I need answer of this question general accounting Hurren Corporation makes a product with the following standard costs:Standard Quantity orHoursDirect materials 5.6 gramsDirect labor1.9 hoursVariable1.9 hoursoverheadStandard Price orRateStandard Cost PerUnit$4.00 per gram$22.40$19.00 per hour$36.10$4.00 per hour$7.60The company reported the following results concerning this product in June.Originally budgeted output5,400 unitsActual output5,300 unitsRaw materials used in production28,500 gramsActual direct labor-hours5,700 hoursPurchases of raw materials33,000 gramsActual price of raw materials purchased $4.10 per gramActual direct labor rateActual variable overhead rate$19.90 per hour$3.70 per hourThe company applies variable overhead on the basis of direct labor-hours. The directmaterials purchases variance is computed when the materials are purchased.The materials price variance for June is:a. $3,300 Ub. $2,872 Fc. $2,872 Ud. $3,300 F

Step 1: Define Material VarianceThe difference between the actual and budgeted material costs is…

Answered: Hurren Corporation makes a product with…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

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Chapter5: Process Costing

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

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Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.80 feet at $3.00 per foot $ 5.40 Actual: 1.80 feet at $3.30 per foot $ 5.94 Direct labor: Standard: 0.90 hours at $18.00 per hour 16.20 Actual: 0.92 hours at $17.50 per hour 16.10 Variable overhead: Standard: 0.90 hours at $5.00 per hour 4.50 Actual: 0.92 hours at $4.50 per hour 4.14 Total cost per unit $ 26.10 $ 26.18 Excess of actual cost over standard cost per unit $ 0.08 The production superintendent was pleased when he saw this report and commented: “This $0.08 excess cost is well within the 2 percent limit management has set for acceptable variances. It's obvious that…
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.90 feet at $3.00 per foot $ 5.70 Actual: 1.85 feet at $3.40 per foot $ 6.29 Direct labor: Standard: 1.00 hours at $18.00 per hour 18.00 Actual: 1.05 hours at $17.40 per hour 18.27 Variable overhead: Standard: 1.00 hours at $8.00 per hour 8.00 Actual: 1.05 hours at $7.60 per hour 7.98 Total cost per unit $ 31.70 $ 32.54 Excess of actual cost over standard cost per unit $ 0.84 The production superintendent was pleased when he saw this report and commented: “This $0.84 excess cost is well within the 4 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 15,000 units.…
Genola Fashions began production of a new product on June 1. The company uses a standard cost systemand has established the following standards for one unit of the new product:Standard Quantity Standard Price Standardor Hours or Rate CostDirect materials .......... 2.5 yards $14 per yard $35.00Direct labor ................ 1.6 hours $8 per hour $12.80During June, the following activity was recorded regarding the new product:a. Purchasing acquired 10,000 yards of material at a cost of $13.80 per yard.b. Production used 8,000 yards of the material to manufacture 3,000 units of the new product.c. Production reported that 5,000 direct labor-hours were worked on the new product at a cost of$43,000.Required:1. For direct materials:a. Compute the direct materials price and quantity variances.b. Prepare journal entries to record the purchase of materials and the use of materials in production.2. For direct labor:a. Compute the direct labor rate and efficiency variances.b. Prepare a journal…
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.90 feet at $4.60 per foot $ 8.74 Actual: 1.85 feet at $5.00 per foot $ 9.25 Direct labor: Standard: 0.95 hours at $19.00 per hour 18.05 Actual: 1.00 hours at $18.50 per hour 18.50 Variable overhead: Standard: 0.95 hours at $7.00 per hour 6.65 Actual: 1.00 hours at $6.60 per hour 6.60 Total cost per unit $ 33.44 $ 34.35 Excess of actual cost over standard cost per unit $ 0.91 The production superintendent was pleased when he saw this report and commented: “This $0.91 excess cost is well within the 4 percent limit management has set for acceptable variances. It's obvious…
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.90 feet at $4.40 per foot $ 8.36 Actual: 1.85 feet at $4.80 per foot $ 8.88 Direct labor: Standard: 0.95 hours at $18.00 per hour 17.10 Actual: 1.00 hours at $17.50 per hour 17.50 Variable overhead: Standard: 0.95 hours at $6.00 per hour 5.70 Actual: 1.00 hours at $5.60 per hour 5.60 Total cost per unit $ 31.16 $ 31.98 Excess of actual cost over standard cost per unit $ 0.82 The production superintendent was pleased when he saw this report and commented: “This $0.82 excess cost is well within the 4 percent limit management has set for acceptable variances. It's obvious that…
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.90 feet at $4.40 per foot $ 8.36 Actual: 1.85 feet at $4.80 per foot $ 8.88 Direct labor: Standard: 0.95 hours at $18.00 per hour 17.10 Actual: 1.00 hours at $17.50 per hour 17.50 Variable overhead: Standard: 0.95 hours at $6.00 per hour 5.70 Actual: 1.00 hours at $5.60 per hour 5.60 Total cost per unit $ 31.16 $ 31.98 Excess of actual cost over standard cost per unit $ 0.82 The production superintendent was pleased when he saw this report and commented: “This $0.82 excess cost is well within the 4 percent limit management has set for acceptable variances. It's obvious that…
The Geurtz Company uses standard costing. The company makes and sells a single product called a Roff. The following data are for the month of August:Actual cost of direct material purchased and used: £65,560Material price variance: £5,960 unfavourableTotal materials variance: £22,360 unfavourableStandard cost per pound of material: £4Standard cost per direct labour hour: £5Actual direct labour hours: 6,500 hoursLabour efficiency variance: £3,500 favourableStandard number of direct labour hours per unit of Roff: 2 hoursTotal labour variance: £400 unfavourableThe labour rate variance was: Group of answer choices: A. £3,900 unfavourable B. £3,900 favourable C. £3,100 unfavourable D. £3,100 favourable
Vish
Bulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 3.5 grams 0.7 hours 0.7 hours The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate Standard Price or Rate $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour The variable overhead rate variance for July is: 3,000 units 11,370 grams 1,910 hours 12,100 grams $ 1.20 per gram $11.40 per hour $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October is as follows: P1.60 Standard unit price P1.55 2,000 units Actual purchase price per unit Actual quantity purchased Actual quantity used 1,900 units 1,800 units Standard quantity allowed for actual production What is the materials purchase price variance?
The Smith company uses standerd costing
Gilder Corporation makes a product with the following standard costs: Standard Quantity or Hours 7.6 grams 0.1 hours 0.1 hours Direct materials. Direct labor. Variable overhead.. Actual direct labor-hours.... Actual cost of raw materials purchases.. Actual direct labor cost.... Actual variable overhead cost. Standard Price or Rate Standard Cost Per Unit $6.00 per gram $16.00 per hour $6.00 per hour The company reported the following results concerning this product in June. Originally budgeted output.. Actual output... 5,400 units 5,500 units 39,200 grams 44,100 grams Raw materials used in production Purchases of raw materials 510 hours $260, 190 $240 U $216 U $240 F $216 F $7,803 $2,754 $45.60 $1.60 $0.60 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for June is:

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