Last month, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control. (Click the icon to view the table.) Complete the following table. (Round your answers to two decimal places.) Direct materials information Standard pounds per unit Standard price per pound Actual quantity purchased and used per unit Actual price paid for material per pound Direct materials price variance Direct materials quantity variance Total direct material variance Number of units produced $ Medium speed bump 15 1.00 $ S $ 1.80 1,120 U 100 F 100 Data table C Direct materials information Standard pounds per unit... Standard price per pound.... Actual quantity purchased and used per unit Actual price paid for material per pound. Direct materials price variance....... Direct materials quantity variance. Total direct material variance. Number of units produced Medium speed bump $ S 15 1.00 $ ? 1.80 $ $1,120 U 100 F ? Large speed bump 100 ? 1.80 16 2.10 $1,920 U ? $480 U 400 - X
Last month, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control. (Click the icon to view the table.) Complete the following table. (Round your answers to two decimal places.) Direct materials information Standard pounds per unit Standard price per pound Actual quantity purchased and used per unit Actual price paid for material per pound Direct materials price variance Direct materials quantity variance Total direct material variance Number of units produced $ Medium speed bump 15 1.00 $ S $ 1.80 1,120 U 100 F 100 Data table C Direct materials information Standard pounds per unit... Standard price per pound.... Actual quantity purchased and used per unit Actual price paid for material per pound. Direct materials price variance....... Direct materials quantity variance. Total direct material variance. Number of units produced Medium speed bump $ S 15 1.00 $ ? 1.80 $ $1,120 U 100 F ? Large speed bump 100 ? 1.80 16 2.10 $1,920 U ? $480 U 400 - X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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Transcribed Image Text:Last month, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control.
(Click the icon to view the table.)
Complete the following table.
(Round your answers to two decimal places.)
Direct materials information
Standard pounds per unit
Standard price per pound
Actual quantity purchased and used per unit
Actual price paid for material per pound
Direct materials price variance
Direct materials quantity variance
Total direct material variance
Number of units produced
$
Medium
speed bump
15
1.00
$
S
$
1.80
1,120 U
100 F
100
Data table
C
Direct materials information
Standard pounds per unit...
Standard price per pound....
Actual quantity purchased and used per unit
Actual price paid for material per pound.
Direct materials price variance.......
Direct materials quantity variance.
Total direct material variance.
Number of units produced
Medium speed
bump
$
S
15
1.00 $
?
1.80 $
$1,120 U
100 F
?
Large speed
bump
100
?
1.80
16
2.10
$1,920 U
?
$480 U
400
- X
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