Crane has a standard of 1.2 pounds of materials per unit, at $8 per pound. In producing 3500 units, Crane used 4300 pounds ofmaterials at a total cost of $33705. Crane's total material variance isO $105 U.O $800 U.O $480 F.O $695 U.

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

Answered: Crane has a standard of 1.2 pounds of…

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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The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours) 3 hours per unit @ $0.78 per hour Variable overhead 3 hours per unit @ $1.91 per hour Actual Costs Total variable cost, $17,800 Total fixed cost, $8,100 The variable factory overhead controllable variance is a.$1,756 favorable b.$1,756 unfavorable c.$1,405 favorable d.$0
Vikram Bhai
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) $ 6.00 Direct labor (2 hours @ $12 per hour) $ 24.00 During the period, the company produced and sold 32,000 units incurring the following costs: Direct material 61,000 gallons @ $ 2.90 per gallon Direct labor 59,500 hours @ $ 12.05 per hour The direct material usage variance was:
Your Company’s materials quantity variance was $24,000 favorable. The standard cost per pound is $12.00 and 30 pounds are allowed for each unit of output. Records show that 46,500 pounds of material were used. How many units of output were actually produced?
The standard cost card for product Alpha is as follows: £ Direct material 5kg@ £11.50 per kg 57.50 Direct Labour 4 labour hours @£9 per hour 36.00 93.50 In the period just ended 3,000 units were produced and costs were incurred as follows: Quantity Cost (£) Direct material 15900kg 180465 Direct labour 11550 hours 106260 286725 Required: Calculate the direct materials price variance for product Alpha. Calculate the direct labour rate variance for product Alpha. Explain the factors that need to be taken into account when deciding to investigate a variance.
Acme Inc. has the following information available: Actual Price paid for material $1.00 Standard Price for material $0.90 Actual quantity purchased and used in production 100 Standard quantity for units produced 90 Actual labor rate per hour $15.00 Standard labor rate per hour $14.00 Actual hours 200 hours Standard hours for units produced 190 hours Variance Variance Amount Favorable (F) or Unfavorable (U) Material Price Material Quantity Total DM Cost Variance Labor Rate Labor Efficiency Total DL Cost Variance
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 materials purchase price variance is: $420 unfavorable O $420 favorable O $450 unfavorable O $450 favorable O $230 favorable
The standard cost of product B manufactured by Waterway Company includes 3 units of direct materials at $5.55 per unit. During June, the company purchases 29,000 units of direct materials at a cost of $5.22 per unit and uses 29,000 units of direct materials to produce 9,500 units of product B. Calculate the materials variance, and the price and quantity variances, assuming the purchase price is $5.72 and the quantity purchased and used is 28,000 units. Materials variance Materials price variance Materials quantity variance
Vaughn has a standard of 2 hours of labor per unit, at $12 per hour. In producing 3400 units, Vaughn used 6500 hours of labor at a total cost of $79300. Vaughn's labor quantity variance is $3660 F. $1300 F. $1300 U. $3600 F.
The standard costs and actual costs for direct materials for the manufacture of 2,000 actual units of product are as follows: Standard Costs Direct materials 1,040 kilograms at $8.98 Actual Costs Direct materials 2,000 kilograms at $8.40 The direct materials price variance is a.$1,160 unfavorable b.$603 favorable c.$1,160 favorable d.$603 unfavorable
Glassica, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.6 hour per glass, at a cost of 20.00 per hour. The actual results for one month's production of 8,000 glasses is 0.8 hours per glass, at a cost of $19.00 per hour. The direct labor cost variance is O $6,400 F O $9,100 U er O $9,100 F O $25,600 F O $6,400 U
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Crane has a standard of 1.2 pounds of materials per unit, at $8 per pound. In producing 3500 units, Crane used 4300 pounds of materials at a total cost of $33705. Crane's total material variance is O $105 U. O $800 U. O $480 F. O $695 U.