The following company information is available: • Direct materials used for production: 640 pounds Standard quantity for units produced: 700 pounds Standard cost per pound of direct material: $45.60 Actual cost per pound of direct material: $47.20 What is the direct materials quantity variance?

The following company information is available: • Direct materials used for production: 640 pounds Standard quantity for units produced: 700 pounds Standard cost per pound of direct material: $45.60 Actual cost per pound of direct material: $47.20 What is the direct materials quantity variance?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 7E: H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup...

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Question

Can you explain this general accounting question using accurate calculation methods?

The following company information is available:
•
Direct materials used for production: 640 pounds
Standard quantity for units produced: 700 pounds
Standard cost per pound of direct material: $45.60
Actual cost per pound of direct material: $47.20
What is the direct materials quantity variance?

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Can you explain this general accounting question using accurate calculation methods?
Assume the following information (the quantity of materials purchased the quantity used): Actual total cost of direct materials Direct materials price variance Standard quantity of materials allowed per unit Standard price per pound of material Standard rate per direct labor hour Actual total direct labor hours Direct labor efficiency variance Standard number of direct labor hours allowed per unit. Direct labor spending variance What is the standard price (SP) per pound of materials? $ 65,560 $ 5,960 U 3 pounds $ 4.00 $ 5.00 6,500 $ 3,500 F 2 hours $ 400 U
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What is the direct material price variance on these general accounting question?
The standard materials cost to produce solve this accounting questions
Assume the following (quantity of materials purchased = quantity of materials used): Standards: Material price $4 per pound Labor hours 2 hours per unit Labor rate $11 pr hour Variances: Material quantity $400 U Material price $300 F Labor efficiency $1,100 F Actual results: Material price $3.80 per pound Labor hours 1,500 hours $12 per hour Labor rate What is the total standard quantity of materials allowed for the actual level of output? A. 1,200 pounds B. 1,400 pounds C. 1,800 pounds D. 2,200 pounds E. None of the above.
What is the direct materials price variance
Print Item Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 90 Actual quantity purchased and used in production 110 Standard quantity for units produced Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 230 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 2$ B. What are some possible causes for this combination of favorable and unfavorable variances?