Coronado Industries has a materials price standard of $2 per pound. 5000 pounds of materials were purchased at $2.20 a pound. Theactual quantity of materials used was 5000 pounds although the standard quantity allowed for the output was 4300 pounds.Coronado Industries's materials price variance isO $1000 U.O $1000 F.O $140 U.O $860 U.Save for LaterO6:(199CAttempts: 0 of 1 usedSubmit Answer55°F Waterway Industries has a materials price standard of $5 per pound. 4800 pounds of materials were purchased at $5.20 a pound. Theactual quantity of materials used was 4800 pounds while the standard quantity allowed for the output was 3900 pounds.Waterway Industries's materials quantity variance isO $4680 F.O $4500 U.O $4680 U.O $4500 F.Save for LaterSi(2Attempts: 0 of 1 used Submit AnswerPrise55°F Clea

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Description: Coronado Industries has a materials price standard of $2 per pound. 5000 pounds of materials were purchased at $2.20 a pound. Theactual quantity of materials used was 5000 pounds although the standard quantity allowed for the output was 4300 pounds.

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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 Attempts: 0 of 1 used Submit Answer

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 Attempts: 0 of 1 used Submit Answer

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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1. Kelley Company produced 10,000 units and sold 7,000 units. Direct materials = $12, direct labor = $8, variable MOH = $2, variable S&A = $1. Total fixed MOH for the year was $50,000. What is the amount of COGS under variable costing? (Single Choice) $220,000 $161,000 $154,000 O $230,000
Assume that the cost formula for one of a company’s mixed expenses is $10,000 + $3.80 per unit. The company’s planned level of activity was 2,000 units and its actual level of activity was 2,200 units. The actual amount of this expense was $18,200. The activity variance for this expense is:
The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Line Item DescriptionValueFixed overhead (based on 10,000 hours)3 hours per unit at $0.71 per hourVariable overhead3 hours per unit at $1.98 per hour Actual Costs Total variable cost, $18,200 Total fixed cost, $8,200 The fixed factory overhead volume variance is Group of answer choices $1,136 unfavorable $909 unfavorable $909 favorable $0
- Your answer is partially correct. Sheridan Co. sells product P-14 at a price of $46 a unit. The per-unit cost data are direct materials $15, direct labour $10, and overhead $12 (75% variable). Sheridan Co. has sufficient capacity to accept a special order for 35,000 units, but at a discount of 25% from the regular price. Selling costs associated with this order would be $3 per unit. Determine whether Sheridan Co. should accept the special order. (Enter loss with a negative sign preceding the number, e.g. -15,000 or parenthesis, e.g. (15,000).) Incremental income (loss) $ Sheridan Co. should not accept the special order.
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: Standard Costs 3 hours per unit at $0.71 per hour 3 hours per unit at $1.92 per hour Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $18,200 Total fixed cost, $8,100 The variable factory overhead controllable variance is Oa. $3,800 unfavorable Ob. $3,800 favorable Oc. $3,040 favorable Od. So
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PRESENT YOUR ANSWER AS: (10) IF FAVORABLE OR 10 IFUNFAVORABLE. The Standard manufacturing corporation uses a standardcost system in accounting for the cost of its only product.The standard cost per unit (based on 10,000 unitsproduction) was set up as follows: Direct materials, 10 kgs@P11/kg.; Direct labor, 8 hours @ p50 per hour; Factoryoverhead, 8 hours @ P15 per hour. The following data onthe operations appear in the company's record for themonth of July: Units completed during the month, 8,000units; units in process at the end of the month, with 100%materials but half completed, 1,000 units; Direct materialsused, 95,000 kgs @ P10 per kg; Direct labor, P3,510,000 ata rate of P54; Actual overhead for the month P985,000.Compute for the Variable efficiency variance. Indicate whether favorable or unfavorable.
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 26,000 units, incurring the following costs: Direct material Direct labor 55,000 gallons @ $ 2.9 per gallon 26,500 hours @ $12.75 per hour $ 6 $13 The direct material price variance was:
Assume that the cost formula for one of a company's variable expenses is $5.00 per unit. The company's planned level of activity was 2,000 units and its actual level of activity was 2,200 units. The actual amount of this expense was $10,800. The spending variance for this expense is Multiple Choice $1,000 F $800 $200 F $1,000 U
The standard costs and actual costs for factory overhead for the manufacture of 2,700 units of actual production are as follows: Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $17,800 Total fixed cost, $8,200 The total factory overhead cost variance is Oa. $1,600 unfavorable Ob. $2,930 favorable Oc. $2,930 unfavorable Od. $4,260 favorable Standard Costs 3 hours per unit at $0.70 per hour 3 hours per unit at $2.00 per hour
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