Cullumber Creations purchased 7600 feet of copper tubing at a price of $2.50 per foot and used 7840 feet during the period. Thestandard price of the copper tubing was $2.30 per foot. What is Cullumber Creations' direct materials price variance for the period?O $1520 unfavorableO $1520 favorableO $600 favorableO $600 unfavorable Cullumber Creations purchased 9200 feet of copper tubing at a price of $2.30 per foot and used 8900 feet during the period. Thestandard quantity allowed for the units produced is 8700 and the standard price of the copper tubing is $3.10 per foot. What isCullumber Creations' direct materials quantity variance for the period?O $930 unfavorableO $1550 unfavorableO $620 unfavorableO $460 unfavorable

Direct price variance measures the difference in the actual price paid to purchase the direct…

Cullumber Creations purchased 7600 feet of copper tubing at a price of $2.50 per foot and used 7840 feet during the period. The standard price of the copper tubing was $2.30 per foot. What is Cullumber Creations' direct materials price variance for the period O $1520 unfavorable O $1520 favorable O $600 favorable O $600 unfavorable

Cullumber Creations purchased 7600 feet of copper tubing at a price of $2.50 per foot and used 7840 feet during the period. The standard price of the copper tubing was $2.30 per foot. What is Cullumber Creations' direct materials price variance for the period O $1520 unfavorable O $1520 favorable O $600 favorable O $600 unfavorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

All Vaughin Manufacturing produces a product requiring 4 pounds of material costing $3.50 per pound . During December All Vaughn purchased 5500 pounds of material for \$18480 and used the material to produce 500 products . What was the materials price variance for December ? $875 Favorable $5355 Unfavorable $ 770 Favorable $4480 unfavorable
Lemke Industries purchased and consumed 80,000 gallons of direct material that was used in the production of 21,000 finished units of product. According to engineering specifications, each finished unit had a manufacturing standard of four gallons. If the material price variance is $8,000 and the material quantity variance is $2,400F, what is the actual price paid for a gallon of direct material? Multiple Choice $0.60 $0.40 $0.70 None of the answers is correct Not enough information to judge
G
Sheffield Enterprises purchased 54,000 gallons of direct materials during the year at a price of $2.00 per gallon. Sheffield's direct materials price variance was $4,320 Favorable. Calculate the standard price per gallon of direct materials. (Round answer to 2 decimal places, e.g. 15.25.) Standard price $ eTextbook and Media /gal
Boracay Company manufactures desks with vinyl tops. The standard material cost for the vinyl used for Model S desk is P27.00 based on 12 square feet of vinyl at a cost Ph2.25 per square foot. A production of run of 1,000 desks in March resulted in usage of 12,600 square feet of vinyl at a cost of Ph2.00 per square foot, a total cost of Ph 25,200. The usage variance resulting from the above production run was ? Ph 1,200 unfavorable Ph 1,350 unfavorable Ph 1,800 favorable Ph 3,150 favorable
Rocky Mountain Camping Equipment, Inc., has established the following direct-material standards for its two products. Standard Quantity Standard Price Standard camping tent 22 yards $ 10.00 per yard Deluxe backpacking tent 17 yards $ 7.80 per yard During March, the company purchased 4,600 yards of tent fabric for its standard model at a cost of $48,760. The actual March production of the standard tent was 160 tents, and 3,600 yards of fabric were used. Also during March, the company purchased 1,600 yards of the same tent fabric for its deluxe backpacking tent at a cost of $11,840. The firm used 4,080 yards of the fabric during March in the production of 240 deluxe tents. Required:1. Compute the direct-material purchase price variance and quantity variance for March.2. Prepare journal entries to record the purchase of material, use of material, and incurrence of variances in March.
STI Industries manufactures two types of industrial staplers, small and regular. During October,STI purchased direct materials to produce its staplers. The quantity purchased equaled thequantity used. Related information for direct materials is as follows: Small RegularDirect materials Stapler StaplerStandard ounces per unit 12 cStandard price per ounce $2.00 $2.50Actual quantity purchased (used) per unit a 16.75Actual price per ounce $2.50 $2.80Materials price variance $1,000 U $2,010 U Materials usage variance $800 F…
Swifty WaterWorks manufactures snorkel gear. During the past month, Washington purchased 3,400 pounds of plastic to use in its dive masks, at a cost of $7,000. The standard price for the plastic is $1.90 per pound. The company actually used 3,300 pounds of the plastic to produce 18,000 dive masks. Calculate Swifty's direct materials price variance for the month. (Round intermediate calculations to 5 decimal places, eg. 1.24638 and final answer to 0 decimal places, eg. 5,275.) Direct material price variance eTextbook and Media $
Glassica, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 2.00 pounds per glass at a cost of $1.00 per pound. The actual result for one month's production of 7,000 glasses is 1.2 pounds per glass, at a cost of $0.30 per pound. The direct materials efficiency variance is O 650 U O $6,930 F O $6,930 U O $5,800 F O $5,600 F TAZ
Rain Incorporated currently manufactures part QX100, which is used in several products produced by the company. Monthly production costs for 10,000 units of QX100 are as follow
Wehrs Corporation has received a request for a special order of 9,800 units of product K19 for $47.50 each. The normal selling price of this product is $52.60 each, but the units would need to be modified slightly for the customer. The normal unit product cost of product K19 is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Unit product.cost $ 18.30 7.60 4.80 7.70 $ 38.40 Direct labor is a varlable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs. The customer would like some modifications made to product K19 that would increase the variable costs by $7.20 per unit and that would require a one-time investment of $47,000 in special molds that would have no salvage value. This special order would have no effect on the company's other sales. The company has ample spare capacity for producing the special order. Required: Determine the effect on the company's total net…
What is the selling price per switch if gopaul electronics manufactured 1,500 switches for the period under review and uses a markup of 33 1/3% on cost?