Georgia, Inc., has collected the following data on one of its products. The actual cost of the direct materials used is: Direct materials standard (3 lbs. @ $2/lb) $6 per finished unit Total direct materials cost variance-unfavorable $21,250 Actual direct materials used Actual finished units produced A. $171,250 B. $128,750 C. $100,000 D. $150,000 E. $210,000 100,000 lbs. 25,000 units

Georgia, Inc., has collected the following data on one of its products. The actual cost of the direct materials used is: Direct materials standard (3 lbs. @ $2/lb) $6 per finished unit Total direct materials cost variance-unfavorable $21,250 Actual direct materials used Actual finished units produced A. $171,250 B. $128,750 C. $100,000 D. $150,000 E. $210,000 100,000 lbs. 25,000 units

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Material Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the labor rate variance. Select one: a. $1,200 F b. $1,200 U c. $1,290 F d. $1,290 U e. None of the above
The following actual and standard cost data for direct material and direct labor relate to the production of 4,00 Actual Costs Standard Costs Direct Material 7,700 lb. $2.65 8,000 lb. @ $2.50 Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00 Determine the materials price variance. Select one: a. $1,200 F b. $1,200 U c. $1,155 U d. $1,155 F e. None of the above
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The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs Direct Material 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the materials price variance Select one: a. $620 F b. $620 U c. $180 F d. $180 U e. None of the above
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Khemicool Ltd. manufactures a chemical using in the process two components: K1 and component K2. The standard materials usage and cost of one unit of the ready chemical are: K1 5kg @ $2 $ 10 K2 10kg @ $3 $ 30 $40 In a particular period, 80 units of the chemical were produced from 600 kg of K1 and 900 kg of K2. What was the company's materials mix variance?
Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced. 10,000 Material price variance $8,400Unfavorable Material quantity variance.. $8.000Favorable Actual direct material used. 21,000pounds Direct materials standard price.. $8per pound The standard cost of direct material for one unit of output is: O $16.00 O$ 2.20 O $17.60 O$ 8.00
A company provided the following direct materials cost information. Compute the direct materials quantity variance. Standard costs assigned: Direct materials standard cost (415,000 units @ $2.60/unit) Actual costs: Direct materials costs incurred (413,040 units @ $2.90/unit) Multiple Choice $5,096 Unfavorable. $5,684 Unfavorable $5,096 Favorable. $118,816 Favorable. $ 1,079,000 $ 1,197,816
Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.99; actual, $2.04 Standard yards per unit: standard, 4.70 yards; actual, 5.10 yards Units of production: 9,500 Calculate the direct materials quantity variance. a. $7,562.00 favorable b. $7,562.00 unfavorable c. $7,752.00 favorable d. $7,752.00 unfavorable