Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used $ 56 4,370 gallons 4,400 gallons Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. > Answer is complete but not entirely correct. $ 52.10 per gallon Actual purchase price $ 17,043 U

Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used $ 56 4,370 gallons 4,400 gallons Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. > Answer is complete but not entirely correct. $ 52.10 per gallon Actual purchase price $ 17,043 U

Name: Information about direct materials cost follows for Jennings Chemical
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Information about direct materials cost follows for Jennings Chemicals:Standard price per gallonActual quantity used$ 564,370 gallons4,400 gallonsStandard quantity allowed for productionPrice varianceRequired:What was the actual purchase price per g

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Material Material Actual Standard Actual Standard Price Usage Total Supplier Price Price Quantity Quantity Var Var Variance Current $7.50 $7.50 25,000 24,240 $0 Alternative #1 $7.35 $7.50 25,500 24,240 $0 Alternative #2 $7.58 $7.50 24,400 24,240 $0 Standard Quantity is 2.02 components Quantity produced is 12,000 You are a plant manager and have been approached by your purchasing manager about swapping out one of your suppliers. The manager has identified a vendor who will supply a key component at a 2% discount to your current supplier. At the same time, the supervisor of the group approaches you to indicate that the current supplier is not consistently meeting tolerances. The supervisor suggests a second vendor who promises better quality. You decide to run three batches, each with a different component. Results are in the table above. Task 1 Calculate the Material Price Variance for each component. Task 2 Calculate the Material Usage Variance for each component. Task 3 Based on the…
i do not understand how to solve this problem
Please do not give solution in image format thanku
Give me correct answer with explanation s
Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance
Question Content Area Myers Corporation has the following data related to direct materials costs for November: actual cost for 4, 690 pounds of material at $5.30 and standard cost for 4, 410 pounds of material at $6.30 per pound. The direct materials price variance is a. $1,764 favorable b. $4,690 favorable c. $1,764 unfavorable d. $4,690 unfavorable
Please do not give solution in image format thanku
please avoid image based answers thnku
Please answer complete question, otherwise skip it,,,answer in text form please (without image)
nformation about direct materials cost follows for a local company: Standard price per materials gram $ 20 Actual quantity used 2,760 grams Standard quantity allowed for production 2,900 grams Price variance $ 19,320 F Required: What was the actual purchase price per gram?
Do not give answer in image