QUESTION 4 G. Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, G Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials efficiency variance? O $7.250 favorable O $5,000 favorable O $7,250 unfavorable O $5,000 unfavorable

QUESTION 4 G. Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, G Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials efficiency variance? O $7.250 favorable O $5,000 favorable O $7,250 unfavorable O $5,000 unfavorable

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Description: QUESTION 4G. Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, G Company paid $118,800 for 5,100pounds, which they used to produce 4,900 units. What is the direct material

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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Actual Results $ 185,100 53,000 pounds @ $7.20 per pound 14,700 hours @ $16.60 per hour 7,500 units A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH @ $16 per DLH 2 DLH @ $12 per DLH Standard Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP=Standard Price Actual Cost 6A $ 0 69 0
-1-202310-10876 gnment i (Basic guitar built from veneered wood.) (Bridge and strings attached; guitar tuned and inspected.) Saved Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $14 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $17 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 5 hours of direct labor at $20 per hour Finishing Department: 3 hours of direct labor at $17 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in either production department. 2. There was no beginning finished-goods inventory. Problem 10-47 Part 2 3. Actual production was 690 guitars, and 490 guitars were sold on account for $495 each. 4. The company purchased 7,900 pounds…
Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quantity variance The actual price per pound of direct materials purchased in June was: Multiple Choice O O O $4.10 per pound $4.15 per pound $3.85 per pound 25,000 pounds $ 4.00 per pound $ 2,500 Unfavorable $1,000 Favorable
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MC Qu. 10-65 Assume that... Cost standards for one unit of product no. C77: Direct material Direct labor 3 pounds at $2.70 per pound 7 hours at $7.50 per hour Actual results: Units produced 5,900 units Direct material purchased Direct material used 27,000 pounds at $2.90 17,400 pounds at $2.90 41,500 hours at $7.30 Direct labor Assume that the company computes variances at the earliest point in time. The standard hours allowed for the work performed are: Multiple Choice O 40,250. 41,450. 41,300. 41,200. None of the answers is correct. O $ 8.10 52.50 $ 78,300 50,460 302,950
Problem #11: Standard Costing & Variances Jake's cheese Company produces gourmet cheese for resale at local grocery stores. Jake's expected to use 0.50 direct labor hours to produce one unit (batch) of product, and the variable overhead rate is $5.00 per hour. Actual results are in for last year, which indicates 45,000 batches of cheese were produced and sold. The company's direct labor workforce worked 27,500 hours, and variable overhead costs totaled $144,000. Required: (1) Calculate the variable overhead spending variance. (2) Calculate the variable overhead efficiency variance. (3) Suggest several possible reasons for the variable overhead spending and efficiency variances.
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Problem 3-E. Indirect Cost Variances XULA Products Co. charges factory overhead into production at the rate of PT0 per direct labor hour, based on a standard, production of 15,000 direct labor hours for 15,000 units; 60% of factory overhead costs are variable. Production data for May and June are: June 14,200 hrs. May 12,000 hrs. 12,000 P140,100 Production... 15,000 Units produced.. Actual factory overhead. P149,300 Required: Prepare a factory overhead variance analysis for May and June, using the two-variance method. (Indicate whether each variance is favorable or unfavorable.)