The following actual and standard cost data for direct material and direct labor relate to the production of 4,00Actual CostsStandard CostsDirect Material7,700 lb.$2.658,000 lb. @ $2.50Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00Determine the materials price variance.Select one:a. $1,200 Fb. $1,200 Uc. $1,155 Ud. $1,155 Fe. None of the above

Materials price variance is the difference between the actual price and standard price of the actual…

Answered: The following actual and standard cost…

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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Standard Costing - Variance Analysis - H.O#2 Q.1:- The standard mix for producing 8,000 bottles of Product-X is as follows; Material: A Material: B from an input of: 1,000 liters 2,000 liters Re. 0.1/liter Re. 0.4/liter Material: A Material: B During May, 10,000 bottles of X were produced 1,500 liters 3,300 liters Required:- Material Price, Quantity, Mix & Yield variances. Re. 0.11/liter Re. 0.37/liter
Sunny Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit @ $0.40/lb.) Actual direct materials purchased Actual Direct Materials Used (AQU) Actual Price (AP) paid per pound How much is the direct materials price variance? O A. $1,610 unfavorable B. $2,240 favorable C. $1,610 favorable O D. $2,240 unfavorable $1.20 per finished good 32,000 pounds 23,000 pounds $0.47
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The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.91; actual, $2.04Yards per unit: standard, 4.70 yards; actual, 5.08 yardsUnits of production: 9,000The direct materials price variance is a.$5,499.00 favorable b.$1,170.00 unfavorable c.$5,943.60 favorable d.$5,943.60 unfavorable
The standard costs and actual costs for direct materials for the manufacture of 2,300 actual units of product are as follows: Standard Costs Direct materials Direct materials Actual Costs The direct materials price variance is Oa. $166 unfavorable Ob. $368 favorable Oc. $166 favorable Od. $368 unfavorable 1,040 kilograms at $8.51 2,300 kilograms at $8.35
Based on the following information, calculate the direct materials price variance. Actual costs 3,590 pounds at $8.00 Standard costs 4,100 pounds at $6.00
Subject: acounting
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 4,900 lb. @ $5.85 5,000 lb. @ $5.90 2,000 hrs. @ $20.00 Direct Material Direct Labor 1,900 hrs. @ $20.50 Determine the labor efficiency variance. Select one: a. $2,000 F b. $2,000 U c. $2,050 F d. $2,050 U e. None of the above
The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.91; actual, $2.03 Yards per unit: standard, 4.60 yards; actual, 4.97 yards Units of production: 9,500 The direct materials quantity variance is O a. $6,713.65 favorable b. $7,135.45 unfavorable O c. $6,713.65 unfavorable O d. $7,135.45 favorable
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The standard costs and actual costs for direct materials for the manufacture of 1,870 actual units of product are Standard Costs Direct materials 1,870 kilograms @$8.90 Actual Costs Direct materials 2,000 kilograms @ $8.25 The amount of the direct materials quantity variance is
2. Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced A. Compute the material price and quantity, and the labor rate and B. C. D. E. unfavorable variances. $1.00 $0.90 100 90 15 $ $ 16 200 220 efficiency variances. Describe the possible causes for this combination of favorable and

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