Premier Candle Company manufactures candles The standard direct materials quantity required to produce one tall candle is two pounds at a cost of $2.40 perpound During November, 1,000 tall candles were produced using 1.970 pounds of direct materials that cost $4.137.What is the direct matorials cost variance? (Round intermediary calculations to the nearest cent. Round the final answer to the nearest dollar)O A. $591 FO 8. $591 UOC. S72 UOD. S72 F

Name: Premier Candle Company manufactures candles The standard direct mater
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Premier Candle Company manufactures candles The standard direct materials quantity required to produce one tall candle is two pounds at a cost of $2.40 perpound During November, 1,000 tall candles were produced using 1.970 pounds of direct materials

The discrepancy between the standard cost of materials generated from production activities and the…

Business

Accounting

Premier Candie Company manufactures candles The standard direct materials quantity required to produce one tall candle is two pounds at a cost of $2. 40 per pound During November, 1,000 tall candies were produced using 1.970 pounds of direct materials that cost $4,137. What is the direct materials cost variance? (Round intermediary calculations to the nearest cent. Round the final answer to the nearest dollar) O A. $591 F O 8. $591 U OC. S72 U OD. S72 F

Premier Candie Company manufactures candles The standard direct materials quantity required to produce one tall candle is two pounds at a cost of $2. 40 per pound During November, 1,000 tall candies were produced using 1.970 pounds of direct materials that cost $4,137. What is the direct materials cost variance? (Round intermediary calculations to the nearest cent. Round the final answer to the nearest dollar) O A. $591 F O 8. $591 U OC. S72 U OD. S72 F

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

Garza Toys made 4,000 teddy bears for the Christmas season. The company used 3,800 pounds of direct materials that cost them $6,308. The standard quantity of materials is one pound per unit and $1.50 per pound. The materials price variance is Select answer from the options below $608 U $608 F $308 F $308 U
Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: Direct materials Direct labor SQ 1.2 pounds 0.8 hours SP $ 1.50 per pound $ 12.00 per hour During the month of May, the company made 660 cakes and incurred the following actual costs: Direct materials purchased and used (960 pounds), $1,248 Direct labor (720 hours), $8,280 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance. 3. Calculate the direct materials spending variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations to two decimal places. 1. Direct materials price variance 2. Direct materials quantity variance 3. Total direct…
Pittman Framing's cost formula for its supplies cost is $1,220 per month plus $11 per frame. For the month of November, the company planned for activity of 620 frames, but the actual level of activity was 612 frames. The actual supplies cost for the month was $7,650. The spending variance for supplies cost in November would be closest to: Multiple Cholce $390 F $390 U $302 U $302 F
Do not give answer in image
Question Grant Company's standard materials cost per unit of output is $10.00 (2.00 pounds x $5.00 per pound). During July, the company purchases and uses 2,420 pounds of materials costing $12,826 in making 1,100 units of finished product. Compute the total material variance. O $726 unfavorable O $1,826 favorable O $2,926 unfavorable O $1,826 unfavorable
Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12 Standard labor time per unit 15 min. Standard number of lbs. of brass 1.5 lbs. Standard price per lb. of brass $11.25 Actual price per lb. of brass $11.5 Actual lbs. of brass used during the week 9,734 lbs. Number of units produced during the week 6,300 Actual wage per hour $12.36 Actual hours for the week (30 employees × 40 hours) 1,200 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit $fill in the blank 2 Total standard cost per unit $fill in…
All Vaughin Manufacturing produces a product requiring 4 pounds of material costing $3.50 per pound . During December All Vaughn purchased 5500 pounds of material for \$18480 and used the material to produce 500 products . What was the materials price variance for December ? $875 Favorable $5355 Unfavorable $ 770 Favorable $4480 unfavorable
The standard cost card for product Alpha is as follows: £ Direct material 5kg@ £11.50 per kg 57.50 Direct Labour 4 labour hours @£9 per hour 36.00 93.50 In the period just ended 3,000 units were produced and costs were incurred as follows: Quantity Cost (£) Direct material 15900kg 180465 Direct labour 11550 hours 106260 286725 Required: Calculate the direct materials price variance for product Alpha. Calculate the direct labour rate variance for product Alpha. Explain the factors that need to be taken into account when deciding to investigate a variance.
Please Do not Give image format and show all Calculation
An edible product has three ingredients, which are mixed according to the standard cost card as follows: Material £ E 8 kg at £3 per kg 24 F 2 kg at £10 per kg 20 G 5 kg at £6 per kg 30 In August, 4,000 units were produced and the following amounts of material were used: Material kg E 31,000 F 9,000 G 23,000 What were the material mix and yield variances for August?
don't give answer in image format
.