JanWay Corporation manufactures a decorative vase. The vases have a standard materials cost of 2 pounds of raw materials at $3/pound. During December 15,000 pounds of raw materials costing $3.50/pound were used in producing 3,000 vases. Calculate the materials price variance and the Materials quantity variance.

Q: Kilo's standard price per pound of direct materials (SP) is:

A: A standard costing system is a technique used in accounting to prepare budgets, monitor and control…

Q: Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.60 units of…

A: Solution: Direct material price variance = (SP - AP) * AQ Direct material quantity variance = (SQ -…

Q: Oxford Company has a materials standard of $2.28 pounds per unit of output. Each pound has a…

A: Answer:- Direct materials quantity variance = (Standard quantity - Actual quantity) x Standard price…

Q: Gipple Corporation makes a product that uses a material with the quantity standard of 7.5 grams per…

A: The price variance of materials is calculated by multiplying the difference between the actual cost…

Q: A review of Sunshine’s accounting records at the end of the period disclosed a material usage…

A: Standard quantity = 11,000 units x 5 gallons = 55,000 gallons   Standard price = $0.3   Actual…

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

A: Standard costing involves setting-up predetermined cost or expenses estimates. Such predetermined…

Q: The standard to manufacture a given electronic component is 10 transistors at $75 per transistor.…

A: Answer) Calculation of Material Price variance Material price variance = (Standard price per…

Q: Acoma, Incorporated, has determined a standard direct materials cost per unit of $6.80 (2 feet x…

A: Lets understand the basics.DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the…

Q: The materials price variance for January is:

A: Material price variance is the difference between the actual and budgeted cost to acquire materials,…

Q: Brass Works, Inc. produces brass lamps and gift products. Engineers at Brass Works have established…

A: Labour cost variance is the difference between the standard cost of labour for the actual output and…

Q: Ruby company produces a chair that requires 6 yds. of material per unit. The standard price of one…

A: Variance is an important concept in accounting. It refers to the difference between a budgeted or a…

Q: Kilo Company uses a standard costing system that allows 2.0 pounds of direct materials for one…

A: Answer = $10,000 unfavorable

Q: Vaughn Company has determined that the standard cost to manufacture its product includes 2 units of…

A: The variance is the difference between the standard and actual cost data. The variance can be…

Q: Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following…

A: An examination of the discrepancy between anticipated and actual numbers is the essence of variance…

Q: If the materials price variance was $3,542 unfavorable, what was the standard materials price per…

A: The calculation of material standard price per pound is shown hereunder : Material price variance $…

Q: Acoma, Inc., has determined a standard direct materials cost per unit of $6.20 (2 feet x $3.10 per…

A: The variants arise when the target performance deviates from what was budgeted, The variance is…

Q: Vaughn produces 5-foot USB cables. During the past year, the company purchased 175,000 feet of…

A: Direct Material Quantity Variance = ( SQ-AQ) * SP  Where SQ is the standard quantity  AQ is the…

Q: nson Car Wash, hour of labor. The company actually used 217 hours of labor to wash 960 cars. The…

A: Labor Usage Variance: Measures the difference between actual and expected labor hours used for a…

Q: Inezza Industries purchased and consumed 72,000 gallons of direct material that was used in the…

A: So, the actual price paid for a gallon of direct material is approximately $0.9Explanation:Step 1:To…

Q: Ruby Company produces a chair that requires a standard 3 yards of material per unit. The standard…

A: Direct material variance is the difference between standard direct material cost for actual…

Q: Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for direct…

A: Variance is a change between the actual result and the expected result. The term "variance" is…

Q: Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.60 units of…

A: Variances are the variations between the estimates so made for the outlays and the actual outlays.

Q: Lone Ranger Corporation manufactures curtains.  A curtain window requires the following:   Direct…

A: Direct material variance is the difference between actual direct material cost and standard direct…

Q: During June, Keating Company produced 11,000 rain ponchos using nylon. Nylon costed $0.80 per yard,…

A: Hi studentSince there are multiple subparts asked, we will answer only first three subparts.The…

Q: Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.60 units of…

A:

Q: The standard cost of a gallon of paint manufactured by Through-the-Letters, Inc. includes 4 pounds…

A: Materials price variance = (Standard price - Actual price) x Actual quantity Materials quantity…

Q: A company developed the following per-unit standards for its product: 2 pounds of direct materials…

A: Direct material price variance measures the difference between the actual cost per unit of material…

Q: Marin Company produces a product requiring 4 pounds of material costing $3.500 per pound. During…

A: Solution Given Standard Cost of material per pound $3.5 Standard quantity 4 pounds per…

Q: Fiberworks Company is a manufacturer of fiberglass toy boats. The company has recently implemented a…

A: Direct materials usage variance: This variance shows the difference of standard usage and actual…

Q: Washington WaterWorks manufactures snorkel gear. During the past month, Washington purchased 4,000…

A: Direct Material Price Variance: Direct material price variance in the difference between the…

Q: Kilo Company uses a standard costing system that allows 2.0 pounds of direct materials for one…

A: Direct material variance is the difference between standard direct material cost for actual…

Q: Standard materials price Actual quantity of materials purchased and used The standard cost card…

A: Lets understand the basics. Material price variance is a variance between the price at which…

Q: Gipple Corporation makes a product that uses a material with the quantity standard of 7.3 grams per…

A: Material Variances Those variances that relates to costing, quantity or rates of direct materials…

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

A: Standard price is the term which is defined as the estimated of the actual costs which is incurred…

Q: Ivanhoe Industries uses a standard cost system in which direct material is carried at standard cost.…

A: Direct material price variance is one of material cost variance being used in business. It means…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.