Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown Large Small Rubber 3 feet at $0.20 per foot 1.25 feet at $0.20 per foot 1 at $0.03 1 at $0.03 Connector At the beginning of the month, Ed Co. bought 24,000 feet of rubber for $6,720. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,600 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive nun If required round your answers to two decimal places. Unfavorable ✔ Unfavorable ✔ Unfavorable ✔ Direct materials price variance Direct materials quantity variance Total direct materials cost variance B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? Round your Intermediate calculations t three decimal places. Direct materials price variance f Unfavorable ✓ C. If there was an unfavorable direct materials price variance of $120, how much did they pay per foot for the rubber? Round your answer to two decimal place Actual price
Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown Large Small Rubber 3 feet at $0.20 per foot 1.25 feet at $0.20 per foot 1 at $0.03 1 at $0.03 Connector At the beginning of the month, Ed Co. bought 24,000 feet of rubber for $6,720. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,600 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive nun If required round your answers to two decimal places. Unfavorable ✔ Unfavorable ✔ Unfavorable ✔ Direct materials price variance Direct materials quantity variance Total direct materials cost variance B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? Round your Intermediate calculations t three decimal places. Direct materials price variance f Unfavorable ✓ C. If there was an unfavorable direct materials price variance of $120, how much did they pay per foot for the rubber? Round your answer to two decimal place Actual price
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown
Large
Small
Rubber 3 feet at $0.20 per foot 1.25 feet at $0.20 per foot
Connector
1 at $0.03
1 at $0.03
At the beginning of the month, Ed Co. bought 24,000 feet of rubber for $6,720. The company made 3,000 large O rings and 4,000 small O rings. The company used
14,600 feet of rubber.
A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive numbers.
If required round your answers to two decimal places.
Direct materials price variance
Direct materials quantity variance
Total direct materials cost variance
Unfavorable ✔
Unfavorable ✔
Unfavorable ✔
B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? Round your Intermediate calculations to
three decimal places.
Direct materials price variance f
Unfavorable ✓
C. If there was an unfavorable direct materials price variance of $120, how much did they pay per foot for the rubber? Round your answer to two decimal places.
Actual price
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VIEWStep 3: Working for direct material variance for rubber
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VIEWStep 5: Working for actual price of rubber for requirement #3
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