Fevicol For All has developed the following material standard to produce one container of Fevicol-It: 96 ounces of Chemical A at $0.15 per ounce. Fevicol For All planned to produce 2,000 containers of Fevicol-It during July. The company purchased 1,500 gallons (192,000 ounces) of Chemical A at a cost of $0.14 per ounce in July. The company used 1,480 gallons to produce 1,950 containers of Fevicol-It. How much is the material price variance?

Fevicol For All has developed the following material standard to produce one container of Fevicol-It: 96 ounces of Chemical A at $0.15 per ounce. Fevicol For All planned to produce 2,000 containers of Fevicol-It during July. The company purchased 1,500 gallons (192,000 ounces) of Chemical A at a cost of $0.14 per ounce in July. The company used 1,480 gallons to produce 1,950 containers of Fevicol-It. How much is the material price variance?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints

Section: Chapter Questions

Problem 25P: Taylor Company produces two industrial cleansers that use the same liquid chemical input: Pocolimpio...

See similar textbooks

Similar questions

Sarsi Bottlers Inc, a leading softdrinks company is producing their bottle requirements. For each case of 24 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4 lb, P50/lbs; Material B @ 6 lb, P22/lbs and Material C @ 1.6 lbs, P15/lb. During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/lb A 63,700 49 B 125,200 20.50 C 48,100 16 a. COMPUTE FOR THE MATERIALS MIX VARIANCE b. COMPUTE FOR THE MATERIALS YIELD VARIANCE
MARINA Bottlers Inc, a leading softdrinks company is producing their bottle requirements. For each case eight-ounce bottles, the company prescribed the followi tandard product mix: Material A @ 2.4 lb, P50/lbs, Material @6lb, P22/lbs and Material C@ 1.6 lbs, P15/lb. During the month of August, 25,000 cases were produced from an input of: pounds Cost/lb A 63,700 P49.00 B 125,200 20.50 C 48,100 16.00 COMPUTE FOR THE MATERIALS MIX VARIANCE COMPUTE FOR THE MATERIALS YIELD VARIANCE
MARINA Bottlers Inc, a leading softdrinks company is producing their bottle requirements. For each case of 24 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4 lb, P50/Ibs; Material B @ 6 lb, P22/lbs and Material C @ 1.6 Ibs, P15/lb. During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/Lb A 63,700 49.00 B 125,200 20.50 C 48,100 16.00 REQUIREMENTS: PLEASE SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM THANK YOU! 1) Compute for the Materials Mix Variance2) Compute for the Materials Yield Variance
Marina Bottlers Inc., a leading softdrinks company is producing their bottle requirements. For each case of 24 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4 lbs., P50/lb Material B @ 6 lbs., P22/lb Material C @ 1.6 lbs., P15/lb During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/lb A 63,700 P49.00 B 125,200 20.50 C 48,100 16.00 Required: 1. Materials Mix Variance 2. Materials Yield Variance
Marina Bottlers Inc, a leading softdrinks company is producing their bottle requirements. For each case of 24 eight-ounce bottles, the company prescribed the following standard product mis: Material A @2.4 lb, P50/lbs; Material B @ 6 lb, P22/lbs and Material C @ 1.6 lbs, P15/lbs. During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/lb A 63,700 P49.00 B 125,200 20.50 C 48,100 16.00 COMPUTE FOR THE MATERIALS MIX VARIANCE COMPUTE FOR THE MATERIALS YIELD VARIANCE
MARINA Bottlers Inc, a leading soft drinks company is producing their bottle requirements. For each case of 34 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4 lb, P50/bs; Material B @6lb, P22/lbs and Material C @1.6 lbs, P15/lb. During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/lb A 63,700 P49.00 B 125,200 20.50 C 48,100 16.00 REQUIRED: COMPUTE FOR THE MATERIALS MIX VARIANCE COMPUTE FOR THE MATERIALS YIELD VARIANCE
Bottlers Inc, a leading softdrinks company is producing their bottle requirements. For each case of 24 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4lb, P50/lbs Material B @ 6lb, P22/lbs Material C @ 1.6lb, P15/lb During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/lb A 63,700 P49.00 B 125,200 20.50 C 48,100 16.00 Compute for the following: 1. Materials Mix Variance 2. Materials Yield Variance
University Rings produces class rings. Its best-selling model has a direct materials standard of 15 grams of a special alloy per ring. This special alloy has a standard cost of $65.50 per In the past month, the company purchased 15,800 grams of this alloy at a total cost of $1,030,160. A total of 15,500 grams were used last month to produce 1,000 rings. gram.
eonesio Corporation makes a product that uses a material with the following standards: Standard quantity 8.2 kilos per unit Standard price $4.00 per kilo Standard cost $32.80 per unit The company budgeted for production of 3,100 units in August, but actual production was 3,200 units. The company used 27,600 kilos of direct material to produce this output. The company purchased 29,000 kilos of the direct material at a total cost of $118,900. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for August is: Multiple Choice $2,900 U $2,624 U $2,900 F $2,624 F
The Bright Lamp Company has budgeted its conversion cost for the small lamp production as $85,000 for 1,300 production hours. Each unit produced by the cell requires 15 minutes of process time. During the month, 3,800 units are manufactured in the cell. The estimated material cost is $18 per unit. Provide the following journal entries. a) Materials are purchased to produce 4,000 units. (b) Conversion costs are applied to 3,800 units of production. (Please round to nearest cent.) (c) 3,650 units are placed into finished goods
marina bottlers in, a leading softdrinks company is producing their bottle requirements. for eachcase of 24 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4 lb , P50/lbs; Material B @ 6lb, P22/lbs and Material C @1.6 lbs, P15/lb. During the month of August, 25,000 cases were produced from an output of: Material Pound cost/lb A 63,700 P49.00 B 125,200 20.50 C 48,100 16.00 1. COMPUTE FOR THE MATERIALS MIX VARIANCE 2. COMPUTE FOR THE MATERIALS YIELD VARIANCE
Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic During the quarter ending June 30, the company manufactured 3,300 helmets, using 2,475 klograms of plastic. The plastic cost the company $18,810. According to the standard cost card, each helmet should require 0.68 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,300 helmets? 2. What is the standard materials cost allowed (SQ - SP) to make 3,300 helmets? 3. What is the materials spending variance? 4. What is the materials price varlance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediote calculations.) 1. Standard quantity of kilograms allowed…