Cooper Company has a direct materials standard of 0.33 gallons of input at a standard price of $126 per gas. During Core Comppurchased and used 2168 gallons at an actual price of $1.21, paying $15,610 to produce 1,067 units. What is the direct matelas query wee

Formula for Material Quantity Variance= (Actual Quantity - Standard Quantity) x Standard Price=…

Answered: Cooper Company has a direct materials…

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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A truckload of materials was purchased for $ 36,000. They were sorted out into the following grades whose Market rate is shown as under: No. of Units Selling rate per unit Grade X 5,000 $ 4.80 Grade Y 3,000 $ 4.00 Grade Z 2,000 $ 2.00 Find out the purchase rate per unit of each grade of the material assuming all grades yield the same rate of profit.
Stan Fawcett's company currently purchases a gear assembly from Salt Lake Supply, Inc., at $3.80 per unit with a minimum order of 3,000 units. Stan is considering instead producing the gear assembly himself. He estimates that producing it himself will cost $12,000 to set up the process and then $1.82 per unit for labor and materials. a) Using the line drawing tool, add the total cost graph for Stan to produce the assembly instead of purchasing from Salt Lake Supply. Total cost for the purchase option is already plotted. Properly label your line. Note: Carefully follow the instructions above and only draw the required object. Cost 40,000- ¡Minimum Order 36,000 32,000- 28,000- 24,000 20,000- 16,000 12,000 - 8,000- 4,000- 0+ 0 2,000 4,000 Quantity 6,000 8,000
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Edge Manufacturing produces two types of entry doors: Deluxe andStandard. The assignment basis for support costs has been directlabor dollars. For 2009, Edge Manufacturing compiled the followingdata for the two products:Deluxe StandardSales units $50,000 $400,000Sales price per unit $650.00 $475.00Direct material and labor costs perunit$180.00 $130.00Manufacturing support costs per unit $ 80.00 $120.00Last year, Edge Manufacturing purchased an expensive roboticssystem to allow for more decorative door products in the deluxeproduct line. The CFO suggested that an ABC analysis could bevaluable to help evaluate a product mix and promotion strategy for thenext sales campaign.She obtained the following ABC information for 20X5:Activity Cost Driver Cost Total Deluxe StandardSetups # of setups $ 500,000 500 400 100Machinerelated# of machinehours$44,000,000 600,000 300,000 300,000Packing # of shipments $ 5,000,000 250,000 50,000 200,000N.B.: # = numberRequired:a. Using the activity-based…
Tony uses EOQ logic to determine the order quantity for its various components and is planning its orders. The Annual consumption is 80,000 units, Cost to place one order is P1,200, Cost per unit is P 50 and carrying cost is 6% of Unit cost. Find EOQ, No. of order per year, Ordering Cost and Carrying Cost and Total Cost . Prepare a table of validation.
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Cooper Company has a direct materials standard of 0.33 gallons of input at a standard price of $126 per gas. During Core Comp purchased and used 2168 gallons at an actual price of $1.21, paying $15,610 to produce 1,067 units. What is the direct matelas query wee