Direct Materials VariancesThe following data relate to the direct materials cost for the production of 30,000 automobile tires:Actual:438,000 lb. at $3.00Standard:446,000 lb. at $2.95a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter afavorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.Price varianceQuantity varianceTotal direct materials cost varianceb. The direct materials price variance should normally be reported to theIf lower amounts of direct materials hadbeen used because of production efficiencies, the variance would be reported to the. If the favorable use of rawmaterials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the%24%24%24

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Description: Direct Materials VariancesThe following data relate to the direct materials cost for the production of 30,000 automobile tires:Actual:438,000 lb. at $3.00Standard:446,000 lb. at $2.95a. Determine the direct materials price variance, direct materials

Direct Material price variance = (Actual price - Standard price)*Actual quantity purchased Direct…

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The following data relate to the direct materials cost for the production of 30,000 automobile tires: Actual: 438,000 lb. at $3.00 Standard: 446,000 lb. at $2.95 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. Price variance %24 Quantity variance Total direct materials cost variance %24 b. The direct materials price variance should normally be reported to the If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the

The following data relate to the direct materials cost for the production of 30,000 automobile tires: Actual: 438,000 lb. at $3.00 Standard: 446,000 lb. at $2.95 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. Price variance %24 Quantity variance Total direct materials cost variance %24 b. The direct materials price variance should normally be reported to the If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the

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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2.2 Use the information provided below to calculate the following variances for May 2021. Each answer must indicate whether the variance is favourable or unfavourable. 2.2.1 Material quantity variance 2.2.2 Labour efficiency variance 2.2.3 Total labour variance (without using the labour rate or efficiency variances) INFORMATION The expected production and standard costs for each unit of Product A manufactured by Luton Manufacturers are as follows: Expected production 30 000 units Direct material 15 kg at R8.60 per kg Direct labour 3 hours at R8 per hour Actual figures of Luton Manufacturers for Product A for May 2021 are as follows: Production 27 500 units Direct material used 432 000kg at R8.40 per kg Direct labour incurred 80 000 hours at R8.40 per hour
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Direct Labor Variances The following data relate to labor cost for production of 4,800 cellular telephones: Actual: 3,230 hrs. at $16.30 Standard: 3,180 hrs. at $16.60 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 $1 Total direct labor cost variance $ b. The employees may have been less-experienced or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard.
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Susan Corporation started the year expecting to produce and sell 117,000 units of its super-insulating coffee mugs, but it ended the year having produced and sold even more than that-129,000 units. Needless to say, owners Eli and his sister Anna were thrilled to have exceeded sales goals for the year. By the end of the third quarter, results looked promising. They were even more excited to see the final year-end financial statements and share the great news with their crew. The actual results, along with the original master budget for the year, are as follows. Sales Variable costs: DM DL Variable-MOH Variable SG&A Contribution margin Fixed costs: Fixed-MOH Fixed SG&A Operating income Actual Income $2,560,650 389,064 621.264 268,320 122,550 1,159,452 442,728 436,500 $280,224 Flexible Budget Master Budget $2,357,550 351,000 561,600 210,600 111,150 1,123,200 421,200 409,000 $293,000 In addition to seeing total actual results, the owners would like a more thorough analysis of many of these…
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 60,000 lbs. at $1.8 per lb. Standard: 61,800 lbs. at $1.85 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. Direct Materials Price Variance $ Direct Materials Quantity Variance $ Total Direct Materials Cost Variance $ b. The direct materials price variance should normally be reported to the . When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the . When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the .
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Direct Labor Variances The following data relate to labor cost for production of 6,800 cellular telephones: Actual: 4,610 hrs. at $13.6 Standard: 4,540 hrs. at $13.9 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 $fill in the blank 1 Time variance $fill in the blank 3 Total direct labor cost variance $fill in the blank 5 b. The employees may have been less-experienced or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard.
Calculate the material variances from the following dataMaterial A standard orice per tonne $10 standard usage per unit 30 tonnes actual price per tonne $9 actual usage per unit 35 tonnes Material B standard orice per tonne $16 standard usage per unit 60 tonnes actual price per tonne $16 actual usage per unit 54 tonnes Material C standard orice per tonne $34 standard usage per unit 30 tonnes actual price per tonne $28 actual usage per unit 38 tonnes Material D standard orice per tonne $20 standard usage per unit 31 tonnes actual price per tonne $18 actual usage per unit 28 tonnes Material E standard Price per tonne $4 standard usage per unit 280 kg actual price per tonne $5…
Question Content Area Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 900,000 lbs. at $2.75 per lb.Standard: 916,000 lbs. at $2.70 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