### Standard Direct Materials Cost per Unit from Variance DataThis information pertains to the direct materials cost for October at Good Clean Fun Inc., a manufacturer of organic toys. The data includes:- **Quantity of direct materials used**: 6,700 lb.- **Actual unit price of direct materials**: $5.60 per lb.- **Units of finished product manufactured**: 3,220 units- **Standard direct materials per unit of finished product**: 2 lb.**Variance Details:**- **Direct materials quantity variance**: Unfavorable, $1,482- **Direct materials price variance**: Unfavorable, $670**Instructions:**To determine the standard direct materials cost per unit of the finished product, assume there is no inventory of work in process at the beginning or end of the month. Round the standard cost per unit answer to two decimal places. Input the values as follows:- **Product finished**: ____ units- **Standard finished product for direct materials used**: ____ units- **Deficiency of finished product for materials used**: ____ units- **Standard cost for direct materials**: $____ per unitPlease ensure calculations are done as per the instructions to maintain accuracy and precision in educational settings.

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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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Mountain Madness, a manufacturer of the hiking boots uses standard costing for the single product the company makes and sells. The following data are for the month of April: o Actual cost of direct material purchased and used: $87,807.50 o Material price variance: $5,665 favorable o Total materials variance: $220 favorable o Standard cost per pound of material: $8.25 per lb. o Standard cost per direct labor hour: $7.50 per hour o Actual direct labor hours: 5,500 hours o Labor efficiency variance: $1,650 unfavorable o Standard number of direct labor hour per unit of product: 2.40 hours/unit o Total labor variance: $5,775 unfavorable Determine the standard quantity of material allowed in producing one unit of product. Important: Present your number without units and round to two decimal places. For example if the answer is 11.25 lbs. per unit, simply record 11.25. Answer:
None
The standard cost of Product B manufactured by Pharrell Company includes 2.2 units of direct materials at $5.60 per unit. During June, 26,700 units of direct materials are purchased at a cost of $5.35 per unit, and 26,700 units of direct materials are used to produce 12.000 units of Product B (2) Compute the total materials variance and the price and quantity variances Total materials variance Materials price variance (b) Materials quantity variance $ $ Total materials variance $ Compute the total materials variance and the price and quantity variances, assur purchased and used is 26,900 units. Materials price variance $ $ Materials quantity variance $ the purchase price is $5,70 and the quantity SUPPORT
eBook Show Me How Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., organic toys: Quantity of direct materials used 6,000 lbs. Actual unit price of direct materials $6 per Ib. Units of finished product manufactured 2,880 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable $1,488 Direct materlals price variance-favorable $1,200 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at eitH beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished V units Standard finished product for direct materials used |X units Deficiency of finished product for materials used Xunits Standard cost for direct materials I x Xper unit Feedback icheck My…
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 5,800 lbs. Actual unit price of direct materials $3.90 per lb. Units of finished product manufactured 1,390 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $984 Direct materials price variance—favorable $1,160 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials…
The standard cost of Product B manufactured by Pharoah Company includes 2.6 units of direct materials at $5.30 per unit. During June, 27,400 units of direct materials are purchased at a cost of $5.05 per unit, and 27,400 units of direct materials are used to produce 10,400 units of Product B. (a) Compute the total materials variance and the price and quantity variances. Total materials variance $ Materials price variance $ Materials quantity variance $ (b) Compute the total materials variance and the price and quantity variances, assuming the purchase price is $5.40 and the quantity purchased and used is 26,900 units. Total materials variance $ Materials price variance $ Materials quantity variance $
Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. The direct materials quantity variance is: Direct materials standard (7 Kilogram @ $2/Kilogram) Actual cost of materials purchased Actual direct materials purchased and used Multiple Choice $50,000 favorable. $22.500 unfavorable. $27,500 unfavorable. $50,000 unfavorable $22.500 favorable
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Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,600 Ib. Actual unit price of direct materials $4.00 per Ib. Units of finished product manufactured 3,650 units Standard direct materials per unit of finished product 2 lb. Direct materials quantity variance-unfavorable $1,260 Direct materials price variance-unfavorable $1,520 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit
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