points The following data relate to direct materials costs during November 2023 : Standard Costs: 2,600 pounds @ $8.75 per pound Actual Costs: 2,500 pounds @ $8.00 per pound What is the direct materials price variance ? $ 875 favorable $800 favorable $ 1,950 unfavorable None of the listed choices are correct $ 1,875 favorable
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points The following data relate to direct materials costs during November 2023 :
$ 875 favorable
$800 favorable
$ 1,950 unfavorable
None of the listed choices are correct
$ 1,875 favorable
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- Use this information to answer the question that follow.The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.93; actual, $2.04Standard yards per unit: standard, 4.61 yards; actual, 5.10 yardsUnits of production: 9,500Calculate the direct materials price variance. a. $1,045.00 unfavorable b. $4,817.45 favorable c. $5,329.50 unfavorable d. $5,329.50 favorableDirect Materials Variances The following data relate to the direct materials cost for the production of 50,000 automobile tires: 725,000 lbs. at $3.00 per lb. Actual: Standard: 730,000 lbs. at $2.95 per lb. 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. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. The direct materials price variance should normally be reported to the . When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the . WhenAGL Inc. provided the following data related to the direct labor costs for the current period Rate Hours Standard $17.50 12,000 Actual $15.50 14,000 Determine the direct labor time/efficiency variance O $28,000 unfavorable O $35,000 favorable O $35,000 unfavorable O -$28,000 favorable Previous Next
- Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used $ 56 4,370 gallons 4,400 gallons Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. > Answer is complete but not entirely correct. $ 52.10 per gallon Actual purchase price $ 17,043 UQuestion 2 : a company produces chemicals for large biotech companies. It has the following data fo manufacturing overhead costs during August 2017 Variable $35,000 Fixed $16,500 Actual costs incurred Costs allocated to products Flexible budget Actual input x budgeted rate 36,000 15,200 16,000 31,500 Fill in the blanks. Use F for favorable and U for unfavorable: Variable Fixed (1) Spending variance (2) Efficiency variance (3) Production-volume variance (4) Flexible-budget variance (5) Underallocated (overallocated) manufacturing overheadA company uses 8200 pounds of materials and exceeds the standard quantity by 400 pounds. The quantity variance is $1500 unfavorable. What is the standard materials price? O $3.75- O Cannot be determined from the data provided. O $1.25 O $2.50
- 5. The total direct labor variance of Company J for the month of October 2020 is $500 unfavorable. The direct labor efficiency variance is $800 favorable. How much is the standard direct labor rate per hour if the actual direct labor cost is $10,000 for 1,000 hours? $11.30 $10.00 $9.50 $8.70Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 7,800 lbs. @ $5.30 8,000 lbs. @ $5.10 Direct labor 12,400 hrs. @ $8.40 12,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer a. Materials price Answer Answer b. Materials efficiency Answer Answer Labor Variances Actual cost: Answer Split cost: Answer Standard cost: Answer c. Labor rate Answer Answer d. Labor efficieny Answer AnswerPrint Item Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 90 Actual quantity purchased and used in production 110 Standard quantity for units produced Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 230 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 2$ B. What are some possible causes for this combination of favorable and unfavorable variances?
- 1. Information for HUNTER X HUNTER direct material cost for July 2012 is as follows; Actual quantity of direct materials purchased and used is 50,000 kilos, actual cost of direct materials of P 175,000; Unfavorable direct material usage variance of P 8,000 and standard quantity of direct materials allowed for production is 48,000 kilos. What is the direct materials price variance? 2. Image attachedA company purchases 48000 pounds of materials. The materials price variance is $12000 favorable. What is the difference between the standard price and the actual price paid for the materials? $1.00 $4.00 $0.25 Cannot be determined from the data provided.Required information [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level Answer is complete but not entirely correct. Standard overhead applied Budgeted (flexible) overhead Volume variance Volume Variance ✓ S $ Compute the volume variance and identify it as favorable or unfavorable. $ $ 28,525 $ 31,620 28,525 X 12,600 x (2,400) Unfavorable $ 2.10 per unit $ 12,600 12,600 units 10,200 units
