is 14.8 ounces per unit of output. Data concerning the compound for October appear below: Cost of material purchased in October Material purchased in October Material used in production in October Actual output in October $34.10 per ounce 2,850 ounces 2,230 ounces 710 units The material was purchased on account and Calvin Corporation uses a standard costing system. The debit to the Materials Inventory account for October would total:
Data concerning the compound for October appear below Cost of material purchased in October $ 36.10 per ounce Material purchased in October 2,950 ounces Material used in production in October 2,250 ounces Actual output in October 730 units Ingredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $36.00 per ounce and the standard quantity is 3.8 ounces per unit of output. The material was purchased on account and Calvin Corporation uses a standard costing system. The credit to the Materials Inventory account for October would total: Multiple Chole $81.000. $106,495. $106,200. $99.864
JIngredient A12H is a material used to make Calvin Corporation's major product. The standard cost of Ingredient A12H is $23.00 per ounce and the standard quantity is 3.8 ounces per unit of output. Data concerning the compound for October appear below: a) debit of $3,680. b) credit of $3,680. c) credit of $4,140. d) debit of $4,140.
At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) Direct labor (2 hrs. @ $15.00) Standard prime cost per unit The actual results for the year are as follows: a. Units produced: 380,000. b. Materials purchased: 2,660,000 pounds @ $4.80. c. Materials used: 2,242,000 pounds. d. Direct labor: 684,000 hours @ $11.52. Required: Labor rate variance 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. 1,793,600 X Labor efficiency variance $20.00 Material price variance Material usage variance 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. $ 30.00 $ $50.00
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Standard Price Standard or Rate $2.30 per pound $8.50 per hour Hours Cost Direct materials 7.40 pounds $17.02 Direct labor 0.90 hours $ 7.65 During the most recent month, the following activity was recorded: a. 21,500.00 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 2,000 hours of direct labor time were recorded at a total labor cost of $21,000. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Standard Price Standard or Rate $ 1.90 per pound $13.00 per hour Hours Cost 6.50 pounds $12.35 $ 3.90 Direct materials Direct labor 0.30 hours During the most recent month, the following activity was recorded: a. 20,500.00 pounds of material were purchased at a cost of $1.70 per pound. b. All of the material purchased was used to produce 3,000 units of Zoom. c. 800 hours of direct labor time were recorded at a total labor cost of $12,000. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 7.40 pounds $ 2.30 per pounds $ 17.02 Direct labor 0.90 hours $ 8.50 per hour $ 7.65 During the most recent month, the following activity was recorded: a. 21,500 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 2,000 hours of direct labor time were recorded at a total labor cost of $21,000. Required: 1. Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) 2. Compute the labor rate and efficiency variances for the month.…
McDaniel Company manufactures 100-pound bags of fertilizer that have the following unit standard costs for direct materials and direct labor: Direct materials (100 lbs. @ $1.00 per lb.) $100.00 Direct labor (0.5 hours at $24 per hour) 12.00 Total standard prime cost per 100-lb. bag $112.00 The following activities were recorded for October: 1,000 bags were manufactured. 95,000 lbs. of materials costing $76,000 were purchased. 102,500 lbs. of materials were used. $12,000 was paid for 475 hours of direct labor. There were no beginning or ending work-in-process inventories. Required: A. Compute the direct materials variances. Materials price variance $fill in the blank 1 Favorable Materials usage variance $fill in the blank 3 Unfavorable B. Compute the direct labor variances. Labor rate variance $fill in the blank 5 Unfavorable Labor efficiency variance $fill in the blank 7 Favorable
Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 7.10 pounds 0.20 hours Standard Price or Rate $ 1.80 per pound $ 12.00 per hour During the most recent month, the following activity was recorded: a. 19,250.00 pounds of material were purchased at a cost of $1.70 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 400 hours of direct labor time were recorded at a total labor cost of $5,200. Required: 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance Standard Cost $ 12.78 $ 2.40 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Priceor Rate StandardCost Direct materials 6.50 pounds $ 1.90 per pound $ 12.35 Direct labor 0.30 hours $ 13.00 per hour $ 3.90 During the most recent month, the following activity was recorded: 20,500.00 pounds of material were purchased at a cost of $1.70 per pound. All of the material purchased was used to produce 3,000 units of Zoom. 800 hours of direct labor time were recorded at a total labor cost of $12,000. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month.

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