I need answer of this question solution general accounting McNabb Corporation makes shoe polish. The standarddirect materials quantity is .5 pounds per container at acost of $2.25 per pound. The actual usage for theproduction of 33,000 containers was .55 pounds percushion at an actual cost of $2.20 per pound. Calculatethe direct materials price variance and the directmaterials quantity variance.

Step 1: Define Direct Materials VarianceDirect materials variance measures the deviation of the…

Answered: McNabb Corporation makes shoe polish.…

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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Sunny Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit @ $0.40/lb.) Actual direct materials purchased Actual Direct Materials Used (AQU) Actual Price (AP) paid per pound How much is the direct materials price variance? O A. $1,610 unfavorable B. $2,240 favorable C. $1,610 favorable O D. $2,240 unfavorable $1.20 per finished good 32,000 pounds 23,000 pounds $0.47
Primary Co. has a standard materials price of $4.00 per pound and a standard direct labor rate of $18.00 per hour. Primary's actual direct materials price was $4.10 per pound and paid direct labor of $17.50 per hour. Assume an actual materials usage of 26,000 pounds and actual labor totaling 8,000 hours. A. Calculate the direct materials price variance. Indicate whether the variance is favorable or unfavorable. B. Calculate the direct labor rate variance. Indicate whether the variance is favorable or unfavorable.
Assume the following: The actual price per pound is $2.25. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased and used in production is 50,000 pounds. The materials price variance is $12,500 U. The materials quantity variance is $4,000 F. What is the total number of units produced (finished goods) during the period?
Assume the following: • The standard price per pound is $2.35. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,700 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice O о O $3,055 F $5,175 F $2,925 F $5,405 F
Assume the following: The standard price per pound is $2.15. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,100 pounds. The actual purchase price per pound of materials was $2.25. The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice $6,235 F $6,525 F $4,275 F $4,085 F
Tip Top Corp. produces a product that requires nine standard gallons per unit. The standard price is $8.5 per gallon. If 4,600 units required 42,200 gallons, which were purchased at $8.07 per gallon, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance?
Woody Company produces a product that requires 2 standard gallons per unit. The standard price is $20 per gallon. If 4,000 units required 8,200 gallons which were purchased at $19.75 per gallon, what is the direct materials: A. price variance B. quantity variance C. cost variance
Assume the following: . The standard price per pound is $2.00. The standard quantity of pounds allowed per unit of finished goods is 4 pounds. · • The actual quantity of materials purchased and used in production is 50,300 pounds. • The actual purchase price per pound of materials was $2.30. The company produced 13,000 units of finished goods during the period. What is the materials price variance? ● Multiple Choice $15,593 U $15,090 F $15,090 U $15,593 F
Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is $3.75 per pound. If 15,000 units used 36,000 pounds, which were purchased at $4.00 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance?
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ToolTime has a standard of 1.5 pounds of materials per unit, at P4 per pound. In producing 2,000 units, ToolTime used 3,100 pounds of materials at a total cost of P12,090. 1. ToolTime’s total material variance is Group of answer choices P300 F. P90 U. P310 U. P400 U 2. ToolTime’s materials price variance is Group of answer choices P90 U. P310 F. P400 F. P700 F 3. ToolTime’s materials quantity variance is Group of answer choices P90 F. P310 U. P400 U. P700 U.
o Yealink Company produces a product that requires 5.0 standard pounds per unit. The standard price is $7.50 per pound. If 30,000 units used 72,000 pounds, which were purchased at $8.00 per pound, what is the direct materials (A) price variance, (B) quantity variance, and (C) cost variance?

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