MATERIALS YIELD VARIANCE
Q: Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials:…
A: Standard costing is the practice of predicting production-related costs because producers are unable…
Q: Required: Calculate the following budgets for each of May and June: a) Production of Catrell (in…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: Chemical Incorporated. has set the following standards for direct materials and direct labor for…
A: Material price variance is the difference between standard price and actual price applied with…
Q: COMPUTE FOR THE MATERIALS MIX VARIANCE COMPUTE FOR THE MATERIALS YIELD VARIANCE
A: Formulae's: Material Mix variance = (Revised standard quantity - Actual quantity)*Standard price…
Q: Olympic Foods Company uses a standard cost system to collect costs related to the production of its…
A: Material cost variance in business means that when there is a difference between standard cost and…
Q: Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials:…
A: If the actual cost exceeds the standard cost, the variance is considered unfavorable; conversely, if…
Q: The production plan for Fitter Snacker calls for 10 000 cases of the bar product group in June. If…
A: Introduction;- Number of cases of snack calls to be produced= 10,000 cases Production proportion of…
Q: OMPUTE FOR THE MATERIALS YIELD VARIANCE
A: A. Material Mix Variance is showing the difference in raw material cost dues to changes in the…
Q: Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials:…
A: Analyzing material and labor variances helps businesses understand the reasons behind cost…
Q: Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: Standard quantity= actual production* standard quantity per unit Direct material = 4800 * 8 =…
Q: Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials:…
A: Variance arises when the actual costs differ from the standard costs. The results are favorable…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: The variance is the difference between the standard and actual cost production data. The variance…
Q: Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: The material/Labor variance arises when the actual cost is different from the standard or budgeted…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Variance…
Q: When obtaining an understanding of the entity and its environment, including its internal control,…
A: The audit of the financial statement is required to be conducted so as to ensure that the financial…
Q: Blue Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for $170…
A: Lets understand the basics.Direct material price variance is a variance between the price at which…
Q: During the month of March, Baker's Express purchased 10,000 pounds of flour at $1 per pound. At the…
A: Standard costing is one of the technique used in cost accounting. Under variance analysis, all…
Q: Calculate the materials variance, and the price and quantity variances, assuming the purchase price…
A: Material variances are popularly known as material cost variance .These are of three types.They are…
Q: C Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: Variance analysis is that analysis under which differences are being evaluated between standard…
Q: Sprocket Partners (SP) produces specialty sprocket products. The company expects to pay $12.20 per…
A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…
Q: KokoLat Corporation is a manufacturer of premium cocoa beans. KokoLat budgeted 20,000 bottles to be…
A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…
Q: Genuine Spice Inc. began operations on January 1 of the current year. The company produces8-ounce…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: Material variances arises when the estimated and actual cost incurred on the material costs is…
Q: Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: The variance is the difference between the actual and standard cost of production. The variance can…
Q: Materials Mix Variance 2. Materials Yield Variance
A:
Q: Hardev
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: Variances for July1a. Materials price variance $2,370Favorable1a. Materials quantity variance$2,744…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: Variance arises when the actual costs is different from the standard costs. The results are…
Q: Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: Standard costing is the practise of predicting production-related costs because producers are unable…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: I am answering the last three parts because the first two parts are already answered. Variances are…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: Standard Quantity Allowed :— It is calculated by multiplying standard quantity of material per unit…
Q: Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega…
A: The cost per unit is calculated as total cost divided by number of units.
Q: marina bottlers in, a leading softdrinks company is producing their bottle requirements. for…
A:
Q: Forrest Company manufactures phone chargers and has a policy that ending inventory should equal 10%…
A: Budgeting is a process of finding requirements of future. There are various types of budget such as…
Q: Lens Junction has required production of 15,400 units in January and 18,100 in February. Each lens…
A:
Q: Genuine Spice Inc. began operations on January 1 of the current year. The company produces8-ounce…
A: All amounts are in dollar($). Since we only answer up to 3 sub-parts, we’ll answer the first 3.…
Q: awson Toys, Limited, produces a toy called the Maze. The company has recently created a standard…
A: Cost variance refers to the process used to evaluate the project of the financial performance. It…
Q: was $1.25 and the company used E als price variance for Pharoah for $180 favorable
A: Answer : Material price variance = (Standard price -Actual price) * Actual units
Q: 1. Compute the following variances for July: Note: Indicate the effect of each variance by selecting…
A: Standard costing is a method of cost accounting that deals with estimating the costs so that they…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: Material price variance :Difference between the actual costs and standard costs for the actual…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: The variance is the difference between the actual and standard costs of production. The materials…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: Direct material variance is the difference between standard direct material cost for actual…
