The following data are given for Stringer Company:Budgeted productionActual productionMaterials:Standard price per ounceStandard ounces per completed unitActual ounces purchased and used in productionActual price paid for materialsLabor:Standard hourly labor rateStandard hours allowed per completed unitActual labor hours workedActual total labor costsOverhead:Actual and budgeted fixed overheadStandard variable overhead rateActual variable overhead costsOverhead is applied on standard labor hours.The direct materials quantity variance isOa. 3,098.99 favorableOb. 3,098.99 unfavorableO c. 621.13 unfavorableOd 621.13 favorable944 units1,052 units$1.791111,919$24,434$14.77 per hour4.45,417.8$82,621$1,101,000$28.00 per standard labor hour$151,698

The correct answer is: c. 621.13 unfavorableHere's how to calculate the direct materials quantity…

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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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Refer to Pearce Company Using the three-variance approach, what is the efficiency variance? A. $11,770 F B. $2,200 F C. $7,975 U D. $5,775 U
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The following information is available for Marigold's Hot Dogs: Actual production Budgeted production Standard direct labor hours Actual direct labor hours Standard variable overhead rate Actual variable overhead costs 11,760 packages 12,500 packages Variable overhead spending variance eTextbook and Media 18 direct labor hours per package Variable overhead efficiency variance 22,208 $82,612 Calculate the variable overhead spending and efficiency variances. (Round answers to O decimal places, eg. 125. If variance is zero, select "Not Applicable and enter O for the amounts) $4 per direct labor hour $
The following standard costs were used for one of its products: Standard Cost per Unit Fixed overhead Total 9 hours @ $13 per hour $ 117 Overhead is applied to products on the basis of standard direct labor hours for actual production. The following information is available regarding the company's operations for the period: Actual units produced Total actual direct labor hours Actual fixed manufacturing overhead incurred Budgeted fixed manufacturing overhead for the period Budgeted units for the period Required: Calculate the fixed overhead variances. Use your answer to answer the following questions. 1,200 units 8,500 hours $110,000 $122,850 1,050 units
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A company provided the following direct materials cost information. Compute the direct materials quantity variance. Standard costs assigned: Direct materials standard cost (415,000 units @ $2.60/unit) Actual costs: Direct materials costs incurred (413,040 units @ $2.90/unit) Multiple Choice $5,096 Unfavorable. $5,684 Unfavorable $5,096 Favorable. $118,816 Favorable. $ 1,079,000 $ 1,197,816
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The following data are given for Stringer Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: Actual and budgeted fixed overhead Standard variable overhead ate Actual variable overhead costs Overhead is applied on standard labor hours. The direct materials quantity variance is 965 units 1,067 units $1.95 11 12,089 $24,782 $14.56 per hour 4.1 5,495.05 $83,800 $1,138,000 $24.00 per standard labor hour $153,861
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