O Material Price variance O Material Usage Variance Quantity of Material Purchased 3000 Units Value of Material purchased 9000 dollars Standard quantity of Material 30 Units Required per ton of output Standard rate of Material 2.5 dollars per unit Opening stock of material Nil Closing Stock of Material 500 Units Output During the period 80 Units

O Material Price variance O Material Usage Variance Quantity of Material Purchased 3000 Units Value of Material purchased 9000 dollars Standard quantity of Material 30 Units Required per ton of output Standard rate of Material 2.5 dollars per unit Opening stock of material Nil Closing Stock of Material 500 Units Output During the period 80 Units

Name: Question No.2 From following particular ComputeO Material Price varia
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Description: Question No.2 From following particular ComputeO Material Price varianceO Material Usage VarianceQuantity of Material Purchased3000 UnitsValue of Material purchased9000 dollarsStandard quantity of Material30 UnitsRequired per ton of outputStandard r

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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Variance Analysis Problem Avatar, Inc. has prepared the following standard cost sheet for one unit of the product. Direct materials (5 pounds at $3 per pound) $15.00 Direct labor (2 hours at $13.00 per hour) $26.000 During the month of November, the company manufactures 450 units and incurs the following actual costs. Direct materials purchased and used (2,000 pounds) $8,000 Direct labor (1,000 hours) $12,000 1. Compute the total, price, and quantity variances for materials and labor. Direct Material Variances (AQ x AP) $8,000 (SQ x SP) Total Favorable or Unfavorable Total Direct Material Variance (AQ x AP) (AQ x SP) Total Favorable or Unfavorable %3D Direct Material Price Variance (AQ x SP) (SQ x SP) Total Favorable or Unfavorable %3D Direct Material Quantity Variance Direct Labor Variances (AΗ AR) (SH x SR) Total Favorable or Unfavorable Total Direct Labor Variance (AH x AR) (AH x SR) Total Favorable or Unfavorable Direct Labor Price (Rate) Variance (AH x SR) (SH x SR) Total…
Sales Selling price per unit Finished products on 01 March 2022 Products manufactured during the month Variable manufacturing costs per unit Variable selling and administrative costs per unit sold Fixed manufacturing costs Fixed selling and administrative costs Additional information 3 200 units 2.2.3 Variable overheads efficiency variance 2.2.4 Variable overheads expenditure variance INFORMATION R100 400 units 3 600 units R26 R12 R25 200 R12 400 The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March 2022 was R21.60 and R26.20 respectively. Nevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 per labour hour. Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurred was R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.
A company purchased 6,850 kgs of material at a total cost of $21,920. The material price variance was $1,370 favourable. What was the standard price per kg? A $0.20 B $3.00 C $3.20 D $3.40
Direct materials Direct labor Variable manufacturing overhead Multiple Choice uring the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. . All of the material that was purchased was used to produce 3,900 units. O 8,000 direct labor-hours were recorded at a total cost of $132,000. • The actual variable overhead cost incurred during the period was $25,000. $745 U Standard Quantity $720 F or Hours assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable verhead efficiency variance? $720 U 5 pounds 2 hours 2 hours $745 F Standard Price or Rate $11.00 per pound $17.00 per hour $ 3.60 per hour Standard Cost $ 55.00 $ 34.00 $ 7.20
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Direct labor 17 per unit 11 per unit 24 Direct materials $4 Overhead Total variable overhead Total fixed overhead Expected units to be produced $ 30,000 $100, 000 50,e00 units Product cost per unit under absorption costing
Subject: acounting
Information concerning Johnston Company's direct materials costs is as follows: Standard price per pound $ 8.05 Actual quantity purchased 3,450 pounds Actual quantity used in production 3,350 pounds Units of product manufactured 860 Materials purchase-price variance–favorable $ 1,015 Budget data for the period: Units to manufacture 1,160 Units of direct materials 4,640 pounds The actual purchase price per pound of direct materials was: $7.72. $8.34. $8.72. $8.09. $7.76.
9q-10
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