Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. Thecompany has the following direct materials data for its product:Standard costs for one unit of output68 units of input at $1.0012 units of input at $4.60The following results were reported for January:X-1Y-7Units of output producedMaterials purchasedX-1Y-7Proctor has a policy of holding no inventories of any kind.Required:a. Compute materials price and efficiency variances.b. Compute materials mix and yield variances.Complete this question by entering your answers in the tabs below.Required ARequired B18,425 units1,208,500 units at $1.02228,500 units at $4.55Compute materials price and efficiency variances.Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Materials price varianceMaterials efficiency varianceX-1< Required AY-7Required B>Total Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. Thecompany has the following direct materials data for its product:Standard costs for one unit of output68 units of input at $1.0012 units of input at $4.60The following results were reported for January:X-1Y-7Units of output producedMaterials purchasedX-1Y-7Proctor has a policy of holding no inventories of any kind.Required:a. Compute materials price and efficiency variances.b. Compute materials mix and yield variances.18,425 units1,208,500 units at $1.02228,500 units at $4.55Complete this question by entering your answers in the tabs below.Required A Required BCompute materials mix and yield variances.Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Materials mix varianceMaterials yield varianceX-1< Required AY-7Required BTotal

Standard costing is one of the methods of costing which focuses on measuring the performance of the…

Complete this question by entering your answers in the tabs below. Required A Required B Compute materials price and efficiency variances. Note: Do not round intermediate calculations. 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. Materials price variance Materials efficiency variance X-1 Y-7 Total

Complete this question by entering your answers in the tabs below. Required A Required B Compute materials price and efficiency variances. Note: Do not round intermediate calculations. 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. Materials price variance Materials efficiency variance X-1 Y-7 Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following direct materials and direct labor data pertain to the operations of Sandhill Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $120 $12.50 $124 Quantities per hour per ton per hour per ton Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,900 hours 2,000 tons 4,960 hours 1,990 tons
a. Direct materials price variance Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable
Figure out what the total, price, and quantity variances are from the given information. Plz answer fast without plagiarism i give up vote
The following information was taken from the annual manufacturing overhead cost budget of Tamarisk Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours Normal production level in units Standard labour hours per unit $35,260 $18,860 16,400 4,100 4 During the year, 4,000 units were produced, 16,300 hours were worked, and the actual manufacturing overhead was $55,600. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours.
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
See attached image Required:Calculate Parker Plastic’s direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)
Consier there are 3 input materials namely A, B and C in a process. The overall material mix variance and the mix variance of A are favourable. State and conclude about the nature of mix variances of B and C? Why?
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $4 per pound) $ 64 Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,000 units. Direct materials (131,100 pounds @ $3.80 per pound). Direct labor (27,300 hours @ $15.10 per hour) AR-Actual Rate SR Standard Rate AQ-Actual Quantity SQ = Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 $ 498,180 412,230 Required 2
Assume (1) the quantity of materials purchased equals the quantity used in production, (2) the materials price variance is $400 unfavorable, and (3) the materials quantity variance is $200 favorable. Given these assumptions, which of the following statements is true? Multiple Choice The materials spending variance must be $200 favorable. The materials spending variance must be $600 favorable. The materials spending variance must be $200 unfavorable. The materials spending variance must be $600 unfavorable.
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
Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Brown Corporation's May operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (3 lb. @ $7.00/lb.) $21 $46,080 Actual (6,400 lb. @ $7.20/lb.) Direct labor Standard (0.5 hr. @ $19/hr.) $9.50 Actual (950 hrs. @ $18.70/hr.) 17,765 Variable overhead Standard (0.5 hr. @ $9/hr.) $4.50 Actual 9,300 $35 $73,145 Total
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>