Need true answer general Accounting Paper Plus has the following material standard for producing one reamof specialty paper: 120 sheets of raw material at $0.25 per sheet. Thecompany planned to produce 3,000 reams during August. Theypurchased 375,000 sheets at $0.22 per sheet and used 370,000 sheets toproduce 2,950 reams. Calculate the material price variance.

Step 1: Define Material Price VarianceMaterial Price Variance (MPV) measures the difference between…

Answered: Paper Plus has the following material…

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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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?
The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per month. How much is the favorable or unfavorable variance If 5,500 units were produced for a total of $61,000?
Chypre, Inc., produces a cologne mist using a solvent mix (water and pure alcohol) and aromatic compounds (the scent base) that it sells to other companies for bottling and sale to consumers. Chypre developed the following standard cost sheet: On May 2, Chypre produced a batch of 1,000 gallons with the following actual results: Required: 1. Calculate the yield ratio. 2. Calculate the standard cost per unit of the yield. (Round to the nearest cent.) 3. Calculate the direct materials yield variance. (Round to the nearest cent.) 4. Calculate the direct materials mix variance. (Round to the nearest cent.)
Perfect Builders makes all sorts of moldings. Its standard quantity of material allowed is 1 foot of wood per 1 foot of molding at a standard price of $2.00 per foot. During August, it purchased 500,000 feet of wood at a cost of $1.90 per foot, which produced only 499,000 feet of molding. Calculate the materials price variance and the materials usage variance, respectively. $50,000 F and $2,000 U $49,900 U and $2,000 F $49,900 F and $1,900 U $50,000 F and $1,900 U
Glassica, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 2.00 pounds per glass at a cost of $1.00 per pound. The actual result for one month's production of 7,000 glasses is 1.2 pounds per glass, at a cost of $0.30 per pound. The direct materials efficiency variance is O 650 U O $6,930 F O $6,930 U O $5,800 F O $5,600 F TAZ
The materials usage variance for Fatal is:
Glassica, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.6 hour per glass, at a cost of 20.00 per hour. The actual results for one month's production of 8,000 glasses is 0.8 hours per glass, at a cost of $19.00 per hour. The direct labor cost variance is O $6,400 F O $9,100 U er O $9,100 F O $25,600 F O $6,400 U
Swifty produces 5-foot USB cables. During the past year, the company purchased 180,000 feet of plastic-coated wire at a price of $0.50 per foot. The direct materials standard for the cables allows 6 feet of wire at a standard price of $0.52 per foot. During the year, the company used a total of 204,000 feet of wire to produce 35,000 5-foot cables. Calculate Swifty's direct materials quantity variance for the year. Direct material quantity variance Unfavorable Favorable Neither Favorable nor Unfavorable eTextbook and Media %24
Vaughn produces 5-foot USB cables. During the past year, the company purchased 175,000 feet of plastic-coated wire at a price of $ 0.30 per foot. The direct materials standard for the cables allows 6 feet of wire at a standard price of $ 0.34 per foot. During the year, the company used a total of 193,000 feet of wire to produce 34,000 5-foot cables. Calculate Vaughn' s direct materials quantity variance for the year. $ Direct material quantity variance Favorable
Washington WaterWorks manufactures snorkel gear. During the past month, Washington purchased 4,000 pounds of plastic to use in its dive masks, at a cost of $6,800. The standard price for the plastic is $1.60 per pound. The company actually used 3,800 pounds of the plastic to produce 15,000 dive masks. Required Calculate Washington's direct materials price variance for the month. What's the equation/steps to do this problem?
Bonita Corp. purchased 3,150 pounds of flour in preparation for making its biscuit mix. Every package of mix is expected to use 5 pounds of flour, with flour budgeted at $0.55 per pound. The production department used 2,925 pounds of the flour in producing 565 packages of biscuit mix. If the purchasing department paid $1,890.00 for the initial flour purchase, what was Bonita's DM efficiency variance? (Round answer to 2 decimal places, e.g. 15.25.) DM efficiency variance Save for Later $ Attempts: 0 of 1 used Submit Answer
Edgar, Inc. has a materials price standard of $1.75 per pound. eight thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4,000 pounds, although the standard quantity allowed for the output was 5,400 pounds. Calculate the materials price variance

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