Material Price, Quantity, Mix & Yield variances.
Q: Production-volume variance formula
A: Variance: It implies to a difference between the actual and standard outcomes. If the actual outcome…
Q: Organics Corporation uses two different types of labor to manufacture its product. The types of…
A: Labor mix variance :— It is the difference between Revised Standard hours at Standard rate and…
Q: Marina Bottlers Inc., a leading softdrinks company is producing their bottle requirements. For each…
A:
Q: Type of Variance Amount Analysis Sales Price Variance 4,000 Favorable Cost Volume Variance, 4-way…
A: Cost volume variance when arises when actual cost is not same as standard cost. When actual cost is…
Q: What is the interpretation of the direct-material quantity variance?
A: Direct material quantity variance is a variance analysis tool for manufacturing companies. It shows…
Q: Direct Labor Variances La Batre Bicycle Company manufactures commuter bicycles from recycled…
A: Direct labor cost variance is the variance which states the difference between the budgeted or…
Q: Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted…
A: Standard costing is the method where standard cost a predetermined cost is measured with the actual…
Q: how to compute quantity/efficiency variance
A: Cost accounting is beneficial since it can demonstrate where a corporation spends money, earns…
Q: National Co. produces and sells cellular phone blaster, a gadget which explodes when activated with…
A: Cost Volume Variance is the variance between the difference of Standard Quantity and Actual quantity…
Q: Why are separate price and quantity variances computed?
A:
Q: Problem 5. Angel Company is a wholesaler that sells a single product at P103.40 per unit. Its cost…
A: The gross profit is the excess of sales revenue over its cost of goods sold. The variance analysis…
Q: Define direct material variance.
A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost.…
Q: Problem 2 The following income statement data presented by VGP Company for the years ended December…
A: SOLUTION FORMULAS 1- PRICE QUANTITY VARIANCE = (UNIT SOLD IN 2021 - UNIT SOLD IN 2020)/ RATE PER…
Q: ear to assist in her analysis and evaluation of the st Input required per unit Standard cost per…
A: The calculation is given as,
Q: Find material price variance
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Give an example of a Direct Material Price Variance with figures and calculate the variance
A: Direct Material Price Variance is the difference between actual material cost and standard cost of…
Q: Why are product cost variances (DM, DL, MOH) broken down and separated into price & quantity…
A: Direct Material Variance Materials Price Variance- A variance which shows the difference between…
Q: The cost price variance is
A: Cost price variance refers to the difference between the actual cost and standard cost of units.…
Q: cost price variance
A: cost price variance is calculated as: (Actual unit cost - Standard unit cost) * Actual quantity…
Q: The Alpha Company produces toys for national distribution. Standards for a particular toy are:…
A: We know that, Material price Variance = (Standard price - Actual price)* Actual Quantity Labor…
Q: Problem 6. Highland Coffee Company is concerned with its gross profit negating the increase of its…
A: Gross profit variance refers to the difference between the actual gross profit and budgeted gross…
Q: Materials mix variance B. Materials yield variance
A: Material Mix Variance = SP( RSQ - AQ) SP means Standard price RSQ means Revised Standard quantity…
Q: Bulldogs Inc. has the following variances in its gross profit variance analysis repo Type of…
A: Kindly refer the image attached below for solution.
Q: is direct material variance a measure of?
A: Direct material variance is the difference between standard material costs and actual material costs…
Q: The following income statement data presented by VGP Company for the years ended December 31, 2020…
A:
Q: (a) Compute the total materials variance and the price and quantity variances. Total materials…
A: We often do variance analysis in accounting to determine the deviation from the standard situation.…
Q: Define direct labour variances.
A: Definition: Variance Analysis: Variance analysis is the process of evaluating the differences…
Q: Define product cost variances.
A: Product Cost variances occur when the standard cost is higher or lower than the actual costs They…
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- The standard material costs of finished product PEP are as follows: 2 kg raw material A @ R10 per kg Actual information: Purchase of raw material A 2 000 kg @ R9.50 per kg Issue of raw material A 1 200 kg Units of product PEP manufactured 280 units Required Calculate the following in respect of material A (a) Purchase price variance (3) (b) Issue price variance (c) Quantity variance (d) Total variance.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 aboveNXE 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
- 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 Direct Material 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the labor efficiency variance. Select one: a. $4,410 U b. $4,410 F c. $4,500 F d.$4,500 U e.None of the aboveThe 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 Direct Material 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the materials price variance Select one: a. $620 F b. $620 U c. $180 F d. $180 U e. None of the aboveThe 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 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Material Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the labor rate variance. Select one: a. $1,200 F b. $1,200 U c. $1,290 F d. $1,290 U e. None of the above
- DATA Resources' requirements, standard pounds per unit Resources' standard price, per pound Units produced Resources used for production, pounds 2.5 $3.35 15,000 36,900 $3.55 Resources' actual price, per pound Using formulas and cell references, perform the required analysis, and input your an: Amount column. Select the corresponding type of variance in the dropdowns in cells results for the green entry cells (C15:C17) into the appropriate fields in CNOWV2 for Amount |Favorable or Unfavorable a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance Favorable or Unfavorable Favorable or UnfavorableInformation about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. Actual purchase price per gallon $ 56 4,370 gallons 4,400 gallons $ 17,043 UA company manufactures a chemical using two components. A and B. The standard information for one unit of the chemical is as follows. $ Material A 10 kg at $4 per kg 40 Material B 20 kg at $6 per kg 120 160 In a particular period, 160 units chemical were produced, using 1000 kgs of material A and 1460 kgs of material B. Required: Calculate the material usage, mix, and yield variance for each material.
- a.Compute for the actual cost paid per kilogram b.Compute for the Labor Efficiency Variance Present your answer as 1000 FAVORABLE OR 1000 UNFAVORABLE if applicable Topic: Standard Costing and Variance AnalysisThe 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 aboveGemini