5-5 Direct materials variancesBellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is $3.40 per pound. 15,100 unitsused 37,000 pounds, which were purchased at $3.60 per pound.This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input youranswers in the questions below.Open spreadsheetWhat is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Entera favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.a. Direct materials price variance$Unfavorableb. Direct materials quantity variance$Favorablec. Direct materials cost variance$Unfavorable

The variances refers to the difference between the budgeted amount and the actual amount. It may be…

Direct materials variances Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is $3.40 per pound. 1 used 37,000 pounds, which were purchased at $3.60 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and 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 neares a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ Unfavorable

Direct materials variances Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is $3.40 per pound. 1 used 37,000 pounds, which were purchased at $3.60 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and 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 neares a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ Unfavorable

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 67P: Refer to the information for Farnsworth Company (p. 139) for the first 10 months of data on...

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meducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F %252Fne S... Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $5.00 per pound) Direct labor (7 hours @ $14 per hour) Variable overhead (7 hours @ $7 per hour) Fixed overhead (7 hours @ $9 per hour) Standard cost per unit Production (in units) Standard direct labor hours (7 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level o the company's capacity of 51,000 units per quarter. The following additional information is available. $ 150.00 98.00 49.00 63.00 $360.00 70% 35,700 249,900 $ 2,570,400 $1,749,300 Direct materials (1,377,000 pounds @ $5.00 per pound) Direct labor…
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Refer to the information for Farnsworth Company (p. 139) for the first 10 months of data on receiving orders and receiving cost. Now suppose that Tracy has gathered 2 more months of data: Note: For the following requirements, round the intercept terms to the nearest dollar, round the variable rates to the nearest cent, and R2 to two decimal places. Required: 1. Run two regressions using a computer spreadsheet program such as Excel. First, use the method of least squares on the first 10 months of data. Then, use the method of least squares on all 12 months of data. Write down the results for the intercept, slope, and R2 for each regression. Compare the results. 2. CONCEPTUAL CONNECTION Prepare a scattergraph using all 12 months of data. Do any points appear to be outliers? Suppose Tracy has learned that the factory suffered severe storm damage during Month 11 that required extensive repairs to the receiving areaincluding major repairs on a forklift. These expenses, included in Month 11 receiving costs, are not expected to recur. What step might Tracy, using her judgment, take to amend the results from the method of least squares? 3. CONCEPTUAL CONNECTION Rerun the method of least squares, using all the data except for Month 11. (You should now have 11 months of data.) Prepare a cost formula for receiving based on these results, and calculate the predicted receiving cost for a month with 1,450 receiving orders. Discuss the results from this regression versus those from the regression for 12 months of data.
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A known manufacturing company has estimated the ff. Component for a new product. Fixed cost= 50,000 Material cost per unit= 2.15 Labor cost per unit = 2 Revenue per unit= 7.50 Vary the production volume from 0 to 100,000 in increments of 10,000. The five different material costs are 1.50,1.95,2.15,2.85 and 3.25. Using the spreadsheet model, what will be the resulting profit if the company decides to make 70,000 units of the new product. Choices: A.623,018 B.176,400 C.45,705 D.No choice given E.138,430
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