Exercise 17-22 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal(LO 17-2)Fischer Fabrication reported the following information concerning its direct materials:Direct materials purchased (actual)Standard cost of materials purchasedStandard price times actual amount of materials used$.368,000$ 354,500$326,50055,500 units$6Actual productionStandard direct materials costs per unit producedRequired:Compute the direct materials cost variances.Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not selecteither option.Direct MaterialsPrice varianceEfficiency varianceTotal direct materials cost variance Problem 16-75 (Algo) Comprehensive Variance Problem (LO 16-5, 6)Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs.The following data are for September:StandardsDirect naterialsDirect laborVariable overhead (per direct labor-hour),Fixed overhead (per month)Expected activity (direct labor-hours))Actual resultsDirect material (purchased and used)Direct laborVariable overheadFixed overheadUnits produced (actual)Direct materialsDirect laborVariable overheadFleed overheadPrice VarianceK40.75 pounds at $7.00 per pound1.25 hours at $25.00 per hour$.20.20$ 415,20017,300Efficiency Variance9,880 pounds at $6.40 per pound14,750 hours at $25.30 per hour$ 311,060$ 381,740Required:a. Prepare a variance analysis for each variable cost for each product.b. Prepare a fixed overhead variance analysis for each productNote: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" forfavorable, or "U" for unfavorable. If there is no effect, do not select either option.12,100 unitsProduction VolumeVarianceX71 pound at $7.60 per pound1.50 hours at $30 per hour$ 22.00$ 492,45023,450Price Variance14,158 pounds at $7.90 per pound22,250 hours at $31.60 per hour$ 459,212$ 490,04814,450 unitsEfficiency VarianceProduction VolumeVariance

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Description: Exercise 17-22 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal(LO 17-2)Fischer Fabrication reported the following information concerning its direct materials:Direct materials purchased (actual)Standard cost of ma

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Exercise 17-22 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal (LO 17-2) Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price times actual amount of materials used $368,000 $ 354,500 $326,500 55,500 units $6 Actual production Standard direct materials costs per unit produced Required: Compute the direct materials cost variances. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct Materials Price variance Efficiency variance Total direct materials cost variance

Exercise 17-22 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal (LO 17-2) Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price times actual amount of materials used $368,000 $ 354,500 $326,500 55,500 units $6 Actual production Standard direct materials costs per unit produced Required: Compute the direct materials cost variances. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct Materials Price variance Efficiency variance Total direct materials cost variance

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Acme Inc. has the following information available: Actual Price paid for material $1.00 Standard Price for material $0.90 Actual quantity purchased and used in production 100 Standard quantity for units produced 90 Actual labor rate per hour $15.00 Standard labor rate per hour $14.00 Actual hours 200 hours Standard hours for units produced 190 hours Variance Variance Amount Favorable (F) or Unfavorable (U) Material Price Material Quantity Total DM Cost Variance Labor Rate Labor Efficiency Total DL Cost Variance
Exercise 17-22 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal (LO 17-2) Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price times actual amount of materials used. Actual production Standard direct materials costs per unit produced Direct Materials Price variance $ 375,800 $361,000 Efficiency variance Total direct materials cost variance $ 333,000 Required: Compute the direct materials cost variances. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. 56,800 units $ 6
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