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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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 .
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.
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
eBook Show Me How Print Item Direct Materials Variances The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 53,600 lb. at $2.00 Standard: 52,500 lb. at $2.05 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 $fill in the blank 1 Quantity variance $fill in the blank 3 Total direct materials cost variance $fill in the blank 5 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
Direct Materials Variances The following data relate to the direct materials cost for the production of 50,000 automobile tires: 725,000 lbs. at $3.00 per lb. Actual: Standard: 730,000 lbs. at $2.95 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 the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the . When
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,100 automobile tires: Actual: 59,100 lbs. at $1.9 per lb. Standard: 60,300 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 $fill in the blank 1 Direct Materials Quantity Variance $fill in the blank 3 Total Direct Materials Cost Variance $fill in the blank 5 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 .
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 60,000 lbs. at $1.95 per lb. Standard: 58,200 lbs. at $1.90 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 . When lower amounts of direct materials are used because of b. The direct materials price variance should normally be reported to the 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