Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks# 17a Criteria: calculate variances using standard costsUnit standards for material:3 lbs per unit$6 per lbEquivalent UnitsBeginning Work In ProcessEnding Work In ProcessUnits CompletedActual ResultsNumber of lbs usedTotal material cost200 units400 units6,400 units20,900 lbs123,300Calculate Material Price VarianceNet Material VarianceCalculate Material Quantity VarianceusagepriceAll materials added at the beginningAll materials added at the beginningO favorable0 unfavorableO unfavorableactual @ actual0actual @ standard0actual @ standard0standard @ standard0

Name: Program Outcome: Perform cost accounting preparation, reporting, and
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Description: Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks# 17a Criteria: calculate variances using standard costsUnit standards for material:3 lbs per unit$6 per lbEquivalent UnitsBeginning Work In ProcessEnding Work In Pro

Material price variance is the difference between actual price paid for the materials used and…

Business

Accounting

Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks #17a Criteria: calculate variances using standard costs Unit standards for material: 3 lbs per unit $6 per lb Equivalent Units Beginning Work In Process Ending Work In Process Units Completed 200 units 400 units 6,400 units Actual Results Number of lbs used Total material cost Calculate Material Price Variance Calculate Material Quantity Variance Net Material Variance 20,900 lbs 123,300 usage price All materials added at the beginning All materials added at the beginning O favorable O unfavorable 0 unfavorable actual @ actual 0 actual @ standard 0 actual @ standard 0 standard @ standard

Program Outcome: Perform cost accounting preparation, reporting, and analysis tasks #17a Criteria: calculate variances using standard costs Unit standards for material: 3 lbs per unit $6 per lb Equivalent Units Beginning Work In Process Ending Work In Process Units Completed 200 units 400 units 6,400 units Actual Results Number of lbs used Total material cost Calculate Material Price Variance Calculate Material Quantity Variance Net Material Variance 20,900 lbs 123,300 usage price All materials added at the beginning All materials added at the beginning O favorable O unfavorable 0 unfavorable actual @ actual 0 actual @ standard 0 actual @ standard 0 standard @ standard

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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Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production $ 2,450 grams 2,600 grams $19,600 F 19 Price variance Required: What was the actual purchase price per gram? Actual purchase price per gram
Direct Materials, Direct Labor, and Overhead Variances, Journal Entries Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet: Direct materials (5 lbs. @ $2.60) $13.00 Direct labor (0.75 hr. @ $18.00) 13.50 Fixed overhead (0.75 hr. @ $4.00) 3.00 Variable overhead (0.75 hr. @ $3.00) 2.25 Standard cost per unit $31.75 Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: Units produced: 53,000 Direct materials purchased: 273,000 pounds at $2.50 per pound Direct materials used: 270,400 pounds Direct labor: 40,100 hours at $17.95 per hour Fixed overhead: $161,600 Variable overhead: $121,900 MPV = 27040 FAV MUV = 14040 = UNFAV LRV = 2005 FAV LEV = 6300 UN FIXED SPENDING VARIANCE = 400 FAV FIXED VOLUME VARIANCE = 3000 UNFAV VARIABLE SPENDING = 1600 UNFAV VARAIBLE EFFICIENCY = 1050 UNFAV Required: 5. Prepare journal entries for the…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AH = Actual Hours SH Standard Hours AR = Actual Rate SR = Standard Rate Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units Standard Cost
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Please do not give solution in image format thanku
Q.Prepare journal entries for manufacturing overhead costs and their variances
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 7,200 units of product were as follows: Standard Costs Actual Costs Direct materials 9,400 lb. at $4.80 9,300 lb. at $4.60 Direct labor 1,800 hrs. at $18.30 1,840 hrs. at $18.60 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 1,880 direct labor hrs.: Variable cost, $3.60 $6,420 variable cost Fixed cost, $5.70 $10,716 fixed cost Each unit requires 0.25 hour of direct labor. Required: 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…
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ACTUAL Direct Materials Direct Labor Summary Mat. Req. No. Description Amount Time Ticket No. Description Amount Item Amount Direct Materials 132 360 meters at $32 H9 18 hours at $19 Direct Labor 134 50 meters at $32 H12 18 hours at $19 Factory Overhead Total Total Total Cost Feedback V Check My Work 1 & 2. Include the estimated and actual direct materials and direct labor. Include the estimated and applied factory overhead. What is the best explanation for the variances between actual costs and estimated costs. For this purpose, assume that the additional meters of material used in the job were spoiled, the factory overhead rate has proven to be satisfactory, and an inexperienced employee performed the work. a. The direct materials cost exceeded the estimate by $40 because 2 meters of materials were spoiled. b. Management didn't provide enough direction to complete tasks on budget. c. The direct materials cost exceeded the estimate by $320 because 10 meters of materials were spoiled.…
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required a. Material Price Variance and Material Quantity Variance b. Labor Rate Variance and Labor Efficiency Variance
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows: Line Item Description Standard Costs Actual Costs Direct materials 189,000 lbs. at $4.60 per lb. 187,100 lbs. at $4.40 per lb. Direct labor 17,500 hrs. at $18.30 per hr. 17,900 hrs. at $18.70 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 18,260 direct labor hrs.: Factory overhead Variable cost, $3.40 $58,910 variable cost Factory overhead Fixed cost, $5.40 $98,604 fixed cost Each unit requires 0.25 hour of direct labor. Required: 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…
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Standard Costs Actual Costs Direct materials 199,800 lbs. at $5.90 197,800 lbs. at $5.70 Direct labor 18,500 hrs. at $16.50 18,930 hrs. at $16.90 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $2.90 $53,110 variable cost Fixed cost, $4.60 $88,826 fixed cost Each unit requires 0.25 hour of direct labor. Required: 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…