During March, Monty, Inc. purchases and uses 9,800 pounds of materials costing $39,690 to make 4,500 tiles. Monty's standard material cost per tile is $8.00 (2 pounds of material x $4.00). Compute the total, price, and quantity material variances for Monty, Inc. for March. Identify whether each variance is favorable or unfavorable. Total Materials Variance Materials Price Variance Materials Quantity Variance $

During March, Monty, Inc. purchases and uses 9,800 pounds of materials costing $39,690 to make 4,500 tiles. Monty's standard material cost per tile is $8.00 (2 pounds of material x $4.00). Compute the total, price, and quantity material variances for Monty, Inc. for March. Identify whether each variance is favorable or unfavorable. Total Materials Variance Materials Price Variance Materials Quantity Variance $

Name: During March, Monty, Inc. purchases and uses 9,800 pounds of material
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: During March, Monty, Inc. purchases and uses 9,800 pounds of materials costing $39,690 to make 4,500 tiles. Monty's standardmaterial cost per tile is $8.00 (2 pounds of material x $4.00).Compute the total, price, and quantity material variances for

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

Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 60,000 lbs. at $1.8 per lb. Standard: 61,800 lbs. at $1.85 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 $ Direct Materials Quantity Variance $ Total Direct Materials Cost Variance $ b. The direct materials price variance should normally be reported to the . When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the . When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the .
please answer all with working please answer in text . answer all please please please 1. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for none effect.) 2. What is the materials quantity variance for March? 3. If Preble had purchases 182,000kg of materials at $7.40 per kg and used 160,000kg in productions, what would be the materials price variance efficiency for March? 4. If Preble had purchases 182,000kg of materials at $7.40 per kg and used 160,000kg in productions, what would be the materials quantity variance efficiency for March? 5. What is the labour rate variance for March? 6. What is the labour efficiency for March?
Williams Manufacturing Company has established the following materials standards for a particular product: Standard quantity per unit of output 8.1 Pounds Standard price $15.10 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased 6,840 Pounds $93,500 Actual materials used in production 6,140 Pounds Actual output 1,300 Units What is the materials quantity variance for the month? Your instructor has provided the following variance formulas for you: Direct Materials Variances Materials Price Variance: AQ(AP - SP) Materials Quantity Variance: SP(AQ - SQ) K Prev 8 of 26
Ruby Company produces a chair for which the standard specifies 5 yards of material per unit. The standard price of one yard of material is $7.60. During the month, 8,500 cha manufactured, using 40,000 yards at a cost of $7.50. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance Favorable Unfavorable Previous Next
eBook Show Me How Print Item Direct Materials Variances The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 53,600 lb. at $2.00 Standard: 52,500 lb. at $2.05 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. Price variance $fill in the blank 1 Quantity variance $fill in the blank 3 Total direct materials cost variance $fill in the blank 5 b. The direct materials price variance should normally be reported to the . If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the . If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 6,500 lbs. Actual unit price of direct materials $5.9 per lb. Units of finished product manufactured 3,120 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance—unfavorable $1,586 Direct materials price variance—favorable $1,300 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished fill in the blank 1 units Standard finished product for direct materials used fill in the blank 2 units Deficiency of finished product for materials used fill in…
Defining the benefits of setting cost standards and calculating materials and labor variances Murry, Inc. produced 1,000 units of the company’s product in 2018. The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.35 per yard. The accounting records showed that 2,500 yards of cloth were used and the company paid $1.40 per yard. Standard time was two direct labor hours per unit at a standard rate of $10.00 per direct labor hour. Employees worked 1,700 hours and were paid $9.50 per hour. Requirements What are the benefits of setting cost standards? Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances.
Blue Dingo uses a standard costing system. The company's standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows. Variances Standard Cost Unfavorable Favorable Direct materials $ 84,000 Price variance $ 4,700 Quantity variance $ 3,000 Direct labor 174,000 Rate variance 2,700 Efficiency variance 6,200 Manufacturing overhead 256,000 Spending variance 3,800 Volume variance 5,000 Determine the actual costs incurred during the month of May for direct materials, direct labor, and manufacturing overhead.
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,100 automobile tires: Actual: 59,100 lbs. at $1.9 per lb. Standard: 60,300 lbs. at $1.85 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 $fill in the blank 1 Direct Materials Quantity Variance $fill in the blank 3 Total Direct Materials Cost Variance $fill in the blank 5 b. The direct materials price variance should normally be reported to the . If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the . If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the .
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 60,000 lbs. at $1.95 per lb. Standard: 58,200 lbs. at $1.90 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 Direct Materials Quantity Variance Total Direct Materials Cost Variance . When lower amounts of direct materials are used because of b. The direct materials price variance should normally be reported to the production efficiencies, the variance would be reported to the When the favorable use of raw materials is caused by the purchase of higher- quality raw materials, the variance should be reported to the
Do not give image format
Question: Calculating Material Variances: At Frigicor, The Standard Price For The M640 Electrical Relay (A Component Used In The Production ... Calculating Material Variances: At Frigicor, the standard price for the M640 electrical relay (a component used in the production of a commercial refrigeration unit) is $57. Standards call for 2.5 relays per unit of finished product. In July, the company purchased 150 relays for $8,900. The company used 104 relays in the production of 50 refrigeration units (4 relays were damaged in the installation process). Required: calculate the material price variance and the material quantity variance related to the M640 electrical relay. Indicate whether the variances are favorable or unfavorable. (show work)