Schematize pertormance analysis and comment onvariances.Following is the data of a manufacturing concern. Fromthe figures given below, calculate:() Materials Cost Variance(W) Material Price Varlance(H) Material Usage VarianceProduct XDuring a particular period 160 tons of output wasundertaken. The standard price per unit of materials is$20. The materials required for actual production were4,000 units. An amount of $16,000 was spent onpurchasing the materlals. The standard quantity ofmaterials requlred for producing one fon of output is 120units.Product YThe standard quantity of materlals required for producingone ton of output is 240 unils. The standard price per unitof materials is $24. During a porticular period d40 fons ofproduction were 24.000 units. An amount of $48.000 wasspent on purchasing the materialsoutput was undertaken. The materials required for octual

Name: Schematize pertormance analysis and comment onvariances.Following is
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Schematize pertormance analysis and comment onvariances.Following is the data of a manufacturing concern. Fromthe figures given below, calculate:() Materials Cost Variance(W) Material Price Varlance(H) Material Usage VarianceProduct XDuring a partic

Material cost variance refers to the variance which evaluates the difference between the estimated…

Business

Accounting

ing is the data of a manulacuring con the figures given below, calculate: ) Materials Cost Variance (W) Material Price Variance (W) Material Usage Variance Product X During a particular period 140 fons of output w undertaken. The standard price per unit of ma $20. The materials required for actual producti 4,000 units. An amount of $16.000 was spent on purchasing the materials. The standard quanti materlals required for producing one fon of out units.

ing is the data of a manulacuring con the figures given below, calculate: ) Materials Cost Variance (W) Material Price Variance (W) Material Usage Variance Product X During a particular period 140 fons of output w undertaken. The standard price per unit of ma $20. The materials required for actual producti 4,000 units. An amount of $16.000 was spent on purchasing the materials. The standard quanti materlals required for producing one fon of out units.

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

A company purchased 6,850 kgs of material at a total cost of $21,920. The material price variance was $1,370 favourable. What was the standard price per kg? A $0.20 B $3.00 C $3.20 D $3.40
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 4,900 lb. @ $5.85 5,000 lb. @ $5.90 2,000 hrs. @ $20.00 Direct Material Direct Labor 1,900 hrs. @ $20.50 Determine the labor efficiency variance. Select one: a. $2,000 F b. $2,000 U c. $2,050 F d. $2,050 U e. None of the above
The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 60,900 lb. at $1.70 Standard: 59,100 lb. at $1.75 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance $fill in the blank 1 Quantity variance $fill in the blank 3 Total direct materials cost variance $fill in the blank 5
Hw.44.
2. Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced A. Compute the material price and quantity, and the labor rate and B. C. D. E. unfavorable variances. $1.00 $0.90 100 90 15 $ $ 16 200 220 efficiency variances. Describe the possible causes for this combination of favorable and
The following actual and standard cost data for direct material and direct labor relate to the production of 4,00 Actual Costs Standard Costs Direct Material 7,700 lb. $2.65 8,000 lb. @ $2.50 Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00 Determine the materials price variance. Select one: a. $1,200 F b. $1,200 U c. $1,155 U d. $1,155 F e. None of the above
Starts Inc. produces a product that require 3.50 standard hours per unit at a standard hourly rate of $17.00 per hour. Production of 7,500 units required 27,550 hours at an hourly rate of $16.00 per hour. What is the direct labor (a) rate variance, (b) time variance, and (c) total cost variance? (d) Perform the journal entries related to the variances.
Use the information provided to answer the questions. Actual price paid per pound of material $14.00 Total standard pounds for units produced this period 12,400 Pounds of material used 13,150 Direct materials price variance favorable $3,945.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $fill in the blank 1 B. What is the direct materials quantity variance? Direct materials quantity variance $fill in the blank 2 C. What is the total direct materials cost variance? Total direct materials cost variance $fill in the blank 4 D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $fill in the blank 6
NXE manufacturing concern furnishes the following information: Standards: Material for 70kg finished products: 100kg Price of Material: $ 1 per kg Actual: Actual Production (Output) : 210000 Material Used : 280000 Cost of Materials 252000 Calculate (a) Material Usages Variance and (b) Material Price Variance
Elder furnishes the following information for the year: Standard: Material for 70 kgs finished products =100 kg Price of the material=1 per kg Actual: Output =210,000 kg Material used=280,000 kg Cost of material=252,500 Find material usage, price and cost variances.
ActualProduced = 5,000 unitsMaterials = 15,000 yards purchased and used @ 3.00 per yardLabor = 12,000 DLH @ 4.5 per hourStandardMaterials = 3.5 yards/unit @ 2.00 per yardLabor = 2.5 yards/unit @ 5.5 per hourSolve for the material usage variance
Indicom Ltd presents the following information with a product: Standard level of consumption of its Raw materials = 2 kg per unit of P. Standard price of material A = 6 per kg. Budgeted production of the product P = 200 units. Actually, 250 units of P were produced and material A was purchased at 8 per kg and consumed at 1.8 kg per unit of P. Calculate the Material Cost Variances.