Luma Incorporated has provided the following data concerning one of the products in its standard cost system. Standard Quantity or Hours per Unit of Output 4.8 ounces The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual price of raw materials Actual cost of raw materials purchased Raw materials used in production The raw materials price variance for the month is closest to: (Round your intermediate calculations to 2 decimal places.) Inputs Direct materials Standard Price or Rate $6.90 per ounce 2,100 units 10,500 ounces $ 7.80 per ounce $81,900 10,090 ounces

Luma Incorporated has provided the following data concerning one of the products in its standard cost system. Standard Quantity or Hours per Unit of Output 4.8 ounces The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual price of raw materials Actual cost of raw materials purchased Raw materials used in production The raw materials price variance for the month is closest to: (Round your intermediate calculations to 2 decimal places.) Inputs Direct materials Standard Price or Rate $6.90 per ounce 2,100 units 10,500 ounces $ 7.80 per ounce $81,900 10,090 ounces

Name: $9,450 F$9,450 U$9,081 F$9,081 U Luma Incorporated has provided the f
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: $9,450 F$9,450 U$9,081 F$9,081 U Luma Incorporated has provided the following data concerning one of the products in its standard cost system.InputsDirect materialsStandard Quantity or Hours perUnit of Output4.8 ouncesStandard Price or Rate$6.90 per

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

The following materials standards have been established for a particular product: Standard quantity per unit of output 4.7 pounds Standard price $ 13.50 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 5,250 pounds Actual cost of materials purchased $ 63,180 Actual materials used in production 4,750 pounds Actual output 730 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month?
Nevada Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate 3.00 per ounce 6.4 ounces 0.4 hours 0.4 hours $ $ 13.00 per hour S 5.00 per hour The company reported the following results concerning this product in March. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Direct materials Direct labor Variable overhead Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate O $3,136 F O $3,260 F S S S O $3,136 U O $3,260 U Standard Cost Per Unit S S S 4,800 units 4,900 units 30,230 ounces 1,910 hours. 32,600 ounces 2.90 per ounce 12.40 per hour 4.90 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for March is: 19.20 5.20 2.00
Subject: acounting
Brooks Company uses a standaed conting nystem. The following information pertains to direct materials for the month of June: Standard price per h Actual purchase price per h. Quanity punchased Quaity used Sandard quantity allowed for actual output Actual output SI5.00 S14.50 3,150 be. 2,980 he. 3,000 he. 1,000 unita Brooks Company reports its material price variances at the time of purchase. What is the journal entry to recond material purchases? O Materials 47,250 Materials Price Variance 1,575 Accounta Payable 45,675 O Materials 47,165 Materials Price Variance 1,490 Accounts Payable 45,675 OMateriala 47,175 Materials Price Variance 1,500 Accounts Payable 45,675 O Materials 44,100 Materials Price Variance 1,575 Accounts Payable 45,675
Please provide answer in text (Without image)
The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.9 pounds $13.70 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 5,550 pounds $63,380 5,050 pounds 750 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month? Multiple Choice $5,710 U $15,702 U $18,838 U $6,850 U
Use this information to answer the question that follow.The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.93; actual, $2.04Standard yards per unit: standard, 4.61 yards; actual, 5.10 yardsUnits of production: 9,500Calculate the direct materials price variance. a. $1,045.00 unfavorable b. $4,817.45 favorable c. $5,329.50 unfavorable d. $5,329.50 favorable
Hemlock, Inc. uses standard costing and has set the following production standards for direct labor (DL). Standard direct labor hours (DLHs) per unit Standard wage rate 2 DLHs $18.00 per DLH 5,000 units Budgeted Units to be produced For the most recent month of operation, Hemlock recorded the following. Actual Units Produced Direct labor rate variance Actual cost of direct labor 16 What were the actual DLHs for the month? A. 10.200 DLHs 10,100 DLHs 10.240 DLHS 10,000 DLHs B. C. D. E. None of the above 5,100 units $120 Unfavorable $184.440
Nevada Corporation makes a product with the following standard costs: Standard Price or Rate Standard Quantity or Hours 6.4 ounces $ 0.4 hours S 0.4 hours $ 3.00 per ounce 13.00 per hour 5.00 per hour The company reported the following results concerning this product in March. Direct materials Direct labor Variable overhead. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate $ S $ O $3,277 F O $3,390 U O $3,390 F O $3,277 U Standard Cost Per Unit S S S 4,800 units 4,900 units 30,230 ounces 1,910 hours 32,600 ounces 2.90 per ounce 12.40 per hour 4.90 per hour 19.20 5.20 2.00 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is:
Mountain Madness, a manufacturer of the hiking boots uses standard costing for the single product the company makes and sells. The following data are for the month of April: o Actual cost of direct material purchased and used: $87,807.50 o Material price variance: $5,665 favorable o Total materials variance: $220 favorable o Standard cost per pound of material: $8.25 per lb. o Standard cost per direct labor hour: $7.50 per hour o Actual direct labor hours: 5,500 hours o Labor efficiency variance: $1,650 unfavorable o Standard number of direct labor hour per unit of product: 2.40 hours/unit o Total labor variance: $5,775 unfavorable Determine the standard quantity of material allowed in producing one unit of product. Important: Present your number without units and round to two decimal places. For example if the answer is 11.25 lbs. per unit, simply record 11.25. Answer:
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,700 pounds of material at $5.30 per pound; and standard costs for 4,410 pounds of material at $6.20 per pound. What is the direct materials price variance? a. $4,230 favorable b. $1,798 favorable c. $1,798 unfavorable d. $4,230 unfavorable
Please answer competely