Fri Nov 6 10:24:50 AM* CengageNOWv2 | Online teach xMen's Long Sleeve Box NSE Te XIrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseDSM ACC-2013-06-20...A Main - msstate.edu Banner - msstate....еBookCalculatorDirect Materials, Direct Labor, and Factory Overhead Cost Variance AnalysisMackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for themanufacture of 78,000 units of product were as follows:Standard CostsActual CostsDirect materials195,000 lbs. at $5.00193,100 Ibs. at $4.80Direct labor19,500 hrs. at $18.0019,950 hrs. at $18.40Factory overhead.Rates per direct labor hr.,based on 100% of normalcapacity of 20,350 directlabor hrs.:Variable cost, $3.80$73,360 variable costFixed cost, $6.00$122,100 fixed costEach 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 anegative number using a minus sign and an unfavorable variance as a positive number.Direct Materials Price VarianceDirect Materials Quantity VarianceTotal Direct Materials Cost Variance%24Check My Work 6 more Check My Work uses remaining.PreviousNext%24%24%24 BookmarksPeopleTabWindowHelp* A 39% IFri Nov 6 10:25:03 AM!!* CengageNOWv2 | Online teach X5 Men's Long Sleeve Box NSE Te X +1/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3falseM ACC-2013-06-20...Main msstate.eduBanner - msstate....eBookCalculatorFixed cost, $6.00$122,100 fixed costEach 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 anegative number using a minus sign and an unfavorable variance as a positive number.Direct Materials Price VarianceDirect Materials Quantity VarianceTotal Direct Materials Cost Varianceb. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number usinga minus sign and an unfavorable variance as a positve number.Direct Labor Rate VarianceDirect Labor Time VarianceTotal Direct Labor Cost Variancec. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter afavorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.Variable factory overhead controllable varianceFixed factory overhead volume varianceTotal factory overhead cost variancePreviousNextCheck My Work 6 more Check My Work uses remaining.%24%24%24%24%24%24%24%24%24

Standard costing: Standard costing consists of the setting of the predetermined estimate of costs…

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 Direct Materials Cost Variance b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positve number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance $4 c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance Fixed factory overhead volume variance $4 Total factory overhead cost variance $

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 Direct Materials Cost Variance b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positve number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance $4 c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance Fixed factory overhead volume variance $4 Total factory overhead cost variance $

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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The standard price for direct materials is used in the calculation of which variances ? Neither the price variance nor the quantity variance The quantity variance but not the price variance Both the price variance and the quantity variance The price variance but not the quantity variance
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong
Subject: acounting
Which of the following is the difference between the actual cost of materials and thematerials cost allowed for the actual level of activity? a. Total materials variance b. Total materials regression c. Total materials cost d. Total materials margin e. None of these
nee In which department would an investigation of the materials price variance most likely begin?
f
The following direct materials and direct labor data pertain to the operations of Sunland Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 $290 $12.50 per hour per ton per hour $292 per ton Quantities. Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used. 4,200 hours 1,000 tons 4,290 hours 990 tons
Which of the following is the correct formula for the direct materials quantity variance? O a. (Actual Quantity - Actual Price) - (Standard Quantity Standard Price) O b. (Actual Quantity- Standard Quantity) * Actual Price O c. (Actual Price - Standard Price) × Actual Quantity O d. (Actual Quantity - Standard Quantity) x Standard Price
What is a materials price variance? Describe this in your own words. Writing a formula is not a sufficient answer. Provide a real world example that would result in an unfavorable materials price variance
Should both favorable and unfavorable variances be investigated, or only the unfavorable ones? Explain your response. What if a company found that they had a favorable price variance and an unfavorable quantity variance for direct materials. What might be the cause(s) of this pattern of variances?
There are three input materials A, B and C in a process. The overall material mix variance and the mix variance of A are favourable. State and conclude about the nature of mix variances of B and C? Why?
the difference between the actual price and the standard price, multiplied by the actual quantity of materials purchased is the