Ruby company produces a chair that requires 6 yds. of material per unit. The standard price of one yard material is $7.25. During the month, 6,000 chairs were manufactured, using 37,500 yards at a cost of $7.45. Determind (a) price variance, (b) quantity variance, and (c) cost variance.

Ruby company produces a chair that requires 6 yds. of material per unit. The standard price of one yard material is $7.25. During the month, 6,000 chairs were manufactured, using 37,500 yards at a cost of $7.45. Determind (a) price variance, (b) quantity variance, and (c) cost variance.

Name: Ruby company produces a chair that requires 6 yds. of material per uni
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Ruby company produces a chair that requires 6 yds. of material per unit. The standard price of one yard material is $7.25. During the month, 6,000 chairs were manufactured, using 37,500 yards at a cost of $7.45. Determind (a) price variance, (b) quan

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

a) b) c) is favorable or unfavorable
Ruby Company produces a chair for which the standard specifies 7 yards of material per unit. The standard price of one yard of material is $10.60. During the month, 4,800 chairs were manufactured, using 33,300 yards at a cost of $10.07 per yard. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance
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
Shaw Company produced 860 units. Its overhead allocation base is DLH and its standard amount per allocation base is 8 DLH per unit. Its standard overhead rate is $10 per DLH. The flexible overhead budget at an activity level of 860 units shows $35,000 in variable overhead costs and $39,000 in fixed overhead costs. Compute the volume variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)
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
During June, Keating Company produced 11,000 rain ponchos using nylon. Nylon costed $0.80 per yard, which is $0.10 cheaper than the standard cost. It also used 6,000 direct labor hours at a rate of $13.00. Its direct materials standard is 2 yards p labor standard is 0.50 hour per poncho. Its materials usage variance was favorable $1,800, and its labor rate variance was a favorable $1,200. Required: Complete the following: (Round the rates to two decimal places.) A. The actual quantity of materials used is B. The standard labor rate is $ per hour.
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
The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 60,900 lb. at $1.70 Standard: 59,100 lb. at $1.75 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. Price variance $fill in the blank 1 Quantity variance $fill in the blank 3 Total direct materials cost variance $fill in the blank 5
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)
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 negative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance Favorable Unfavorable Previous Next
Japan Company produces lamps that require 3 standard hours per unit at a standard hourly rate of $20.10 per hour. Production of 4,600 units required 13,390 hours at an hourly rate of $20.50 per hour. What is the direct labor (a) rate variance, (b) time variance, and (c) total cost varianc
Japan Company produces lamps that require 2 standard hours per unit at a standard hourly rate of $15.50 per hour. Production of 6,300 units required 12,350 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? Enter favorable variances as negative numbers. a. Direct labor rate variance $ $ b. Direct labor time variance c. Total direct labor cost variance $