Provide correct answer general Accounting question Product Manufacturing ScenarioStandard Cost SpecificationsProduct Z requires 7 pounds of material per unitStandard material price is $45 per poundPlanned production: 4,000 unitsActual Manufacturing Data•Total units produced: 4,000 unitsTotal material used: 29,600 poundsActual material purchase price: $47 per pound

Step 1: Define Material Variance AnalysisMaterial Variance Analysis helps businesses determine the…

Answered: Product Manufacturing Scenario Standard…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 21BEA

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Inputs Standard Quantity Standard Price Direct materials 3.0 pounds $4.00 per pound Direct labor 0.50 hours $22.00 per hour Variable manufacturing overhead 0.50 hours $6.00 per hour Actual results: Actual output 2,000 units Actual variable manufacturing overhead cost $7,140 Actual Quantity Actual price Actual direct materials cost 6,500 pounds $3.80 per pound Actual direct labor cost 1,050 hours $21.60 per hour Enter a formula into each of the cells marked with a ? below Main Example: Chapter 10 Exhibit 10-4: Standard Cost Variance Analysis–Direct Materials Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds × ? per pound = Actual Quantity of Input, at Standard Price ? pounds × ? per pound = ? Actual Quantity of Input, at Actual Price ? pounds × ? per pound = ? Direct materials…
possible Standard material cost per kg of raw material is $8.75. Standard material allowed per unit is 6 Kg. Actual material used per unit is 6.25 Kg. Actual cost per kg is $8.00. What is the standard cost per output unit? O A. $48.00 B. $52.50 C. $50.00 D. $54.69 A: S Next
Activity Cost Driver Chosen asAllocation Base Conversion Cost Per Unit ofAllocation Base Materials handling Number of parts $1.00 Machining Machine hours 60.00 Packaging Number of finished units 2.00 Each windsock requires three parts and spends five minutes in the machining department. The total cost of direct materials and direct labor is $3.50 per windsock. Gale produces 20,000 windsocks each year and sells them at 140% of cost. The selling price per windsock is: Question 8 options: $13.50. $18.90. $16.10. $88.20.
Activity Cost Driver Chosen asAllocation Base Conversion Cost Per Unit ofAllocation Base Materials handling Number of parts $1.00 Machining Machine hours 60.00 Packaging Number of finished units 2.00 Each windsock requires three parts and spends five minutes in the machining department. The total cost of direct materials and direct labor is $3.50 per windsock. Gale produces 20,000 windsocks each year and sells them at 140% of cost. The total cost of producing the 20,000 windsocks is: Question 7 options: $160,000. $230,000. $270,000. $1,260,000.
Provide an answer for question A and B
The standard cost card for one unit of a certain finished product shows the following: Standard Quantity or Standard Price or Hours Rate Direct materials 10 pounds $? per pound Direct Labor 2.5 hours $16 per hour Variable manufacturing 1.5 hours $10 per hour overhead If the total standard variable cost for one unit of finished product is $85, then the standard price per pound for direct materials is: A. $5.90 B. $1.74 C. $3.00 D. $4.60
Handerson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or or Hours 8.5 kilos Rate Direct materials $46.00 r kilo $ 20.00 per hour $ 6.00 per hour Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units 29,030 kilos 31,600 kilos 1,160 hours $ 195,920 $ 22,736 $ 7,540 Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is cor purchased. The labor efficiency variance for August is:
solve asap
solution want. General account
Price per pound for direct material is
Standard price per pound for direct material is?
Cost of Goods Manufactured Refer to Brief Exercise 2-1. For next year, Bob’s Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials ? Direct labor Variable overhead Fixed overhead $ 100,000 60,000 260,000 Next year, Bob’s Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Beginning Ending Required: 1. Prepare a statement of cost of goods manufactured in good form. 2. What if the ending inventory of direct materials decreased by $3,000? Which line items on the statement of cost of goods manufactured would be affected and in what direction (increase or decrease)? Direct Materials Inventory $9,500 5,000 Work-in-Process Inventory $4,500 .

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