Information about direct materials cost follows for a local company:Standard price per materials gramActual quantity usedStandard quantity allowed for production$2,450 grams2,600 grams$19,600 F19Price varianceRequired:What was the actual purchase price per gram?Actual purchase priceper gram

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Description: Information about direct materials cost follows for a local company:Standard price per materials gramActual quantity usedStandard quantity allowed for production$2,450 grams2,600 grams$19,600 F19Price varianceRequired:What was the actual purchase pr

Standard price (SP) = $19 Actual quantity used (AQ) = 2450 grams Price variance = $19600 F Actual…

Business

Accounting

Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production Price variance $ 2,450 grams 2,600 grams $19,600 F 19 Required: What was the actual purchase price per gram? Actual purchase price per gram

Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production Price variance $ 2,450 grams 2,600 grams $19,600 F 19 Required: What was the actual purchase price per gram? Actual purchase price per gram

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits Required: Prepare a profit variance analysis for Fournier Fixtures actual orders for 414,400 units) $ 7,873,600 for 370,000 units) $ 7,400,000 2,646,400 238,000 1,218,400 876,000 $ 4,978,800 $ 2,894,800 1,632,000 556,600 372,000 $ 2,560,600 $ 334,200 2,350,000 218,000 1,082,000 786,000 $ 4,436,000 $ 2,964,000 1,660,000 540,000 405,000 $ 2,605,000 $ 359,000 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. Sales revenue Variable costs: Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Fixed costs: Manufacturing overhead Marketing…
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Question Content Area The standard costs and actual costs for factory overhead for the manufacture of 2,900 units of actual production are as follows: Standard Costs Line Item Description Value Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.70 per hour Variable overhead 3 hours per unit at $1.93 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,200 The fixed factory overhead volume variance is a. $0 b. $728 unfavorable c. $910 unfavorable d. $728 favorable
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ACTUAL Direct Materials Direct Labor Summary Mat. Req. No. Description Amount Time Ticket No. Description Amount Item Amount Direct Materials 132 360 meters at $32 H9 18 hours at $19 Direct Labor 134 50 meters at $32 H12 18 hours at $19 Factory Overhead Total Total Total Cost Feedback V Check My Work 1 & 2. Include the estimated and actual direct materials and direct labor. Include the estimated and applied factory overhead. What is the best explanation for the variances between actual costs and estimated costs. For this purpose, assume that the additional meters of material used in the job were spoiled, the factory overhead rate has proven to be satisfactory, and an inexperienced employee performed the work. a. The direct materials cost exceeded the estimate by $40 because 2 meters of materials were spoiled. b. Management didn't provide enough direction to complete tasks on budget. c. The direct materials cost exceeded the estimate by $320 because 10 meters of materials were spoiled.…
For a company with the product portfolio in the Table, determine an aggregate unit and determine the material cost, revenue and net production time per aggregate unit. Family Material Revenue/ Percentage Share Setup Time/Batch Batch Size (hour) Average Production Net Cost/ Unit Unit ($) ($) Time/ Unit Production of Units Sold Time/Unit (hour) 5.76 (hour) A 15 54 8 50 5.60 20 B 7 30 6 150 3.00 3.04 30 3.80 4.80 9 39 8 100 3.88 35 15 12 49 10 50 5.00
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keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Print Item Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard %3D Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,100 ladders in July and used 9,200 pounds of material to make these units. Sitka Industries bought 15,600 pounds of material in the curr period. There was a $300 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,600 pounds? Amount paid B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. What if 9,800 pounds were used to make these…
Test II. MATCHING Match the type of income statement to the costs it includes.a. Variable costing income statementb. Absorption costing income statementc. Both types of income statements 1. Direct materials for units sold2. Direct labor for units sold3. Variable overhead for units sold4. Fixed factory overhead for the period5. Only fixed factory overhead for units sold6. Variable selling expense7. Fixed selling expense8. Administrative expense
The following data are for Elm Leaf Apparel: East Sales volume (units): Product XX Product YY Sales price: Product XX Product YY Variable cost per unit: Product XX Product YY 6,300 3,300 $12 $15 $7 $9 West 5,300 7,100 $13 $14 $7 $9 a. Determine the contribution margin for Product YY. $fill in the blank 1 b. Determine the contribution margin for the West Region. $fill in the blank 2
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