Sharp Company manufactures a product for which the following standards have been set:\table[[, Standard Quantity, Standard Price, Standard], [, or Hours, or Rate,Cost], [Directmaterials,3 feet, $5 per foot, $15 I need to spending Variance 1 B and 2b

For example, let's say the actual quantity of material used was 4 feet per unit and the actual price…

Answered: Sharp Company manufactures a product…

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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HeadsetHeadset manufactures headphone cases. During September 20182018, the company produced and sold 108 comma 000108,000 cases and recorded the following cost data: LOADING... (Click the icon to view the cost data.) Read the requirements LOADING... . Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U).(Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance = = Direct labor cost variance = = Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and…
Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced............. 10,000 Material price variance.................. $8,000 Unfavorable Material quantity variance............. $9,800 Favorable Actual direct material used............ 21,000 pounds Direct materials standard price...... $8 per pound What is the actual price per pound? Group of answer choices $8.47 $7.62 $8.38 $7.53
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AH = Actual Hours SH Standard Hours AR = Actual Rate SR = Standard Rate Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units Standard Cost
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I attached a picture of the accounting excel problem instructions (on the word document) and a picture of the excel spreadsheet that need the formulas answered. thank you for your help.
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Subject: acounting
Required: Compute the materials price and quantity variances for the month. EXERCISE 10-8 Direct Materials and Direct Labor Variances [LO10-1, L010-2] Dawson Toys, Ltd., produces a tov called the Maze. The company has recently established a stan. dard cost system to help control costs and has established the following standards for the Maze tow: Direct materials: 6 microns per toy at $0.50 per micron Direct labor: 1.3 hours per toy at $8 per hour During July, the company produced 3,000 Maze toys. Production data for the month on the toy follow: Direct materials: 25,000 microns were purchased at a cost of $0.48 per micron. 5,000 of these microns were still in inventory at the end of the month. Direct labor: 4,000 direct labor-hours were worked at a cost of $36,000.
The following actual and standard cost data for direct material and direct labor relate to the production of 4,00 Actual Costs Standard Costs Direct Material 7,700 lb. $2.65 8,000 lb. @ $2.50 Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00 Determine the materials price variance. Select one: a. $1,200 F b. $1,200 U c. $1,155 U d. $1,155 F e. None of the above
Wham Berhad operates a standard costing system and analysis of variances is made every month The standard cost card is as follows for a unit of product: RM 2.00 0.5kg at RM 4/kg 2 hours at RM 2/hour Direct materials 4.00 Direct labour Variable overheads 2 hours at RM 0.30/hour 0.60 7.40 14.00 Fixed overhead 2 hours at RM 3.70/hour Standard cost Standard profit Standard selling price 6.00 20.00 Budgeted output for the month of January 2021 was 5,100 units. Actual results were as follows: Production of 4,850 units were sold for RM95,600 Materials consumed in production amounted to 2,300 kgs at a total cost of RM9.800 Labour hours paid amounted to 8,500 hours at a cost of RM16,800 Actual hours worked amounted to 8,000 hours Variable overheads amounted to RM2,600 Fixed overheads amounted to RM42,300 I Required: a. Calculate ALL variances and prepare and operating statement for the month ending 31 January 2021. b. Critically evaluate the importance of setting standards in management…
Can you answer both of these questions
Elder furnishes the following information for the year: Standard: Material for 70 kgs finished products =100 kg Price of the material=1 per kg Actual: Output =210,000 kg Material used=280,000 kg Cost of material=252,500 Find material usage, price and cost variances.

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Sharp Company manufactures a product for which the following standards have been set: \table[[, Standard Quantity, Standard Price, Standard], [, or Hours, or Rate,Cost], [Direct materials,3 feet, $5 per foot, $15 I need to spending Variance 1 B and 2b