Omega Corp. has a material standard of 1.8 pounds per unit of output. Each pound has a standard price of $12 per pound. During March, Omega Corp. paid $48,600 for 4,050 pounds, which were used to produce 2,300 units. What is the direct materials quantity variance?
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Omega Corp. has a material standard of 1.8 pounds per unit of output. Each pound has a standard price of $12 per pound. During March, Omega Corp. paid $48,600 for 4,050 pounds, which were used to produce 2,300 units. What is the direct materials quantity variance?
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- Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4 pounds of steel. During September, Corolla purchased and used 4,200 pounds of steel to make 1,040 units. They paid $20.75 per pound for the steel. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for the month of September. What would change if Corolla had made 2,200 units?
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- Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Sitka Industries made 3,000 ladders in July and used 8,800 pounds of material to make these units. Smith Industries bought 15,500 pounds of material in the current period. There was a $250 unfavorable direct materials price variance. A. How much in total did Sitka pay for the 15,500 pounds? B. What is the direct materials quantity variance? C. What is the total direct material cost variance? D. What ii 9,500 pounds were used to make these ladders, what would be the direct materials quantity variance? E. It there was a $340 favorable direct materials price variance, how much did Sitka pay for the 15,500 pounds of material?A manufacturer planned to use $45 of variable overhead per unit produced, but in the most recent period, it actually used $47 of variable overhead per unit produced. During this same period, the company planned to produce 200 units but actually produced 220 units. What is the variable overhead spending variance?A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, A Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials quantity variance?
- What is the material price variance on these general accounting question?Can you answer this question?The actual cost of direct materials is $48.25 per pound, while the standard cost per pound is $50.75. During the current period, 4,800 pounds were used in production. What is the direct materials price variance?