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- Chadwick Shoe Co. produces and sells an e xcellent-quality walking shoe. After production, the shoes are distributed to 20 warehouses around the country. Each warehouse services approximately 100 stores in its region. Chadwick uses an EOQ model to determine the number of pairs of shoes to order for each warehouse from the factory. Annual demand for Warehouse OR2 is approximately 120,000 pairs of shoes. The ordering cost is $250 per order. The annual carrying cost of a pair of shoes is $2.40 per pair. Q. Assume each month consists of approximately 4 weeks. If it takes 1 week to receive an order, at what point should warehouse OR2 reorder shoes?Big Sur Water Sports, Inc., manufactures fiberglass boards used for riding the waves at the beach. The products are sold under the brand name Crazy Board. The standard cost for material and labor is $89.20 per board. This includes 8 kilograms of direct material at a standard cost of $5.00 per kilogram and 6 hours of direct labor at $8.20 per hour. The following data pertain to November: Purchases of material: 46,500 kilograms for $248,000 Total actual direct labor costs: $301,490 Actual hours of direct labor: 36,500 hours Production: 5,600 units 1. Calculate the total direct materials variance 2. Calculate the total direct labor variance Check Figures: Total Direct Materials Variance $23,845 Unfavorable Total Direct Labor Variance $25,970 UnfavorableDawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 7 microns per toy at $0.32 per micron Direct labor: 1.4 hours per toy at $7.20 per hour During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows: Direct materials. 77,000 microns were purchased at a cost of $0.28 per micron. 29,750 of these microns were still in inventory at the end of the month. Direct labor. 8,160 direct labor-hours were worked at a cost of $63,648. Required: 1. Compute the following variances for July: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round final answer to the nearest whole dollar amount.) a. The materials price and quantity…
- Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 4,000 helmets, using 2,200 kilograms of plastic. The plastic cost the company $14,520. According to the standard cost card, each helmet should require 0.50 kilograms of plastic, at a cost of $7.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 4,000 helmets? 2. What is the standard materials cost allowed (SQ × SP) to make 4,000 helmets? 3. What is the material's spending variance?Ceder Company has compiled the following data for the upcoming year: Sales are expected to be 16,000 units at $52 each. Each unit requires 4 pounds of direct materials at $2.40 per pound. Each unit requires 2.1 hours of direct labor at $13 per hour. Manufacturing overhead is $4.90 per unit. Beginning direct materials inventory is $5,400. Ending direct materials inventory is $6,950. Selling and administrative costs totaled $138,720. Determine Ceder's budgeted cost of goods sold. Complete Ceder's budgeted income statement.Marina Bottlers Inc., a leading softdrinks company is producing their bottle requirements. For each case of 24 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4 lbs., P50/lb Material B @ 6 lbs., P22/lb Material C @ 1.6 lbs., P15/lb During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/lb A 63,700 P49.00 B 125,200 20.50 C 48,100 16.00 Required: 1. Materials Mix Variance 2. Materials Yield Variance
- Dawson Toys, Limited, produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 6 microns per toy at $0.33 per micron Direct labor: 1.1 hours per toy at $7.40 per hour During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows: Direct materials: 73,000 microns were purchased at a cost of $0.30 per micron. 32,500 of these microns were still in inventory at the end of the month. Direct labor. 6,540 direct labor-hours were worked at a cost of $50,358. Required: 1. Compute the following variances for July: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round final answer to the nearest whole dollar amount.) a. The materials price and quantity…Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $3 per pound and 0.5 direct labor hour at a rate of $18 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $4,000 per month. The company's policy is to maintain direct materials inventory equal to 20% of the next month's direct materials requirement. At the end of February the company had 5,280 pounds of direct materials in inventory. The company's production budget reports the following. Production Budget Units to produce March 3,300 April 4,600 (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Direct labor hours needed Variable overhead rate per direct labor hour Budgeted variable overhead Budgeted fixed…Sagar
- MARINA Bottlers Inc, a leading softdrinks company is producing their bottle requirements. For each case of 24 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4 lb, P50/Ibs; Material B @ 6 lb, P22/lbs and Material C @ 1.6 Ibs, P15/lb. During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/Lb A 63,700 49.00 B 125,200 20.50 C 48,100 16.00 REQUIREMENTS: PLEASE SHOW YOUR SOLUTION IN GOOD ACCOUNTING FORM THANK YOU! 1) Compute for the Materials Mix Variance2) Compute for the Materials Yield VarianceSarsi Bottlers Inc, a leading softdrinks company is producing their bottle requirements. For each case of 24 eight-ounce bottles, the company prescribed the following standard product mix: Material A @ 2.4 lb, P50/lbs; Material B @ 6 lb, P22/lbs and Material C @ 1.6 lbs, P15/lb. During the month of August, 25,000 cases were produced from an input of: Material Pounds Cost/lb A 63,700 49 B 125,200 20.50 C 48,100 16 a. COMPUTE FOR THE MATERIALS MIX VARIANCE b. COMPUTE FOR THE MATERIALS YIELD VARIANCEToraxia Inc. manufacturers a product that is packaged and sold in 10-kilogram bags. For 2023, the company developed the following standard costs per bag for direct materials and direct labour: Direct materials (10 kilograms @ $6.00 per kilogram) Direct labour (0.2 hours @ $28 per hour)Total standard cost per 10-kg bag Cost per Bag $60.00 5.60 ($65.60) In January, the company manufactured 3,500 bags. The company purchased 38,200 kilograms of materials costing $232,256 and used 36,500 kilograms. As well, the company paid $19,440 for direct labour and used 720 direct labour hours. Required: (A) Compute the materials price variance and materials usage variance and indicate whether each variance is favourable or unfavourable. (B) Compute the labour rate variance and labour efficiency variance and indicate whether each variance is favourable or unfavourable. (C) Provide possible reasons for each of the variances computed in (A) and (B). For example, regarding the materials price…