How to do this. Please explain. Thank you. 1. Sherwin Chemicals produces commercial strength cleansing supplies. Two of its main products arewindow cleanser that uses ammonia, and floor cleanser that uses bleach. Information for the mostrecent period follows:Product NamesWindow Cleaner (ammonia)Floor Cleaner (bleach)Direct materials informationStandard ounces per unit16 oz.24 oz.Standard price (SP) per ounce$0.75?Actual quantity (AQ) used per unit20 oz.22 oz.Actual price (AP) paid for material$1.00$0.90Actual quantity purchased (AQP) and used1,500 oz.2,800 oz..Price variance?$300 UQuantity variance$1,500 U?Flexible budget variance$678 FNumber of units produced500600Required:What is the Standard Price (SP) for bleach? Show the calculation!

Price variance = ( Actual unit cost - Standard unit cost ) x Actual quantity purchased

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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STI Industries manufactures two types of industrial staplers, small and regular. During October,STI purchased direct materials to produce its staplers. The quantity purchased equaled thequantity used. Related information for direct materials is as follows: Small RegularDirect materials Stapler StaplerStandard ounces per unit 12 cStandard price per ounce $2.00 $2.50Actual quantity purchased (used) per unit a 16.75Actual price per ounce $2.50 $2.80Materials price variance $1,000 U $2,010 U Materials usage variance $800 F…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials anddirect labor standards for one unit of Zoom are given below:Standard Quantity Standard Price Standardor Hours or Rate CostDirect materials ........... 4.6 pounds $2.50 per pound $11.50Direct labor ................. 0.2 hours $12.00 per hour $2.40During the most recent month, the following activity was recorded:a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound.b. All of the material purchased was used to produce 4,000 units of Zoom.c. 750 hours of direct labor time were recorded at a total labor cost of $10,425.Required:1. Compute the direct materials price and quantity variances for the month.2. Compute the direct labor rate and efficiency variances for the month.
ASM Company makes a cologne called Allure. The standard cost for one bottle of Allure is as follows: Standard Manufacturing Cost Elements Quantity x Price = Cost Direct materials 6 oz. x P0.90 = P 5.40 Direct labor 0.5 hrs. x P12.00 = P 6.00 Manufacturing overhead 0.5 hrs. x P 4.80 = P 2.40 P13.80 During the month, the following transactions occurred in manufacturing 10,000 bottles of Allure: 1. 58,000 ounces of materials were purchased at P1.00 per ounce. 2. All the materials purchased were used to produce the 10,000 bottles of Allure. 3. 4,900 direct labor hours were worked at a total labor cost of P56,350. 4. Variable manufacturing overhead incurred was P15,000 and fixed overhead incurred was P10,400. The manufacturing overhead rate of P4.80 is based on a normal capacity of 5,200 direct labor hours. The total budget at this capacity is P10,400 fixed and P14,560 variable. Instructions: (a) Compute the total variance and the variances for direct materials and direct labor…
What is the actual cost per yard of fabric purchased on this accounting question?
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Cost per Equivalent Unit The cost of direct materials transferred into the Filling Department of Eve Cosmetics Company is $169,860. The conversion cost for the period in the Filling Department is $70,490. The total equivalent units for direct materials and conversion are 29,800 ounces and 37,100 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $ per ounce Conversion costs per equivalent unit: $ per ounce
Kingbird Company accumulates the following data concerning raw materials in making one gallon of finished product. (1) Price—net purchase price $2.70, freight-in $0.60, and receiving and handling $0.50. (2) Quantity—required materials 3.50 pounds, allowance for waste and spoilage 0.90 pounds.Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per gallon. $enter the standard direct materials price per gallon in dollars rounded to 2 decimal places (b) Standard direct materials quantity per gallon. enter the standard direct materials quantity per gallon in pounds rounded to 2 decimal places pounds (c) Total standard materials cost per gallon.
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A company purchases one of its raw materials from a particular supplier whose delivery limes can vary Details of lead times and production are as follows: Maximum lead time Average lead time 12 days 8 days 4 days 600 kg per day 450 kg per day Minimum usage 300 kg per day Minimum lead time Maximum usage Average usage What should be the reorder level for this raw material? A [ ] 1 200 kg B 3 600 kg C 5 400 kg D7 200 kg
Cost per Equivalent Unit The cost of direct materials transferred into the Filling Department of Ivy Cosmetics Company is $43,200. The conversion cost for the period in the Filling Department is $16,725. The total equivalent units for direct materials and conversion are 72,000 ounces and 66,900 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $ per ounce Conversion costs per equivalent unit: 24 per ounce
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