Coronado has a standard of 1.4 pounds of materials per unit, at $7 per pound. In producing 4000 units, Coronado used 5700 pounds of materials at a total cost of $39330. Coronado's total material variance is $130 U. O $570 U. O $700 U. O $490 F.

Coronado has a standard of 1.4 pounds of materials per unit, at $7 per pound. In producing 4000 units, Coronado used 5700 pounds of materials at a total cost of $39330. Coronado's total material variance is $130 U. O $570 U. O $700 U. O $490 F.

Name: Coronado has a standard of 1.4 pounds of materials per unit, at $7 pe
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Coronado has a standard of 1.4 pounds of materials per unit, at $7 per pound. In producing 4000 units, Coronado used 5700 pounds ofmaterials at a total cost of $39330. Coronado's total material variance isO $130 U.O $570 U.O $700 U.O $490 F.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Efficient Corporation uses a standard cost system. The following information was provided for the…

A: Formula: Direct labor time variance = ( Standard hours - Actual Hours ) x Standard rate

Q: Yola Company manufactures a product with standards for direct labour of 4 direct labour-hours per…

A: Labor efficiency variance is calculated by multiply the standard labor rate per hour with the…

Q: Blossom Inc., which produces a single product, has prepared the following standard cost sheet for…

A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…

Q: Ningning Company makes a white liquid substance that is used to cover errors made on printed…

A: Solution... Standard quantity = Actual output * standard quantity per unit = 900,000 units *…

Q: Sheridan Company manufactures a product with a standard direct labor cost of two hours at $14 per…

A: Variances are calculated to determine the deviation of actual data from the standard data. The…

Q: The standard direct labour cost of product C is as follows: Three hours of skilled labour at £4 per…

A: Formula: Direct labour total variance = Actual cost - Standard cost

Q: ABC corporation produces plastic bottles. Details of cost are given below: Standard unit quantity…

A: Materials price variance is the variance between standard cost of materials and actual cost of…

Q: What is the direct labor rate variance?

A: The variation between actual results and the budget or standard is referred as variance.

Q: Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago Inc. processes…

A: Variance arises when the actual costs is different from the standard costs. The results are…

Q: he standard quantity allowed for the units produced was 4700 pounds, the standard price was $2.50…

A: The variance is the difference between the actual data and standard output of the production.…

Q: Marshall Co makes a single product with the following budgeted material costs per unit: 2 kg of…

A: Variance is the result of the difference between the budgeted value and actual results. It is used…

Q: he per-unit standards for direct materials are 2 g direct materials that actually cost $38900 were…

A: Answer :Material quantity variance = (Standard quantity - Actual quantity ) * Standard rate Material…

Q: Sheffield Enterprises purchased 54,000 gallons of direct materials during the year at a price of…

A: Material Price Variance :— It is the difference between actual quantity of direct material at…

Q: Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago Inc. processes…

A: Variance -Variance arises when the actual amount of usage or rate differs from the budgeted amount…

Q: Khemicool Ltd. manufactures a chemical using in the process two components: K1 and component K2. The…

A: Lets understand the basics. Material mix variance is a variance between the standard mix in which…

Q: Kingbird has a standard of 2 hours of labor per unit, at $12 per hour. In producing 3800 units,…

A: The labour price variance is showing the impact of labour cost due to the change of direct labour…

Q: Crane Company manufactures a product with a standard direct labor cost of two hours at $17 per hour.…

A: Variance is difference between actual and standard revenue or expenses. If actual expenses higher…

Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct…

A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…

Q: Crane has a standard of 1.2 pounds of materials per unit, at $8 per pound. In producing 3500 units,…

A: Given information, Standard quantity of materials required per unit = 1.2 poundsStandard price (SP)…

Q: A company had established 5 pounds of material j at $2 per pound as the standard for the material in…

A: Direct Material Price variance arises when price actually paid for the material is more or less than…

Q: Inezza Industries purchased and consumed 72,000 gallons of direct material that was used in the…

A: So, the actual price paid for a gallon of direct material is approximately $0.9Explanation:Step 1:To…

Q: Sheffield Company budgeted the following cost standards for the current year: Direct materials (2 kg…

A: Direct material variance is the difference between standard direct material cost for actual…

Q: A company developed the following per-unit standards for its product: 2 pounds of direct materials…

A: Direct material price variance measures the difference between the actual cost per unit of material…

Q: Marin Company produces a product requiring 4 pounds of material costing $3.500 per pound. During…

A: Solution Given Standard Cost of material per pound $3.5 Standard quantity 4 pounds per…

