Direct Materials VariancesBellingham Company produces a product that requires 9 standard pounds per unit. The standard price is $3.5 per pound. If 3,600 unitsrequired 33,000 pounds, which were purchased at $3.39 per pound, what is the direct materials (a) price variance, (b) quantity variance, and(c) total direct materials cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as apositive numbera. Direct materials price varianceb. Direct materials quantity variancec. Total direct materials cost variance

Variance is referred as the difference. In calculating price variance, a difference in the standard…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 50,200 lbs. at $1.9 per lb. Standard: 51,200 lbs. at 51.95 per lb. a. Determine the direct materials price: variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Sfill in the blank 1 (favorable /unfavorable choose 1) Direct Materials Quantity Variance Sfill in the blank 3 (favorable/ unfavorable choose 1) Total Direct Materials Cost Variance Sfill in the blank 5 (favorable /unfavorable choose 1) b. The direct materials price variance should normally be reported to the (plant manager or purchasing department. When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the ( purchasing department/production…
Direct Labor Variances The following data relate to labor cost for production of 4,100 cellular telephones: Actual: 2,750 hrs. at $13.00 Standard: 2,710 hrs. at $13.30 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance $ Time variance $ Total direct labor cost variance b. The employees may have been less-experienced workers who were paid less than more-experienced workers or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard.
Direct Materials Variances The following data relate to the direct materials cost for the production of 50,000 automobile tires: Actual: 725,000 Ibs. at $3.00 per lb. Standard: 730,000 Ibs. at $2.95 per Ib. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance 2$ Unfavorable Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance Unfavorable b. The direct materials price variance should normally be reported to the Purchasing Department V. When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the Production Supervisor When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the Purchasing Department
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,000 automobile tires: Actual: 51,600 lbs. at $1.85 per Ib. Standard: 50,600 lbs. at $1.90 per Ib. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Favorable Favorable Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance . When lower amounts of direct materials are used because of production b. The direct materials price variance should normally be reported to the Plant Manager . When the favorable use of raw materials is caused by the purchase of higher-quality efficiencies, the variance would be reported to the Production Supervisor raw materials, the variance should be reported to the Purchasing Department %24 %24 %24
Direct Materials Variances Venneman Company produces a product that requires 14 standard pounds per unit. The standard price is $5.00 per pound. If 3,500 units required 51,000 pounds, which were purchased at $5.10 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? 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 b. Direct materials quantity variance $fill in the blank c. Total direct materials cost variance $fill in the blank
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
Direct Labor Variances The following data relate to labor cost for production of 33,000 cellular telephones: Actual: Standard: 6,330 hrs. at $49.50 6,240 hrs. at $51.00 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. $ SA A Favorable Unfavorable ✓ Favorable b. The employees may have been less-experienced workers who were paid less than more-experienced workers or poorly trained, thereby resulting in a lower labor rate than planned. The lower level of experience or training may have resulted in less ✔ efficient performance. Thus, the actual time required was more ✔ than standard. Rate variance Time variance Total direct labor cost variance
xam Direct Labor Variances Dvorak Company produces a product that requires 3 standard hours per unit at a standard hourly rate of $17 per hour. If 1,000 units required 2,800 hours at an hourly rate of $16.50 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) total direct labor cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance b. Direct labor time variance C. Total direct labor cost variance
Direct Labor Variances Bellingham Company produces a product that requires 9 standard direct labor hours per unit at a standard hourly rate of $21.00 per hour. If 4,300 units used 37,200 hours at an hourly rate of $21.63 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance b. Direct labor time variance C. Direct labor cost variance II
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