Ruby Company produces a chair for which the standard specifies 5 yards of material per unit. The standard price of one yard of material is $7.60. During the month, 8,500 cha manufactured, using 40,000 yards at a cost of $7.50. Determine the following: Enter favorable variances as négative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance Favorable Unfavorable 13

Ruby Company produces a chair for which the standard specifies 5 yards of material per unit. The standard price of one yard of material is $7.60. During the month, 8,500 cha manufactured, using 40,000 yards at a cost of $7.50. Determine the following: Enter favorable variances as négative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance Favorable Unfavorable 13

Name: Ruby Company produces a chair for which the standard specifies 5 yard
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Description: Ruby Company produces a chair for which the standard specifies 5 yards of material per unit. The standard price of one yard of material is $7.60. During the month, 8,500 chamanufactured, using 40,000 yards at a cost of $7.50.Determine the following:

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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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?
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 60,000 lbs. at $1.95 per lb. Standard: 58,200 lbs. at $1.90 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 . When lower amounts of direct materials are used because of b. The direct materials price variance should normally be reported to the 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
Oriole Company's actual results reveal that it was profitable in the sale of its star product: a high-end spot-cleaning vacuum for upholstery. But it was not nearly as profitable as management had hoped. Oriole's actual income statement and master budget income statement are as follows. In order to keep the focus on product costs, SG&A costs were omitted. Units sold Revenues Variable costs DM DL Variable-MOH Contribution margin Fixed-MOH Operating income DM DL Input Variable-MOH Actual Results Fixed-MOH 10,000 $1,670,000 560,500 216,000 Here are the company's standard cost cards for each product cost. 130,500 763,000 306,000 $457,000 Quantity Standards 3.0 yards 1.6 hours 1.6 hours. Flexible Budget 1.6 hours Price Standards $18.00 per yard $11.00 per hour $7.50 per hour $15.50 per hour Master Budget 12,000 $2,076,000 648,000 211,200 144,000 1,072,800 297,600 $775,200 Standard Cost per Unit $54.00 $17.60 $12.00 $24.80
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Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 50,200 lbs. at $1.9 per lb. Standard: 51,200 lbs. at 51.95 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 Sfill in the blank 1 (favorable /unfavorable choose 1) Direct Materials Quantity Variance Sfill in the blank 3 (favorable/ unfavorable choose 1) Total Direct Materials Cost Variance Sfill in the blank 5 (favorable /unfavorable choose 1) b. The direct materials price variance should normally be reported to the (plant manager or purchasing department. When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the ( purchasing department/production…
DM variances; journal entriesSkip Company produces a product called Lem. The standard direct material cost to produce one unit of Lem is four quarts of raw material at $2.50 per quart. During May, 9,240 quarts of raw material were purchased at a cost of $22,176. All the purchased material was used to produce 2,200 units of Lem.a. Compute the material price variance and material quantity variance for May.Note: Do not use a negative sign with your answers. Material price variance Answer AnswerFavorableUnfavorableNeither favorable or unfavorable Material quantity variance Answer AnswerFavorableUnfavorableNeither favorable or unfavorable b. Assume the same facts except that Skip Company purchased 13,200 quarts of material at the previously calculated cost per quart, but used only 9,240 quarts. Compute the material price variance and material quantity variance for May, assuming that Skip identifies variances at the earliest possible time.Note: Do not use a negative sign with your…
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,300 automobile tires: Actual: 55,800 lbs. at $1.85 per lb. Standard: 57,500 lbs. at $1.80 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 .
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Direct Materials Variances The following data relate to the direct materials cost for the production of 50,000 automobile tires: Actual: 725,000 Ibs. at $3.00 per lb. Standard: 730,000 Ibs. at $2.95 per Ib. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance 2$ Unfavorable Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance Unfavorable b. The direct materials price variance should normally be reported to the Purchasing Department V. When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the Production Supervisor When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the Purchasing Department