Sheffield has a standard of 1.5 pounds of materials per unit, at $8 per pound. In producing 3100 units, Sheffield used 4750pounds of materials at a total cost of $37335. Sheffield's materials quantity variance is O $665 U. O $1400 U. O $135 F. O$800 U.Sheffield has a standard of 1.5 pounds of materials per unit, at $8 per pound. In producing 3100 units, Sheffield used 4750 pounds ofmaterials at a total cost of $37335. Sheffield's materials quantity variance isO $665 UO $1400 UO $135 FO $800 UShow Transcribed Text

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Description: Sheffield has a standard of 1.5 pounds of materials per unit, at $8 per pound. In producing 3100 units, Sheffield used 4750pounds of materials at a total cost of $37335. Sheffield's materials quantity variance is O $665 U. O $1400 U. O $135 F. O$800

Direct material quantity variance :— It is the difference between standard direct material cost for…

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Sheffield has a standard of 1.5 pounds of materials per unit, at $8 per pound. In producing 3100 units, Sheffield used 4750 pounds of materials at a total cost of $37335. Sheffield's materials quantity variance is O $665 U. O $1400 U. O $135 F. O $800 U. 3 Ĉ Sheffield has a standard of 1.5 pounds of materials per unit, at $8 per pound. In producing 3100 units, Sheffield used 4750 pounds of materials at a total cost of $37335. Sheffield's materials quantity variance is

Sheffield has a standard of 1.5 pounds of materials per unit, at $8 per pound. In producing 3100 units, Sheffield used 4750 pounds of materials at a total cost of $37335. Sheffield's materials quantity variance is O $665 U. O $1400 U. O $135 F. O $800 U. 3 Ĉ Sheffield has a standard of 1.5 pounds of materials per unit, at $8 per pound. In producing 3100 units, Sheffield used 4750 pounds of materials at a total cost of $37335. Sheffield's materials quantity variance is

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?
April Industries employs a standard costing system in the manufacturing of its sole product, a park bench. They purchased 60,000 feet of raw material for $300,000, and it takes S feet of raw materials to produce one park bench. In August, the company produced 10,000 park benches. The standard cost for material output was $100,000, and there was an unfavorable direct materials quantity variance of $6,000. A. What is April Industries standard price for one unit of material? B. What was the total number of units of material used to produce the August output? C. What was the direct materials price variance for August?
Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: During the first quarter of the year, Jameson produced 45,000 cases of paper towels. The company purchased and used 135,700 pounds of paper pulp at 0.38 per pound. Actual direct labor used was 91,000 hours at 12.10 per hour. Required: 1. Calculate the direct materials price and usage variances. 2. Calculate the direct labor rate and efficiency variances. 3. Prepare the journal entries for the direct materials and direct labor variances. 4. Describe how flexible budgeting variances relate to the direct materials and direct labor variances computed in Requirements 1 and 2.
Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4 pounds of steel. During September, Corolla purchased and used 4,200 pounds of steel to make 1,040 units. They paid $20.75 per pound for the steel. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for the month of September. What would change if Corolla had made 2,200 units?
Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
A manufacturer planned to use $78 of variable overhead per unit produced, but in the most recent period, it actually used $76 of variable overhead per unit produced. During this same period, the company planned to produce 500 units but actually produced 540 units. What is the variable overhead spending variance?
Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The following standards for producing one case of bottles have been established: During December, 78,000 pounds of materials were purchased and used in production. There were 15,000 cases produced, with the following actual prime costs: Required: 1. Compute the materials variances. 2. Compute the labor variances. 3. CONCEPTUAL CONNECTION What are the advantages and disadvantages that can result from the use of a standard costing system?
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Kur up Manufacturing has a standard of 3.4 pounds of materials per unit, at $14.80 per pound. In producing 1,050 units, Kurup used 3,400 pounds of materials at a total cost of $49,200. What is Kurup's total materials variance?