Nova Inc. produced 20,000 units.•Standard usage = 3 lbs/unit at $4/lbActual usage = 3.1 lbs/unit at $3.90/lbCalculate price and quantity variances.

Step 1: Direct Material Price Variance (DMPV)DefinitionDirect Material Price Variance measures the…

Answered: Nova Inc. produced 20,000 units. •…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 5EB: Baxter Company has a relevant range of production between 15,000 and 30,000 units. The following...

See similar textbooks

Similar questions

Assume the following: • The standard price per pound is $3.00. • The actual quantity of materials purchased is 60,000 pounds. • The actual quantity of materials used in production is 62,000 pounds. • The actual purchase price per pound of materials was $3.10. What is the materials price variance? Multiple Choice O O $6,000 F $6,200 F $6,000 U $6,200 U
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
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
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
The Bronze Company produces Product Y. Direct labor standard input for one output = .30 Direct labor standard cost per input = $9.00 Actual Results Units of output 4,000 Labor costs $11,470 Labor hours of input 1,240 Actual price per hour $9.25 a. What is the manufacturing direct labor price variance? b. What is the manufacturing direct labor efficiency 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 50,000 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 $4,000 U $4,000 F $4,500 F $4,500 U
The standard material cost to produce 1 unit of product r is 6 pounds of material at a standar price of $50 per pound . In manufacturing 8000 units 47000 pounds of material we're used at a cost of $51 per pound . What is the direct material price variance
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 210 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7 B. What are some possible causes for this combination of favorable and unfavorable variances?
Baxter Company has a relevant range of production between 15,000 and 30,000 units. The following cost data represents average variable costs per unit for 25,000 units of production. Using the costs data from Rose Company, answer the following questions: A. If 15,000 units are produced, what is the variable cost per unit? B. If 28,000 units are produced, what is the variable cost per unit? C. If 21,000 units are produced, what are the total variable costs? D. If 29,000 units are produced, what are the total variable costs? E. If 17,000 units are produced, what are the total manufacturing overhead costs incurred? F. If 23,000 units are produced, what are the total manufacturing overhead costs incurred? G. If 30,000 units are produced, what are the per unit manufacturing overhead costs incurred? H. If 15,000 units are produced, what are the per unit manufacturing overhead costs incurred?
The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per month. How much is the favorable or unfavorable variance if 14,000 units were produced for a total of $97,000?
Rose Company has a relevant range of production between 10,000 and 25.000 units. The following cost data represents average cost per unit for 15,000 units of production. Using the cost data from Rose Company, answer the following questions: If 10,000 units are produced, what is the variable cost per unit? If 18,000 units are produced, what is the variable cost per unit? If 21,000 units are produced, what are the total variable costs? If 11,000 units are produced, what are the total variable costs? If 19,000 units are produced, what are the total manufacturing overhead costs incurred? If 23,000 units are produced, what are the total manufacturing overhead costs incurred? If 19,000 units are produced, what are the per unit manufacturing overhead costs incurred? If 25,000 units are produced, what are the per unit manufacturing overhead costs incurred?
Acme Inc. has the following information available: Actual price paid for material $1.000 Standard price for material $0.730 Actual quantity purchased and used in production 100 Standard quantity for units produced 80 Actual labor rate per hour $16 Standard labor rate per hour $14 Actual hours 200 Standard hours for units produced 230 Compute the material price and quantity, and the labor rate and efficiency variances. Round your answers to two decimal places. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance $ Labor efficiency variance $ Favorable Unfavorable

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Nova Inc. produced 20,000 units. • Standard usage = 3 lbs/unit at $4/lb Actual usage = 3.1 lbs/unit at $3.90/lb Calculate price and quantity variances.