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 nearest whole value. fill in the blank 5 gallons What was the actual price paid per ounce of materials? Round your answer to the nearest cent. $fill in the blank 6 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. @ $0.05 = $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 nearest whole value. fill in the blank 5 gallons What was the actual price paid per ounce of materials? Round your answer to the nearest cent. $fill in the blank 6 per ounce

Name: Materials Variances Manzana Company produces apple juice sold in gall
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Materials Variances Manzana Company produces apple juice sold in gallons. Recently, the company adopted thefollowing material standard for one gallon of its apple juice: Direct materials 128 oz. @ $0.05 = $6.40 During the firstweek of operation, the

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

Question Grant Company's standard materials cost per unit of output is $10.00 (2.00 pounds x $5.00 per pound). During July, the company purchases and uses 2,420 pounds of materials costing $12,826 in making 1,100 units of finished product. Compute the total material variance. O $726 unfavorable O $1,826 favorable O $2,926 unfavorable O $1,826 unfavorable
Labor Variances Cinturon Corporation produces high-quality leather belts. The company's plant in Beise uses a standard costing system and has set the following standards for materials and labor Leather (3 strips 16) $18.00 Direct labor (0.75 h $16) 12.00 Total prime cost During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 207,500 strips at $4.20 per strip. There were no beginning or ending inventories of leather Actual direct labor was 79,400 hours at $16.50 per hour. $30.00 Total variance Required: 1. Break down the total variance for labor into a rate variance and an efficiency variance using the columnar and formuls approaches. Rate variance Unfavorable Efficiency variance Unfavorable Unfavorable V
Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.35 per pound. 16, 100 units used 36,200 pounds, which were purchased at $3.50 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and inpu
Please do not give solution in image format thanku
Billy accepts a 6%, 22,000 note due in 60 days. What is the total amount Billy will receive when the note comes due? Please show the work.
None
Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $13.80 Standard labor time per faucet 15 min. Standard number of lb. of brass 1.80 lb. Standard price per lb. of brass $10.00 Actual price per lb. of brass $10.25 Actual lb. of brass used during the week 12,800 lb. Number of faucets produced during the week 6,900 Actual wage per hr. $14.20 Actual hrs. per week 1,800 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $ Direct labor standard cost per unit $ Total standard cost per unit $ b. Determine the direct materials price variance, direct…
Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 400,000. Materials purchased: 2,060,000 pounds @ $3.95. Materials used: 2,100,000 pounds. Direct labor: 825,000 hours @ $14.85. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $fill in the blank 1 Material usage variance $fill in the blank 3 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7 Feedback Area Feedback
Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) Direct labor (2 hrs. @ $15.00) Standard prime cost per unit $20.00 Labor rate variance 30.00 The actual results for the year are as follows: a. Units produced: 450,000. b. Materials purchased: 3,150,000 pounds @ $5.75. c. Materials used: 2,790,000 pounds. d. Direct labor: 990,000 hours @ $13.20. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor efficiency variance $50.00 Material price variance Material usage variance 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Unfavorable Unfavorable Favorable Unfavorable
Calculation of materials and labor variances Fritz Corp. manufactures and sells a single product. The company uses a standard cost system. The standard cost per unit of product follows: The charges to the manufacturing department for November, when 5,000 units were produced, follow: The Purchasing department normally buys about the same quantity as is used in production during a month. In November, 5,500 lb were purchased at a price of $2.90 per pound. Required: Calculate the following from standard costs for the data given, using the formulas on pages 421–422 and 424: 1. Materials quantity variance. 2. Materials purchase price variance (at time of purchase). 3. Labor efficiency variance. 4. Labor rate variance.