Materials Variances Manzana Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice: Direct materials 128 oz. @ $0.03 = $3.84 During the first week of operation, the company experienced the following results: a. Gallon units produced: 22,000. b. Ounces of materials purchased and used: 2,690,000 ounces at $0.055. c. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Enter unfavorable values as positive numbers. 1. Compute the materials price variance. Unfavorable ✓ 2. Compute the materials usage variance. Favorable 3. During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $22,000 unfavorable. The company purchased and used 2,480,000 ounces of material during this week. How many gallons of juice were produced? If required, round your answer to nearest whole value. gallons What was the actual price paid per ounce of materials? Round your answer to the nearest cent. S per ounce

Materials Variances Manzana Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice: Direct materials 128 oz. @ $0.03 = $3.84 During the first week of operation, the company experienced the following results: a. Gallon units produced: 22,000. b. Ounces of materials purchased and used: 2,690,000 ounces at $0.055. c. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Enter unfavorable values as positive numbers. 1. Compute the materials price variance. Unfavorable ✓ 2. Compute the materials usage variance. Favorable 3. During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $22,000 unfavorable. The company purchased and used 2,480,000 ounces of material during this week. How many gallons of juice were produced? If required, round your answer to nearest whole value. gallons What was the actual price paid per ounce of materials? Round your answer to the nearest cent. S per ounce

Name: Materials VariancesManzana Company produces apple juice sold in gallo
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Description: Materials VariancesManzana Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice:Direct materials 128 oz. @ $0.03 $3.84During the first week of operation, the co

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Materials Variances Manzana Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice: Direct materials 128 oz. @ $0.05 = $6.40 During the first week of operation, the company experienced the following results: Gallon units produced: 22,000. Ounces of materials purchased and used: 2,740,000 ounces at $0.045. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Enter unfavorable values as positive numbers. 1. Compute the materials price variance. $fill in the blank 1 -13,700 Favorable 2. Compute the materials usage variance. $fill in the blank 3-3,800 Favorable 3. During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $22,000 unfavorable. The company purchased and used 2,345,000 ounces of material during this week. How many gallons of juice were produced? If required, round your answer to…
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Materials Variances Manzana Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice: Direct materials 128 oz. @ $0.05 = $6.40 During the first week of operation, the company experienced the following results: Gallon units produced: 23,000. Ounces of materials purchased and used: 2,880,000 ounces at $0.055. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Enter unfavorable values as positive numbers. 1. Compute the materials price variance.$fill in the blank 1 2. Compute the materials usage variance.$fill in the blank 3 3. During the second week, the materials usage variance was $4,000 unfavorable and the materials price variance was $23,000 unfavorable. The company purchased and used 2,435,000 ounces of material during this week. How many gallons of juice were produced? If required, round your answer to nearest whole…
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Print Item Penny Company manufactures only one product and uses a standard cost system. The following information is from Penny's records for May: Direct labor rate variance $15,000 favorable Direct labor time variance $29,700 unfavorable Standard hours per unit produced 2.00 Standard rate per hour $27 During May, the company used 12.50% more hours than the standard allowed. A. What were the total standard hours allowed for the units manufactured during the month? standard hours B. What were the actual hours worked? actual hours C. How many actual units were produced during May? units produced