Q: Sheffield has a standard of 1.5 pounds of materials per unit, at $8 per pound. In producing 3100…

A: Direct material quantity variance :— It is the difference between standard direct material cost for…

Q: The X Company manufactures widgets. It has developed the following standards per finished unit for…

A: 1. The journal entry is represented as below:

Q: Oxford Company has a materials standard of 2.1 pounds per unit of output. Each pound has a standard…

A: Direct material price variance is the difference between the actual and standard cost per unit of…

Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

Coronado has a standard of 1.4 pounds of materials per unit, at $7 per pound. In producing 4000 units, Coronado used 5700 pounds of
materials at a total cost of $39330. Coronado's total material variance is
O $130 U.
O $570 U.
O $700 U.
O $490 F.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Meaning of standard cost

VIEW

Step 2: Meaning of material variance

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Subm The standards for product V28 call for 8.0 pounds of a raw material that costs $18.80 per pound. Last month, 1,900 pounds of the raw material were purchased for $35,340. The actual output of the month was 210 units of product V28. A total of 1,800 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? Note: 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. a. Materials price variance b. Materials quantity variance
Subject: accounting
Shelley Company bought 3,000 pounds of materials for $2,850. They used 2,800 pounds to produce 1,000 units of output. Direct labor costs totaled $20,400 for 600 hours of work. Standards have been set as follows: Direct Materials: 2 pounds @ $1.10 per pound Direct Labor: .5 hours @ $32 per hour The labor efficiency variance is: O $1,200 favorable $1,200 unfavorable O $3,200 favorable O $3,200 unfavorable O $2,000 unfavorable
Clay makes all sorts of molds. Its standard quantity of material allowed is 1 foot of wood per 1 foot of mold at a standard price of $3.00 per foot. During August, it purchased 200,000 feet of wood at a cost of $2.00 per foot, which produced only 199,000 feet of mold. Calculate the materials price variance. $200,000 F $700,000 U $600,000 U $400,000 F
Company XYZ uses a single raw material in its production process. The standard price for a unit of material is $2.00. During the month the company purchased and used 600 units of this material at a price of $2.25 per unit. The standard quantity required per finished product is 2 units and during the month, the company produced 310 finished units. How much was the material quantity variance? A. $40 favorable. B. $45 unfavorable. C. $45 favorable. D. $40 unfavorable.
Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $21 per hour. In November the company produced 7,000 units using 5,800 direct labor-hours. The actual direct labor cost was $121,800. The labor efficiency variance for November is: $11,500. F $10,500. F $10,500. U $11,500. U
Titan Company has a materials price standard of $4.00 per pound. Twelve thousand pounds of materials were purchased at $4.40 a pound. The actual quantity of materials used was 12,000 pounds, although the standard quantity allowed for the output was 10,800 pounds. Titan's total materials variance is: A. $10,080 F B. $9,600 F C. $9,600 U D. $10,080 U Titan's materials price variance is A. $480 U B. $4,800 U C. $4,320 U D. $4,800 F
Coronado Industries has a materials price standard of $2 per pound. 5000 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5000 pounds although the standard quantity allowed for the output was 4300 pounds. Coronado Industries's materials price variance is O $1000 U. O $1000 F. O $140 U. O $860 U. Save for Later O 6: ( 199 C Attempts: 0 of 1 used Submit Answer 55°F
1. The standard and actual prices per pound of raw material are $4.00 and $4.50, respectively. A total of 10,500 pounds of raw material was purchased and then used to produce 5,000 units. The quantity standard allows two pounds of the raw material per unit produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the material price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable
Edgar, Inc. has a materials price standard of $1.75 per pound. eight thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4,000 pounds, although the standard quantity allowed for the output was 5,400 pounds. Calculate the materials price variance
Santiago Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Actual Costs Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Standard Costs Direct materials 192,400 lbs. at $5.10 per lb. 190,500 lbs. at $5.00 per lb. Direct labor 18,500 hrs. at $16.90 per hr. 18,930 hrs. at $17.30 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $3.70 Fixed cost, $5.80 $67,770 variable cost $111,998 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct…
In its first month of operations, Multiplex Corporation purchased 40,000 pounds of material for $3.40 per pound. The company used 38,000 pounds of the material to produce 18,000 units of its only product. Multiplex uses a standard cost system and its standard quantity and price per unit are 2 pounds at $3.50 per pound. What was the material efficiency variance for the month? Multiple Choice $5,000 unfavorable None of these. $7,000 favorable $7,000 unfavorable $5,000 favorable