Exercise 17-24 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal (LO 17-2) The cost analyst for Sheffer Systems collected the following data concerning direct materials: Actual production Direct materials purchased (actual) Standard cost of materials purchased Standard direct materials costs per unit produced Standard price times actual amount of materials used. Direct Materials variance 37,100 units Efficiency variance Total direct materials cost variance $ 718,500 723,300 17 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. 648,200

Exercise 17-24 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal (LO 17-2) The cost analyst for Sheffer Systems collected the following data concerning direct materials: Actual production Direct materials purchased (actual) Standard cost of materials purchased Standard direct materials costs per unit produced Standard price times actual amount of materials used. Direct Materials variance 37,100 units Efficiency variance Total direct materials cost variance $ 718,500 723,300 17 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. 648,200

Name: Exercise 17-24 (Algo) Variable Cost Variances: Materials Purchased an
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Description: Exercise 17-24 (Algo) Variable Cost Variances: Materials Purchased and Materials Used Are Not Equal(LO 17-2)The cost analyst for Sheffer Systems collected the following data concerning direct materials:Actual productionDirect materials purchased (ac

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the material variances from the following dataMaterial A standard orice per tonne $10 standard usage per unit 30 tonnes actual price per tonne $9 actual usage per unit 35 tonnes Material B standard orice per tonne $16 standard usage per unit 60 tonnes actual price per tonne $16 actual usage per unit 54 tonnes Material C standard orice per tonne $34 standard usage per unit 30 tonnes actual price per tonne $28 actual usage per unit 38 tonnes Material D standard orice per tonne $20 standard usage per unit 31 tonnes actual price per tonne $18 actual usage per unit 28 tonnes Material E standard Price per tonne $4 standard usage per unit 280 kg actual price per tonne $5…
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Subject: acounting
Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 7,800 lbs. @ $5.30 8,000 lbs. @ $5.10 Direct labor 12,400 hrs. @ $8.40 12,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer a. Materials price Answer Answer b. Materials efficiency Answer Answer Labor Variances Actual cost: Answer Split cost: Answer Standard cost: Answer c. Labor rate Answer Answer d. Labor efficieny Answer Answer
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Requirement: Compute for the following variances1. Fixed Spending Variance2. Variable Spending Variance3. Efficiency Variance4. Controllable Variance5. Volume Variance6. Spending Variance 7. Total Variance
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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. 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
"Required 2" looks the save as "Required 1" (pictured).
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