## Required Information**[The following information applies to the questions displayed below.]**A manufactured product has the following information for June:| | Standard | Actual ||-------------------|-----------------------|-----------------------|| Direct materials | 5 lbs. @ $7 per lb. | 44,500 lbs. @ $7.10 per lb. || Direct labor | 2 hrs. @ $16 per hr. | 17,400 hrs. @ $16.50 per hr. || Overhead | 2 hrs. @ $11 per hr. | $200,200 || Units manufactured| | 8,800 |Compute the direct materials price variance and the direct materials quantity variance. **(Indicate the effect of each variance by selecting favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.)**- AQ = Actual Quantity- SQ = Standard Quantity- AP = Actual Price- SP = Standard Price### Diagram Explanation:The empty table below is set up to calculate the costs using both actual and standard figures. The left side of the diagram is labeled “Actual Cost” and the right side is labeled “Standard Cost” with sections left blank for data entry.Here, you will calculate the variances:- **Direct Materials Price Variance**: (AP - SP) × AQ- **Direct Materials Quantity Variance**: (AQ - SQ) × SPUse the diagram to fill in these calculations, as each space corresponds to different elements in the formulas mentioned above.

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Description: ## Required Information**[The following information applies to the questions displayed below.]**A manufactured product has the following information for June:| | Standard | Actual ||-------------------|-

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Answered: Compute the direct materials price…

Business

Accounting

Compute the direct materials price variance and the direct materials quantity variance. (Inc selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers 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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Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Steffan Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Direct material Standard (2 lb. @ $9.50/lb.) Actual (4,200 lb. @ $10.20/lb.) Direct labor Standard (0.5 hr. @ $24/hr.) Actual (970 hrs. @ $23.40/hr.) Variable overhead Standard (0.5 hr. @ $6/hr.) Actual Total Actual cost: Split cost: Standard Units Costs $ $ $19 $12 $3 $34 Total Actual Costs $42,840 22,698 Assume that the 4,200 lb. of materials purchased were all used in producing the 2,000 completed units. Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances. Materials Variances 6,200 $71,738
Here are the questions from my study material. Question included in the attached image. _________________ What were the price and quantity variances for direct material, respectively? What were the rate and efficiency variances for direct labour, respectively?
Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,900 tech calls last year. It had budgeted 126,800 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour Fixed overhead costs: Annual budget $4,141,800 • Fixed overhead is applied at the rate of $36.00 per call. . Actual tech service call costs: Direct IT specialist services: 120,900 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 40 minutes per call at $22.50 per hour x 120,900 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
a. Direct materials price variance Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable
The standard price for direct materials is used in the calculation of which variances ? Neither the price variance nor the quantity variance The quantity variance but not the price variance Both the price variance and the quantity variance The price variance but not the quantity variance
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong
Subject: acounting
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"Required 2" looks the save as "Required 1" (pictured).
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