Direct materials quantity variance ? General accounting LuxeLoom Apparel has the following standards to produce one premium scarf:InputStandard Quantity Standard PriceDirect Materials 2 yards per unit $5.00 per yardIn the month of March, LuxeLoom produced 3,000 scarves and used 6,500yards of fabric.What is the Direct Materials Quantity Variance?

Step 1: Definition of Direct Materials Quantity VarianceThe Direct Materials Quantity Variance…

Answered: LuxeLoom Apparel has the following…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5PA: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...

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Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): Smith Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. Smith Industries paid $39,370 for the 15,500 pounds of material. A. What was the direct materials price variance for July? B. What was the direct materials quantity variance for July? C. What is the total direct materials cost variance? D. If Smith Industries used 15,750 pounds to make the baskets, what would be the direct materials quantity variance?
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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:
The direct materials quantity variance is?
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Use the following information to answer questions 15 and 16. A company has the following information in its standard cost card: £ = 7.00 Material 2.5kg at the price of £3/kg During the month the company recorded the following: Units produced Material used Material cost 2,500 units 7,850kg £23,180 %3D 15. Calculate the material price variance. 16. Calculate the material usage variance.
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LuxeLoom Apparel has the following standards to produce one premium scarf: Input Standard Quantity Standard Price Direct Materials 2 yards per unit $5.00 per yard In the month of March, LuxeLoom produced 3,000 scarves and used 6,500 yards of fabric. What is the Direct Materials Quantity Variance?