Direct materials variancesBellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.20 per pound. 16,300units used 37,000 pounds, which were purchased at $3.30 per pound.This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and inputyour answers in the questions below.XOpen spreadsheetWhat is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar.Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.a. Direct materials price varianceb. Direct materials quantity variancec. Direct materials cost variance$UnfavorableFavorableUnfavorableFeedbackCheck My WorkUnfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit).Cost variance is the difference between the actual and standard total cost.

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Description: Direct materials variancesBellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.20 per pound. 16,300units used 37,000 pounds, which were purchased at $3.30 per pound.This information has been coll

Lets understand the basics.Direct material price variance is a variance between the rate at which…

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Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.20 p units used 37,000 pounds, which were purchased at $3.30 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required a your answers in the questions below. X Open spreadsheet

Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.20 p units used 37,000 pounds, which were purchased at $3.30 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required a your answers in the questions below. X Open spreadsheet

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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Paragraph Question 1: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Standard Cost Product Actual Cost Materials Metres Unit Price Per Metre Standard $2.00 $10.00 Actual 5.2 $2.20 $11.44 Direct labour Hours Hourly Rate Standard 3 $5.00 $15.00 $17.60 Actual Variable 3.2 $5.50 overhead Hours Hourly Rate $12.00 $3.00 $3.10 Standard $13.02 $42.06 Actual 4.2 Total unit cost $37.00 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance 2. Materials quantity variance 3. Direct labour rate variance ns: On DELL F6 F7 F8 F9 F10 F11 F12
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) You have been invited to interview for an internship with an international food manufacturing company. When you arrive for the interview, you are given the following information related to a fictitious chocolatier for the month of June. Question content area bottom Part 1 Requirement 1. Calculate the materials efficiency and price variance and the wage and labor efficiency variances for the month of May. In order to calculate the variances complete the following table. (Round your final answer to the nearest whole number. Abbreviation used: qty = quantity.) The chocolatier manufactures truffles in 12-piece boxes. The production is labor intensive, and the delicate nature of the chocolate requires a high degree of skill. Actual Boxes produced 10,000 Direct…
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Exercise 21-9 (Algo) Direct materials variances LO P3 Standard Quantity and Cost 6 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $11 per DLH AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Actual Results 45,500 pounds @ $9.20 per pound 22,300 hours @ $17.50 per hour $ 254,300 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) 7,500 units Standard Cost
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K Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.50 per pound. 16,400 units used 36,500 pounds, which were purchased at $3.65 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. 5,475 V Unfavorable Favorable Unfavorable ✓ a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance $ -4,425 X Check My Work Jhry Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). Cost…
eBook Direct Materials and Direct Labor Variance Analysis Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12.60 Standard labor time per faucet 10 min. Standard number of lbs. of zinc 2 lbs. Standard price per lb. of zinc $10.25 Actual price per lb. of zinc $10.50 Actual lbs. of zinc used during the week 14,200 lbs. Number of faucets produced during the week 6,900 Actual wage per hour $13.00 Actual hours per week 1,800 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Do not round intermediate calculations and round your answers to the nearest cent. Direct materials standard cost per faucet $fill in the blank 1 Direct labor standard cost per faucet fill in the blank 2…
Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.35 per pound. 16,200 units used 36,400 pounds, which were purchased at $3.55 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ fill in the blank 2 b. Direct materials quantity variance $ fill in the blank 4 c. Direct materials cost variance $ fill in the blank 6
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Performance Eval Variances: Refer to the picture. Thank you!
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