Little Table of Information (L'TOI)The table reminds you about the difference between finished units (sales volume) and resources units used to produce those sales.Also, BOTH the +2 and SQ must reflect the actual and standard (planned) resource units needed to produce the actual sales volume.Little Table ofInformation (L'TOI)FlexibleBudgetActualActual Finished Units (FU) Sold17,00017,000x Resource Units per FU1.001.50= Total Resource Units (RU)(SQ)17,00025,500(AQ)x Price per RU(SP)$8.00$7.00(AP)= Total cost$136,000$178,500Problem 6.1: In August, Phelps produced 5,000 award medals, 100 more than expected. During the month, the company purchased1,100 ounces of gold for $875,000. Material standards per medal: 0.21 ounces @ $800 per ounce. The company actually used 1,000ounces of gold for production. Calculate direct materials price and quantity variances.Problem 6.2: Shevlin Enterprises purchased 60,000 gallons of direct materials during the year at a price of $2.75 per gallon.Bennett's direct materials price variance was $6,000 U. Required: Calculate the standard price per gallon.Problem 6.3: TechSolvers,produces 8-foot USB cables. During the past year, the company purchased 500,000 feet of plastic-coatedwire at a price of $0.25 per foot. The direct materials standard for the cables allows 8.5 feet of wire at a standard price of $0.23.During the year, the company used a total of 535,000 feet of wire to produce 63,000 8-foot cables. Required: Calculate TechSolvers'direct materials quantity variance for the year.Problem 6.4: POD manufactures protective cases for MP3 players. During November, the company's workers clocked &800 moredirect labor hours than the flexible budget amount of 25,000 hours to complete 100,000 cases for the Christmas season. All workerswere paid $9.25 per hour, which was $0.50 more than the standard wage rate. Required: Calculate price and quantity variances.

Name: Little Table of Information (L'TOI)The table reminds you about the di
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Description: Little Table of Information (L'TOI)The table reminds you about the difference between finished units (sales volume) and resources units used to produce those sales.Also, BOTH the +2 and SQ must reflect the actual and standard (planned) resource unit

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Problem 6.1: In August, Phelps produced 5,000 award medals, 100 more than expected. During the month, the company purchased 1,100 ounces of gold for $875,000. Material standards per medal: 0.21 ounces @ $800 per ounce. The company actually used 1,000 ounces of gold for production. Calculate direct materials price and quantity variances.

Problem 6.1: In August, Phelps produced 5,000 award medals, 100 more than expected. During the month, the company purchased 1,100 ounces of gold for $875,000. Material standards per medal: 0.21 ounces @ $800 per ounce. The company actually used 1,000 ounces of gold for production. Calculate direct materials price and quantity variances.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: Acounting