Question 15-/1View PoliciesCurrent Attempt in ProgressAll Concord Corporation produces a product requiring 4pounds of material costing $3.50 per pound. DuringDecember, All Concord purchased 3400 pounds of materialfor $11424 and used the material to produce 300 products.What was the materials price variance for December?$550 FO $3024 UO $3574 UO $476 FChp

Given:Standard rate = $3.5 per poundActual Quantity = 3400 poundsActual Price = $11,424 for 3400…

Answered: Question 15 -/1 View Policies Current…

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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Question 11 --/1 View Policies Current Attempt in Progress A company developed the following per-unit standards for its product: 2 gallons of direct materials at $8 per gallon. Last month, 1000 gallons of direct materials were purchased for $7600. The direct materials price variance for last month was O $7600 favorable. O $400 favorable. O $200 favorable. $400 unfavorable. hp ins prt s fl VAA f10 f9 f6 10 f7 4+ f5 %D 8. 7 PI Y /1 00 CO
--/1 Question 13 View Policies Current Attempt in Progress A company purchases 15000 pounds of materials. The materials price variance is $9000 favorable. What is the difference between the standard and actual price paid for the materials? O $0.60 O $1.67 O $9.00 O $1.00 hp 12 f10 fg 144 f8 f7 16 15 4+
--/1 Question 17 View Policies Current Attempt in Progress Coronado Industries manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 1400 units were produced using 3200 hours at $18.30 per hour. The labor price variance was oport O $8160 F. O $7200 U. O $8160 U. O $960 U. hp ins prt sc f12 f11 f10 f9 f8 f7 f6 f5 6. 080 6. н TO 96
-/1 Question 7 View Policies Current Attempt in Progress Swifty Corporation has a materials price standard of $2.00 per pound. 5100 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5100 pounds, although the standard quantity allowed for the output was 4900 pounds. Swifty Corporation's materials quantity variance is O $400 U. O $440 U. $400 F. $440 F. (hp 16 17 fe
--/1 Question 14 View Policies Current Attempt in Progress A company uses 80000 gallons of materials for which they paid $3 a gallon. The materials price variance was $80000 favorable. What is the standard price per gallon? O $3.00 O $2.00 O $4.00 O $1.00 hp f12 f11 10 fg 144 18 17 4+ f6 &
-/1 Question 8 View Policies Current Attempt in Progress Marigold Corp. has a materials price standard of $2.00 per pound. 5400 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5400 pounds, although the standard quantity allowed for the output was 4900 pounds. Marigold Corp.'s total materials variance is O $2180 U. O $2080 U. O $2180 F. O $2080 F. hp
--/1 Question 16 View Policies Current Attempt in Progress Clark Company manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 1400 units were produced using 3200 hours at $18.30 per hour. The labor quantity variance was port O $7320 U. O $7320 F. O $7200 U. O $6480 U. hp ins fiu f10 prt s fg f7 f8 f6 f5 +. & 96. 80 7 %D Y н TO 96
--/1 Question 18 View Policies Current Attempt in Progress A company developed the following per unit materials standards for its product: 3 pounds of direct materials at $5 per pound. If 24000 units of product were produced last month and 73000 pounds of direct materials were used, the direct materials quantity variance was $5000 favorable. O $3000 unfavorable. $5000 unfavorable. O $3000 favorable. op 12 f11 f10 f9 f8 f7 f6 f5 8. 11 60 96 96
--/1 Question 6 View Policies Current Attempt in Progress Crane Company has a materials price standard of $2.00 per pound. 4000 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4000 pounds, although the standard quantity allowed for the output was 3400 pounds. ort S. Crane Company's materials price variance is O $120 U. O $680 U. O $800 U. O $800 F. hp 110 fg 144 f8 f6 17 f5 00 II 96
-/1 Question 21 View Policies Current Attempt in Progress Oriole has a standard of 1.5 pounds of materials per unit, at $6 per pound. In producing 2200 units, Oriole used 3500 pounds of materials at a total cost of $20475. Oriole's materials quantity variance is O $2100 U. O $675 F. O $525 U. O $1200 U. hp ins prt sc f12 f11 f1o f9 f5 f8 17 f6 080 %3D 11 7
--/1 14 Question 4 View Policies Current Attempt in Progress paid $2 a pound. The materials price variance was $5000 unfavorable. What is the standard price per pound? A company uses 20000 pounds of materials for which it O $2.00 O $2.25 O $1.75 O $0.25 hp 11 f1o f9 144 17 4- 16 15
Question 13 What would most likely prompt the following journal entry? Debit Credit Materials $1.430 DM price variance $830 Accounts payable $2,260 O Direct materials were purchased for more than the standard price. O Direct Materials were purchased for less than the standard price. O More than the standard amount of direct materials were put into production. O Less than the standard amount of direct materials were put into production. 0.8 pts

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