Solomon Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruitfollow.StandardActualAverage number of oranges per basketPrice per orange8.709.20x $0.30 x $0.25$2.30Cost of oranges per basket$2.61Solomon actually produced 26,400 baskets.Requireda. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U).b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U).(For all requirements, Select "None"there is no effect (i.e., zero variance).)a.Total materials price varianceb.Total materials usage variance

Name: Solomon Fruit Basket Company makes baskets of assorted fruit. The sta
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Description: Solomon Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruitfollow.StandardActualAverage number of oranges per basketPrice per orange8.709.20x $0.30 x $0.25$2.30Cost of oranges p

a) . Materials price variance = (Actual quantity * Actual price) - (Actual quantity * Standard…

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olomon Fruit Basket Company makes baskets pllow. Average number of oranges per basket Price per orange Cost of oranges per basket olomon actually produced 26,400 baskets. Eequired . Determine the materials price variance and in . Determine the materials usage variance and For all requirements, Select "None" if there is

olomon Fruit Basket Company makes baskets pllow. Average number of oranges per basket Price per orange Cost of oranges per basket olomon actually produced 26,400 baskets. Eequired . Determine the materials price variance and in . Determine the materials usage variance and For all requirements, Select "None" if there is

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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Problem 2 (Comprehensive Variance Analysis; Journal Entries) Moda Mills, Inc., is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of product): Standard Cost Actual Cost Direct materials: Standard: 4.0 yards at P3.60 per yard... Actual: 4.4 yards at P3..35 per yard... P14.40 P14.74 Direct labor: Standard: 1.6 hours at P4.50 per hour.. Actual: 1.4 hours at P4.85 per Variable manufacturing overhead: Standard: 1.6 hours at P1.80 per hour..... Actual: 1.4 hours at P2.15 per Total cost per unit...... 7.20 hour.. 6.79 2.88 hour .. 3.01 P24.54 P24.48
eBook Show Me How Print Item Direct Materials Variances The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 53,600 lb. at $2.00 Standard: 52,500 lb. at $2.05 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance $fill in the blank 1 Quantity variance $fill in the blank 3 Total direct materials cost variance $fill in the blank 5 b. The direct materials price variance should normally be reported to the . If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the . If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the
Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Required: 1 & 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp Please avoid answers in image format thank you
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Barley Hopp Inc manufactures custom ordered commermorative beer steins. It's standard cost information follows:1. calculate the direct materials price, quantity and total spending variances for barley hopp2. calculate the firect labor rate, effciency and total spending cariances for barley hopp3. caluculate the variable overhead rate, efficiency and total spending variances for barley hopp.
Longman Inc is a manufacturer of crystal glasses. The standard direct materials quantity is 0.8 pound per glass at a cost of $0.60 per pound. The actual result for one months’s production of 6,800 glasses was 1.1 pounds per glass, at a cost of $0.40 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance. Select the formula then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U)
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