Standard Actual 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $13 per hr. 42,400 lbs. @ $8.10 per lb. 13,700 hrs. @ $16.50 per hr. $188,000 7,000 Direct materials Direct labor Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost

Standard Actual 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $13 per hr. 42,400 lbs. @ $8.10 per lb. 13,700 hrs. @ $16.50 per hr. $188,000 7,000 Direct materials Direct labor Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost

Name: StandardActual6 lbs. @ $8 per lb.2 hrs. @ $16 per hr.2 hrs. @ $13 per
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Description: StandardActual6 lbs. @ $8 per lb.2 hrs. @ $16 per hr.2 hrs. @ $13 per hr.42,400 lbs. @ $8.10 per lb.13,700 hrs. @ $16.50 per hr.$188,0007,000Direct materialsDirect laborOverheadUnits manufacturedCompute the direct materials price variance and the di

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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The standard costs and actual costs for direct materials for the manufacture of 2,200 actual units of product are as follows: Standard Costs Direct materials 1,040 kilograms @$8.57 Actual Costs Direct materials 2,200 kilograms @ $8.35 The direct materials price variance is Oa. $229 favorable Ob. $229 unfavorable Oc. $484 unfavorable Od. $484 favorable
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The following data relate to labor cost for production of 20,000 cellular telephones: 8,450 hrs. at $22.50 8,400 hrs. at $23.00 Actual: Standard: a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower training may have resulted in less ✔efficient performance. Thus, the actual time required was more 50 X Favorable Unfavorable Favorable V ✓ ✓ ✓labor rate than planned. The lower level of experience or ✓than standard.
The following data relate to the direct materials cost for the production of automobile tires: Actual: 56,700 lbs. at $2.05 per lb.Standard: 55,600 lbs. at $2.10 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. Line Item Description Amount Variance 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
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost
Larry's Woodworks has collected the following data for its cutting board line of products: K Direct materials standard Direct materials standard cost Actual Direct Materials Used (AQU) Actual finished goods purchased What is the direct materials quantity variance? 10 pounds per unit $0.54 per pound 40,000 pounds 4,100 units OA. $17,860 unfavorable OB. $17,860 favorable OC. $540 unfavorable OD. $540 favorable
The following data relate to labor cost for production of 5,100 cellular telephones: Actual: 3,430 hrs. at $12.70 Standard: 3,380 hrs. at $13.00 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. 1,266 X 910 X -368 X Rate variance Favorable Unfavorable ✓ Time variance Total direct labor cost variance Favorable •✓ b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower may have resulted in less ✔efficient performance. Thus, the actual time required was more ✓ ✔labor rate than planned. The lower level of experience or training ✔than standard.
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows:
Use the information provided to answer the questions. Actual price paid per pound of material $15.00 Total standard pounds for units produced this period 12,600 Pounds of material used 13,300 Direct materials price variance favorable $3,990.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $
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Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.99; actual, $2.04 Standard yards per unit: standard, 4.70 yards; actual, 5.10 yards Units of production: 9,500 Calculate the direct materials quantity variance. a. $7,562.00 favorable b. $7,562.00 unfavorable c. $7,752.00 favorable d. $7,752.00 unfavorable
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