Perfect Paint mixes ingredients A ($30/liter), B ($20/liter), and C ($25/liter) in the ratio 3:2:1 to make their product. Calculate the cost per liter of the final mixture. (Financial Accounting) 4 marks
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- Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost per Unit $1.00 per quart $38.00 per hour Quantity Summary $6.00 $1.90 $7.90 Direct Materials 6 quarts Direct Labor 3 minutes Total Direct Costs Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (a) Calculate the material price varianceUse the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost X Quantity 6 quarts Summary $6.00 $1.90 per Unit $1.00 per quart $38.00 per hour Direct Materials Direct Labor 3 minutes Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (d) Calculate the labor efficiency (hourly) varianceUse the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost X Quantity 6 quarts Summary $6.00 $1.90 per Unit $1.00 per quart $38.00 per hour Direct Materials Direct Labor 3 minutes Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (c) Calculate the labor rate variance
- Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost X Quantity 6 quarts Summary $6.00 $1.90 per Unit $1.00 per quart $38.00 per hour Direct Materials Direct Labor 3 minutes Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (b) Calculate the material quantity varianceSnapware Systems produces commercial strength cleansing supplies. Two of its main products are window cleaner that uses ammonia, and floor cleaner that uses bleach. Information for the most recent period follows: Product Names Window Cleaner (ammonia) Floor Cleaner (bleach) Direct materials information: Standard ounces per unit 16 oz. 24 oz. Standard price per ounce $0.75 ? Actual quantity used per unit 20 oz. 22 oz. Actual price paid for material $1.00 $0.90 Actual quantity purchased and used 1,500 oz. 2,800 oz.. Price variance ? $300 U Quantity variance $1,500 U ? Total direct materials variance ? $678 F Number of units produced 500 600 What is the standard price for bleach? Select one: a. $0.88/oz. b. $1.09/oz. c. $1.14/oz. d. $0.79/oz. e. $0.92/oz.The cost of materials for product A are as follows. Material W: $2,250 Material X: $3,000 Material Y: $3,600 Material Z: $150 If the material proportions were displayed on a pie chart, how many degrees would material Y represent? A 90 degrees B 120 degrees C 144 degrees D 204 degrees
- Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Manufactering cost info Standard Quantity x standard cost per unitx x cost summary direct materials cream sugar 5 quarts 16 ounces x $1.15 per quart $0.08 per ounce x $5.75 $1.28 direct labor 3 min x $36.00 per hour x $1.80 total direct costs x x $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. Required: Compute the material and labor variances. Comment on the results and possible causes of the variances.p1a. Determine the total costs and the total cost amount per unit for the production and sale of 1,000 mini-bars.
- A known manufacturing company has estimated the ff. Component for a new product. Fixed cost= 50,000 Material cost per unit= 2.15 Labor cost per unit = 2 Revenue per unit= 7.50 Vary the production volume from 0 to 100,000 in increments of 10,000. The five different material costs are 1.50,1.95,2.15,2.85 and 3.25. Using the spreadsheet model, what will be the resulting profit if the company decides to make 70,000 units of the new product. Choices: A.623,018 B.176,400 C.45,705 D.No choice given E.138,430Benoit Company produces three products, A, B, and C. Data concerning the three products follow (per unit): Product Selling price 70 2$ 50 60 Variable expenses: Direct materials 21.00 15.00 4.20 Other variable 21.00 22.50 37.80 expenses Total variable 42.00 37.50 42.00 expenses Contribution margin $28.00 $ 12.50 $ 18.00 Contribution margin ratio 40% 25% 30% Demand for the company's products is very strong, with far more orders each month than the company can produce with the available raw materials. The same material is used in each product. The material costs $6 per pound with a maximum of 4,000 pounds available each month. %24MacDonald Limited MacDonald makes an industrial cleaning agent, which consists of a secret mix of three chemicals heated gently together; some loss of weight occurs during this process. Normally, the standard cost card details for the materials needed for 1 litre of the finished product is as follows: Chemical A 0.5 litres @ £8 per litre = £4.00 Chemical B 0.7 litres @ £5 per litre = £3.50 Chemical C 0.3 litres @ £7 per litre = £2.10 Total £9.60 In March, 8,000 litres of the cleaning agent were produced, and the following direct costs incurred: Chemical A 3,700 litres for £27,750 Chemical B 6,000 litres for £36,000 Chemical C 2,800 litres for £13,920 Calculate the material mix and yield variances.
