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?
Q: Danforth Technologies uses an activity-based costing system with the following three activity cost…
A: Step 1: Definition of Activity Rate in Activity-Based Costing (ABC)The activity rate in…
Q: Need help
A: To determine the largest possible total contribution margin, we first analyze the contribution…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Receivable Turnover RatioThe Receivable Turnover Ratio measures how…
Q: A traveling production of Fame Broadway performs each year. The average show sells 1,500 tickets at…
A: Explanation of Revenue per Show:Revenue per show refers to the total income generated from ticket…
Q: Summit Industries' activities for the first quarter of 2023 are as follows: January: 4,000 machine…
A: Step 1: Definition of High-Low MethodThe high-low method is a cost estimation technique used to…
Q: What was the amount of sales for the month ?
A:
Q: Solve this Accounting problem
A: Explanation of Fixed Costs:Fixed Costs are expenses that do not change regardless of the number of…
Q: help me with this
A: Concept of Original BasisThe original basis of an asset refers to its initial purchase price or…
Q: how much interest will horizon pay?
A: Given Data:Lease term = 4 yearsAnnual payment = $12,000 (paid at the beginning of each year)Fair…
Q: Total equipment unit for materials
A: Explanation of Work in Process (WIP) Inventory:Work in Process (WIP) Inventory consists of partially…
Q: Mrs. Adams is employed as a graphic designer by XYZ Creative Agency. This year, she paid a $250 fee…
A: Step 1: Definition of After-Tax CostThe after-tax cost of an expense is the actual cost incurred by…
Q: 1.2.14: How do maintenance service contracts affect revenue recognition? a)Recognize full amount at…
A: Explanation of Revenue Recognition Principle:The Revenue Recognition Principle is a key accounting…
Q: Sirus Co purchased tool sharpening equipment on October 1 for $47,250. The equipment was expected to…
A: To compute depreciation expense under Straight line method: Year 1$3,825Year 2$15,300Year…
Q: No WRONG ANSWER
A: Concept of Incremental Cost: Incremental cost refers to the additional cost incurred when a company…
Q: What was average collection period for 2013?
A: To determine the average collection period, follow these steps:Step 1: Calculate the Accounts…
Q: Alpha technology need help. Accounting
A: Step 1: Definition of Required SalesRequired sales refer to the amount of sales a company needs to…
Q: Please see an attachment for details general accounting question
A: The break-even point in units is calculated using the formula:Break-even point (units) = Fixed Costs…
Q: In the month of September, a department had 9,500 units in beginning work in process that were 60%…
A: Explanation of Equivalent Units of Production:Equivalent units of production represent the number of…
Q: provide answer General accounting question
A: Step 1: Define Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) is the total cost of inventory…
Q: Crystal Enterprises incurred manufacturing overhead costs of $275,000. Total overhead applied to…
A: Step 1: Introduction to factory overheadFactory overheads are defined as indirect costs that are not…
Q: Calculate the return on equity of this financial accounting question
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) measures a company's profitability by…
Q: Please give me answer general accounting question
A: Step 1: Definition of Period Costs in Variable CostingUnder variable costing, period costs include…
Q: Accurate Answer
A: Concept of Sales RevenueSales revenue refers to the total income a company generates from selling…
Q: No WRONG ANSWER
A: Calculate the Total Sales:Commission rate = 6.8% or 0.068 Commission earned = $2,520 Total sales =…
Q: There are 100 members each p aying an annual subscription of 500. The Receipt and Payment account…
A: To determine the amount to be credited to the Income and Expenditure Account for subscription…
Q: Omega Industries applies manufacturing overhead based on 90% of direct material cost. If Job 33B had…
A: Step 1: Definition of Overhead Application RateThe overhead application rate is a predetermined rate…
Q: What is the current stock price? Accounting question
A: To find the current stock price, we use the P/E ratio formula:Stock Price = Earnings Per Share (EPS)…
Q: General accounting
A: Step 1: Calculation of Discount AmountStep 2: Calculation of Cash Proceeds Cash Proceeds = Face…
Q: ?!
A: Step 1: Introduction to accounting equationAccounting equation refers to that equation which…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Period Costs under Variable CostingUnder Variable Costing, Period Costs…
Q: Can you please solve this accounting problem?
A: Step 1: Define Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: 4 POINTS
A: The correct answer is:b) Business relationship impacts guide reporting choicesStructural dependency…
Q: What is the gross profit of this financial accounting question?
A: Step 1: Define Gross ProfitGross Profit is the difference between sales revenue and the cost of…
Q: What is the amount of unpaid interest
A: LET'S UNDERSTAND THE QUESTION A company purchased $80,000 of 6% bonds on April 1.Interest is paid…
Q: Want Solution
A: Given Data:Base Salary: $1,950 per monthCommission Rate: 6.8% (which is 0.068 in decimal form)Total…
Q: Ashworth Enterprises has: • Current assets = $6,500 • Net fixed assets = $30,700 • Current…
A: Step 1: Definition of Shareholders' Equity and Net Working CapitalShareholders' EquityShareholders'…
Q: Want to this question answer general accounting
A: Step 1: Define Gross Profit PercentageGross profit percentage measures how much of a company's…
Q: How does business model evolution accounting adaptation ?
A: The question pertains to the relationship between the evolution of business models and…
Q: what is the degree of operating leverage?
A: Step 1: Definition of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) is a…
Q: The materials quantity variance for May is?
A: Explanation of Standard Costs: Standard costs are predetermined estimates of what costs should be…
Q: Provide correct solution with accounting
A: Step 1: Definition of Gross Profit PercentageThe Gross Profit Percentage (also called Gross Profit…
Q: Waiting for your solution solve this question general accounting
A: Step 1: Define Stock Dividend and Stock SplitA stock dividend increases the number of shares held by…
Q: MOH Cost: Top Dog Company has a budget with sales of 7,500 units and$3,400,000. Variable costs are…
A: Step 1: Introduction to cost of a productThe cost of a product refers to the total amount of…
Q: Patrick Lewis Manufacturing Ltd. has been using an overhead rate of Rs.8.20 per machine hour. During…
A: Explanation of Predetermined Overhead Rate:The predetermined overhead rate is an estimated rate used…
Q: What was the amount of swift corporation
A: Explanation of Allowance for Doubtful Accounts:The Allowance for Doubtful Accounts is a contra-asset…
Q: ABC Inc. provides the following financial data: Profit Margin Ratio: 4.5% Asset Turnover Ratio: 2.5…
A: Final Answer:The Return on Investment (ROI) is 11.25%.
Q: Nantaro's customer support department follows up on customer inquiries by telephone calls. During a…
A: Explanation of Total Cost Incurred:Total cost incurred refers to the overall expenses that a company…
Q: ???
A: Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that measures a company's…
Q: A CPA is performing an Integrated Audit for an issuer. The CPA discovers a material weakness in the…
A: A Certified Public Accountant (CPA) performs an integrated audit that includes reviewing both…
Q: General accounting answer
A: Step 1: Definition of Debt-to-Equity RatioThe debt-to-equity ratio is a financial metric that…
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?
Step by step
Solved in 2 steps
- 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?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 FAssume 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 F
- o 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 FBellingham 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.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 50,000 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 $4,000 U $4,000 F $4,500 F $4,500 UThe actual cost of direct materials is $48.25 per pound, while the standard cost per pound is $50.75. During the current period, 4,800 pounds were used in production. What is the direct materials price variance?