Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 Kilogram @ $2/Kilogram) Actual cost of materials purchased Actual direct materials purchased and used Multiple Choice $22.500 unfavorable. $27500 unfavorable $22.500 favorable $50,000 favorable $ 14 per finished unit $ 322,500 150,000 Kilogram

Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 Kilogram @ $2/Kilogram) Actual cost of materials purchased Actual direct materials purchased and used Multiple Choice $22.500 unfavorable. $27500 unfavorable $22.500 favorable $50,000 favorable $ 14 per finished unit $ 322,500 150,000 Kilogram

Name: Parallel Enterprises has collected the following data on one of its p
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materialsquantity variance is:Direct materials standard (7 Kilogram @ $2/Kilogram)Actual cost of materials

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

please answer complete and correct with full working like explanation , formula , computation and steps need correct answer with all work thanks
ok Required information [The following information applies to the questions displayed below] Hart Company made 3,000 shelves using 22,000 pounds of wood costing $266,200. The company's direct materials standards for one shelf are 8 pounds of wood at $12 per pound. D ant Print Ferences AQ=Actual Quantity SQ Standard Quantity AP Actual Price SP=Standard Price 1. Compute the direct materials price and quantity variances along with the total direct materials variance. 2. Hart applies management by exception by investigating direct materials variances of more than 5% of actual direct materials costs. Which direct materials variances will Hart investigate further? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances along with the total direct materials variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost Standard Cost
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) $ 6.00 Direct labor (2 hours @ $12 per hour) $ 24.00 During the period, the company produced and sold 32,000 units incurring the following costs: Direct material 61,000 gallons @ $ 2.90 per gallon Direct labor 59,500 hours @ $ 12.05 per hour The direct material usage variance was:
A company has determined that the standard for materials is 10 square feet at $4 per square foot. If a process produces 2000 units and uses 18 square feet per unit at $5 per square foot, then what is the materials quantity variance? Select one a $ 64,000 unfavorable b) $64, 000 favorable c) $18,000 unfavorable d) $ 18,000 favorable
A manufacturing company reports the following for one of its products. Compute the direct materials (a) price variance and (b) quantity variance and classify each as favorable or unfavorable.
Use the information provided to answer the questions. Actual price paid per pound of material $15.00 Total standard pounds for units produced this period 12,600 Pounds of material used 13,300 Direct materials price variance favorable $3,990.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $
Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 Kilogram @ $2/Kilogram) Actual cost of materials purchased Actual direct materials purchased and used Multiple Choice $50,000 favorable. $22.500 unfavorable. $27,500 unfavorable. $50,000 unfavorable $22.500 favorable
Please help me with correct answer thanku
Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25.000 units. The direct materials price variance is Direct materials standard (7 pounds @ $1.65/pound) Actual cost of materials purchased. $ 11.55 per finished unit $ 257,850 Actual direct materials purchased and used. 143,000 pounds Multiple Choice $30,900 unfavorable $52.800 favorable $30,900 unfavorable. $52,800 favorable. $52,800 unfavorable. $21,900 favorable. $21,900 unfavorable.
Opal Manufacturing Company established the following standard price and cost information: Sales price $70 per unit 52 per unit Variable manufacturing cost Fixed manufacturing cost $ 120,000 total $50,000 total Fixed selling and administrative cost Opal expected to produce and sell 29,000 units. Actual production and sales amounted to 32,500 units. Required: a. and b. Determine the sales volume variances, including variances for number of units, sales revenue, variable manufacturing cost, fixed manufacturing cost, and fixed selling and administrative cost. Classify the variances as favorable (F) or unfavorable (U). Note: Indicate the effect of each variance by selecting "Favorable", "Unfavorable", and "None" for no effect (i.e., zero variance). Units Static Budget Flexible Budget Volume Variance Favorable or Unfavorable