In Morgan Industries, each unit of finished goods requires 1.5 pounds of direct materials at $3 per pound. In producing 40,000 units, 62,000 pounds of materials are used at $3.20 per pound. What is the materials price variance?
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In Morgan Industries, each unit of finished goods requires 1.5 pounds of direct materials at $3 per pound. In producing 40,000 units, 62,000 pounds of materials are used at $3.20 per pound. What is the materials price variance?
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- Baxter Company has a relevant range of production between 15,000 and 30,000 units. The following cost data represents average variable costs per unit for 25,000 units of production. Using the costs data from Rose Company, answer the following questions: A. If 15,000 units are produced, what is the variable cost per unit? B. If 28,000 units are produced, what is the variable cost per unit? C. If 21,000 units are produced, what are the total variable costs? D. If 29,000 units are produced, what are the total variable costs? E. If 17,000 units are produced, what are the total manufacturing overhead costs incurred? F. If 23,000 units are produced, what are the total manufacturing overhead costs incurred? G. If 30,000 units are produced, what are the per unit manufacturing overhead costs incurred? H. If 15,000 units are produced, what are the per unit manufacturing overhead costs incurred?Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?In Morgan Industries, each unit of finished goods requires 1.5 pounds of direct materials at $3 per pound. In producing 40,000 units, 62,000 pounds of materials are used at $3.20 per pound. What is the materials price variance?
- What is the materials price variance for this general accounting question?Assume the following: The actual price per pound is $2.25. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased and used in production is 50,000 pounds. The materials price variance is $12,500 U. The materials quantity variance is $4,000 F. What is the total number of units produced (finished goods) during the period?Assume the following: . The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. · • The actual quantity of materials purchased and used in production is 50,300 pounds. • The actual purchase price per pound of materials was $2.30. The company produced 13,000 units of finished goods during the period. What is the materials price variance? ● Multiple Choice $15,593 U $15,090 F $15,090 U $15,593 F
- Assume the following: • The standard price per pound is $2.35. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,700 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice O о O $3,055 F $5,175 F $2,925 F $5,405 Fo Yealink Company produces a product that requires 5.0 standard pounds per unit. The standard price is $7.50 per pound. If 30,000 units used 72,000 pounds, which were purchased at $8.00 per pound, what is the direct materials (A) price variance, (B) quantity variance, and (C) cost variance?Assume the following: The standard price per pound is $2.15. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,100 pounds. The actual purchase price per pound of materials was $2.25. The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice $6,235 F $6,525 F $4,275 F $4,085 F
- Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is $3.75 per pound. If 15,000 units used 36,000 pounds, which were purchased at $4.00 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance?Assume the following: The standard price per pound is $2.00. The standard quantity allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased and used in production is 50,000 pounds. The company produced 13,000 units of finished goods during the period. If the company's materials price variance is $15,000 U, the actual price per pound of direct materials is closest to: Multiple Choice $2.20. $1.80. None of the answers is correct. $1.90.The standard material cost to produce 1 unit of product r is 6 pounds of material at a standar price of $50 per pound . In manufacturing 8000 units 47000 pounds of material we're used at a cost of $51 per pound . What is the direct material price variance