Ruby Company produces a chair for which the standard specifies 3 yards of material per unit. The standard price of one yardof material is $9.40. During the month, 6,500 chairs were manufactured, using 19,300 yards at a cost of $8.93 per yard.Determine the following: Enter favorable variances as negative numbers.a. Direct materials price varianceb. Direct materials quantity variancec. Total direct materials cost variance%24%24%24

(a) Calculate the direct material quantity variance. Working note: Calculate the standard…

Answered: Ruby Company produces a chair for which…

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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Alvarado Company produces a product that requires 15 standard pounds per unit. The standard price is $9.00 per pound. If 2,400 units used 34,600 pounds, which were purchased at $9.18 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance a. Direct materials price variance $fill in the blank 1 b. Direct materials quantity variance $fill in the blank 3 c. Direct materials cost variance $fill in the blank 5
Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard. Determine the following: Enter favorable variances as negative numbers. a. Price Variance $fill in the blank 1 b. Quantity Variance $fill in the blank 3 c. Cost Variance $fill in the blank 5
Tippi Company produces lamps that require 2.25 standard hours per unit at a standard hourly rate of $15.00 per hour. Production of 7,700 units required 17,550 hours at an hourly rate of $15.20 per hour. What is the direct labor (a) rate variance, (b) time variance, and (c) total cost variance? Enter favorable variances as negative numbers. Favorable or unfavorable a. Direct labor rate variance $fill in the blank 1 b. Direct labor time variance $fill in the blank 3 c. Total direct labor cost variance $fill in the blank 5
Please answer in text with all workings
A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual units produced $ 8 per unit 60,000 units $ 540,000 Actual cost of direct materials used Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Direct materials variance 49°F Sunny (hp
Myers Corporation has the following data related to direct materials costs for November: actual costs for 5,000 pounds of material at $4.50 per pound; and standard costs for 4,800 pounds of material at $5.10 per pound. What is the direct materials price variance? a.$2,880 unfavorable b.$3,000 unfavorable c.$2,880 favorable d.$3,000 favorable
Japan Company produces lamps that require 3 standard hours per unit at an hourly rate of $11.60 per hour. Production of 6,700 units required 19,700 hours at an hourly rate of $11.30 per hour. Enter favorable variances as negative numbers. (a) Determine the direct labor rate variance. (b) Determine the direct labor time variance. (c) Determine the cost variance. %24
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,500 automobile tires: Actual: 51,100 lbs. at $1.75 per lb. Standard: 49,600 lbs. at $1.8 per lb. 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 $fill in the blank 1 Direct Materials Quantity Variance $fill in the blank 3 Total Direct Materials Cost Variance $fill in the blank 5 b. The direct materials price variance should normally be reported to the . If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the . If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the .
Can you show me how this is done? How do I know if it is favorable or unfavorable? The standard cost of Product B includes 2 units of DM at $4 per unit. During June, 20,315 units of Dm were purchased and used at a cost of $3.6 per unit to produce 10000 units of Product B. Compute the variance requested below and indicate whether the variance is favorable or unfavorable, by indicating U or F. Place the letter by the number, DO NOT add a space. Example, if the variance is 100 unfavorable, enter 100U (DO NOT PUT 100 U) The Direct Materials Quantity variance is $ Selected Answer: 5,643 Correct Answer: 1,260 ± 2 (U)
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 60,000 lbs. at $1.8 per lb. Standard: 61,800 lbs. at $1.85 per lb. 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. The direct materials price variance should normally be reported to the . When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the . When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the .
Starts Inc. produces a product that require 3.50 standard hours per unit at a standard hourly rate of $17.00 per hour. Production of 7,500 units required 27,550 hours at an hourly rate of $16.00 per hour. What is the direct labor (a) rate variance, (b) time variance, and (c) total cost variance? (d) Perform the journal entries related to the variances.
please answer all with working please answer in text . answer all please please please 1. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for none effect.) 2. What is the materials quantity variance for March? 3. If Preble had purchases 182,000kg of materials at $7.40 per kg and used 160,000kg in productions, what would be the materials price variance efficiency for March? 4. If Preble had purchases 182,000kg of materials at $7.40 per kg and used 160,000kg in productions, what would be the materials quantity variance efficiency for March? 5. What is the labour rate variance for March? 6. What is the labour efficiency for March?

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