O2Seacoast Company provided the following information about its standard costing system for 2019:F2 -WSMaterialsLaborBudgeted production3Materials Price VarianceF3 +Calculate the price, quantity and total variances for labor and materials.Format your answers using $, commas, and zero decimal places. Also indicate for each variance "F" for favorable or "U" forunfavorable.#EDLabor Price VarianceF404 $R10 lbs. @ $4 per lbs.3 hrs. @ $21 per hr.3,500 unitsFF5Total Materials Variance.Standard Data5 %TTotal Labor VarianceGF6Favorable/UnfavorableFavorable/UnfavorableHF76 ^YHF8Materials Variances7 &ProducedMaterials purchasedMaterials usedLabor wordedO Search LUJLabor VariancesMaterials Quantity VarianceLabor Quantity VarianceLGF9 88 F10-8 * 9 (AKO4,000 units50,000 lbs. for $215,00041,000 lbs.11,000 hrs. costing $220,000Favorable/UnfavorableF11 -0)LActual DataFavorable/UnfavorablePFavorable/UnfavorableFavorable/UnfavorableOF12 +Prt ScScrLk; :Ins= +DelBackspace] }PeE

Introduction:- Standard costs are estimates of the actual costs in a company’s production process…

Format your answers using $, commas, and zero decimal places. Also indicate for each variance "F" for favorable or "U" for unfavorable. Materials Price Variance Total Materials Variance Labor Price Variance Materials Variances Favorable/Unfavorable Favorable/Unfavorable Materials Quantity Variance Labor Variances Favorable/Unfavorable Favorable/Unfavorable Labor Quantity Variance Favorable/Unfavorable

Format your answers using $, commas, and zero decimal places. Also indicate for each variance "F" for favorable or "U" for unfavorable. Materials Price Variance Total Materials Variance Labor Price Variance Materials Variances Favorable/Unfavorable Favorable/Unfavorable Materials Quantity Variance Labor Variances Favorable/Unfavorable Favorable/Unfavorable Labor Quantity Variance Favorable/Unfavorable

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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а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong
Subject: acounting
nee In which department would an investigation of the materials price variance most likely begin?
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Should both favorable and unfavorable variances be investigated, or only the unfavorable ones? Explain your response. What if a company found that they had a favorable price variance and an unfavorable quantity variance for direct materials. What might be the cause(s) of this pattern of variances?
Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places and round your answers to the nearest dollar, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials quantity variance Direct labor time variance
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Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.35 feet of leather and predicts leather will cost $4.20 per foot. Suppose Perfect Ret made 85 collars during February. For these 85 collars, the company actually averaged 2.50 feet of leather per collar and paid $3.80 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar Reg 2 and 3>
What is a materials quantity variance? Describe this in your own words. Writing a formula is not a sufficient answer. Provide a real world example that would result in an unfavorable materials quantity variance
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