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FINANCIAL ACCOUNTING

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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The following information applies to Buljok Full Shirt Mfg. Co.
Standard Data Per unit
Material - 3 pieces at Php2 per piece Php 6
Labor - 2 hours at Php3 per hour Php 6
Actual Data:
Material - 25, 000 pleces of material were purchased at Php 2.10 per piece. 24,000
pieces of material were used.
Labor - 17,000 hours at Php2.50 per hour
Determine the material price variance.
O Php2.500 (Favourable)
O Php2400 (Unfavourable)
O Php2400 (Favourable)
CO Php2.500 (Unifavourable)

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nformation about direct materials cost follows for a local company: Standard price per materials gram $ 20 Actual quantity used 2,760 grams Standard quantity allowed for production 2,900 grams Price variance $ 19,320 F Required: What was the actual purchase price per gram?
You have collected the standard cost card for one unit of the ‘Zeus’ which was in operation in the just ended period, details of which follow below: K Materials 7kg at K35.00 245.00 Labour 20 hours at K12.00 240.00 Variable overheads 20 hours at K8.00 160.00 Fixed overheads 20 hours at K15.00 300.00 945.00 Selling price 1,500.00 Profit…
The standard cost card for product Alpha is as follows: £ Direct material 5kg@ £11.50 per kg 57.50 Direct Labour 4 labour hours @£9 per hour 36.00 93.50 In the period just ended 3,000 units were produced and costs were incurred as follows: Quantity Cost (£) Direct material 15900kg 180465 Direct labour 11550 hours 106260 286725 Required: Calculate the direct materials price variance for product Alpha. Calculate the direct labour rate variance for product Alpha. Explain the factors that need to be taken into account when deciding to investigate a variance.
Use the information provided to answer the questions. Actual price paid per pound of material $15.00 Total standard pounds for units produced this period 12,600 Pounds of material used 13,300 Direct materials price variance favorable $3,990.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $
You have collected the standard cost card for one unit of the ‘Zeus’ which was in operation in the just ended period, details of which follow below: K Materials 7kg at K35.00 245.00 Labour 20 hours at K12.00 240.00 Variable overheads 20 hours at K8.00 160.00 Fixed overheads 20 hours at K15.00 300.00 945.00 Selling price 1,500.00 Profit…
Provide correct answer
A company has the following information in its standard cost card: £ Material 2.5kg at the price of £3/kg = 7.00 During the month the company recorded the following: Units produced = 2,500 units Material used = 7,850kg Material cost = £23,180 Calculate the material price variance. 2. Calculate the material usage variance. 3. Explain what is meant by the breakeven point, and its usefulness to a business.
1. Information for HUNTER X HUNTER direct material cost for July 2012 is as follows; Actual quantity of direct materials purchased and used is 50,000 kilos, actual cost of direct materials of P 175,000; Unfavorable direct material usage variance of P 8,000 and standard quantity of direct materials allowed for production is 48,000 kilos. What is the direct materials price variance? 2. Image attached
a. The standard cost of product AAA includes 6 units of direct materials at $10 per unit. During August, the company bought 60,000 units of materials at $12 and used those materials to produce 11,000 units of product AAA. AQ= AP = SQ = SP = Compute the total, price, and quantity_variances for materials.
Opal Manufacturing Company established the following standard price and cost information: Sales price $70 per unit 52 per unit Variable manufacturing cost Fixed manufacturing cost $ 120,000 total $50,000 total Fixed selling and administrative cost Opal expected to produce and sell 29,000 units. Actual production and sales amounted to 32,500 units. Required: a. and b. Determine the sales volume variances, including variances for number of units, sales revenue, variable manufacturing cost, fixed manufacturing cost, and fixed selling and administrative cost. Classify the variances as favorable (F) or unfavorable (U). Note: Indicate the effect of each variance by selecting "Favorable", "Unfavorable", and "None" for no effect (i.e., zero variance). Units Static Budget Flexible Budget Volume Variance Favorable or Unfavorable
1

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