During April, 80,000 units of product were produced. The standard quantity of material allowed per unit was two pounds at a standard cost of $5 per pound. If there was a favorable materials usage variance of $40,000 for April, the actual quantity of materials used must have been   a. 168,000 pounds  b. 152,000 pounds

Q: man Framing's cost formula for its supplies cost is $1,160 per month plus $16 per frame. For the…

A: Spending Variance - Spending Variance Is The Difference Between Actual Results Of Particular…

Q: Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit.…

A: FIXED FACTORY OVERHEAD VOLUME VARIANCE  = (STANDARD HOURS FOR 100% NORMAL CAPACITY - ACTUAL HOURS )…

Q: Efficient Corporation uses a standard cost system. The following information was provided for the…

A: Formula: Direct labor time variance = ( Standard hours - Actual Hours ) x Standard rate

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A: Labor efficiency variance is  calculated by multiply the standard labor rate per hour with the…

Q: Blossom Inc., which produces a single product, has prepared the following standard cost sheet for…

A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…

Q: Pittman Framing's cost formula for its supplies cost is $1,200 per month plus $20 per frame. For the…

A: Spending cost variance : Difference between the budgeted cost and the actual cost incurred is called…

Q: erials standards are 20 board feet of Jorrey Company manufa lumber per bookcase at a cost of $2.50…

A: The variance is computed by comparing standard cost and actual cost. The standards are settled on…

Q: Courington Detailing's cost formula for its materials and supplies is $2,060 per month plus $12 per…

A: Variance analysis Variance analysis is the difference between actual and planned behavior. Activity…

Q: Assume the following: • The standard price per pound is $2.00. • The standard quantity of pounds…

A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…

Q: The standard costs and actual costs for direct materials for the manufacture of 2,000 actual units…

A: The objective of the question is to calculate the direct materials price variance. The direct…

Q: Gipple Corporation makes a product that uses a material with the quantity standard of 7.9 grams per…

A: Material price variance is computed when material is purchased. Material price variance  is…

Q: Sheridan Company manufactures a product with a standard direct labor cost of two hours at $14 per…

A: Variances are calculated to determine the deviation of actual data from the standard data. The…

Q: Kendra Company's standard labor cost of producing one unit of Product DD is 4 hours at the rate of…

A: Total labor variance = Actual labor cost - Standard labor cost

Q: Sterling Company's standard labor cost per unit of output is $20.00 (2 hours x $10.00 per hour).…

A: Working Notes: 1. Standard labor cost = Actual output * Standard labor cost per unit of output =…

Q: Bounder Corp. purchased 22,000 pounds of materials in October at a total cost of $35,250. However,…

A: The variance is the difference between standard production and actual production data.

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A: 1. Variances are calculated at actual output level.  2. As per guidelines,  only 3 parts are solved…

Q: Oxford company has a materials standard of 2.1 pounds per unit of output each pound has a standard…

A: FORMULA: Direct  Material quantity variance = (Actual quantity used - Standard quantity…

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Q: What is the direct labor rate variance?

A: The variation between actual results and the budget or standard is referred as variance.

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A: Variances have occurred when there is any difference between the actual results and budgeted…

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Q: Sheffield Enterprises purchased 54,000 gallons of direct materials during the year at a price of…

A: Material Price Variance :— It is the difference between actual quantity of direct material at…

Q: Courington Detailing's cost formula for its materials and supplies is $2,090 per month plus $15 per…

A: A spending variance,  often referred to in managerial accounting as a cost variance or price…

Q: Jaw Titan Company established a standard direct material cost of Php30 per finished unit for its…

A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

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A: Labor rate variance is computed by multiplying the actual quantity with the difference of standard…

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A: Inventory : Overstating inventory means that the reported amount for the cost of a company's…

Q: None

A: Given information, Actual cost of direct materials (AP) = $55.75 per poundStandard cost of direct…

Q: 1. During March, Odle Company produced 3,000 units. Standard materials and actual cost data are as…

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Q: Marin Company produces a product requiring 4 pounds of material costing $3.500 per pound. During…

A: Solution Given Standard Cost of material per pound $3.5 Standard quantity 4 pounds per…

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A: Direct material price variance is the difference between the estimated costs of material and the…

Q: A company purchased 6,850 kgs of material at a total cost of $21,920. The material price variance…

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Q: Queen Industries uses a standard costing system in the manufacturing of its single product. It…

A: Direct Labor Time Variance: Direct Labor Time Variance is also known as the Direct Labor Efficiency…

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A: FEEL FREE TO ASK FOR CLARIFICATIONS

Q: Penny Company manufactures only one product and uses a standard cost system. The following…

A: Part (A) Total Standard Hours allowed  Direct Labor Time Variance = (Standard Hours - Actual Hours)…

Q: A manufacturing company has a standard quantity of direct materials of 7 pounds per unit at a…

A: Variance is the difference between the standard costs that is the costs estimated and actual costs…

Q: Waterway Company's standard labor cost per unit of output is $19.00 (1.90 hours x $10 per hour).…

A: Variances is the amount of difference between the actual values and the values estimated by the…

Q: 5. During August, 10,000 units were produced. The standard quantity of material allowed per unit was…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: pounds, which they used to produce 4,700 units. What is the direct material price variance? $3,500…

A: The variance is the difference between the actual and standard cost of production data. The variance…

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A: Given the following information: Standard rate: $2.00 Raw material purchased or Units Actually…

Q: Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $21 per…

A: Labor Efficiency Variance = (Actual Hours - Standard Hours) x Standard Rate

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.