The following information is available for Swifty's Chocolates: Actual production Budgeted production Direct Materials Standard Actual 2,550 boxes 3,600 boxes 4 pounds of chocolate per box @ $6.00 per pound 8,900 pounds purchased @ $6.10 per pound 9,400 pounds used (a) Calculate the direct materials price and quantity variances.

The following information is available for Swifty's Chocolates: Actual production Budgeted production Direct Materials Standard Actual 2,550 boxes 3,600 boxes 4 pounds of chocolate per box @ $6.00 per pound 8,900 pounds purchased @ $6.10 per pound 9,400 pounds used (a) Calculate the direct materials price and quantity variances.

Name: The following information is available for Swifty's Chocolates:Actual
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: The following information is available for Swifty's Chocolates:Actual production2,550 boxesBudgeted production 3,600 boxesDirect MaterialsStandardActual4 pounds of chocolate per box @ $6.00 per pound8,900 pounds purchased @ $6.10 per pound9,400 poun

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Inputs Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost $ Actual direct materials cost Actual direct labor cost Standard Quantity 2.9 pounds 0.65 hours 0.65 hours Actual Quantity 6,550 pounds 1,120 hours Required: Use the information above to calculate the variances. 2,120 units 7,260 $ $ $ $ $ Actual Price 3.97 per pound 21.35 per hour Standard Price 4.15 per pound 22.00 per hour 5.89 per hour
Please help me with all answers I will give upvote thanku
Standard Costs, Decomposition of Budget Variances, Direct Materials and Direct Labor Haversham Corporation produces dress shirts. The company uses a standard costing system and has set the following standards for direct materials and direct labor (for one shirt): Fabric (1.5 yds. @ $2.80) $4.20 Direct labor (1.1 hr. @ $20) 22.00 Total prime cost $26.20 During the year, Haversham produced 9,500 shirts. The actual fabric purchased was 14,150 yards at $2.74 per yard. There were no beginning or ending inventories of fabric. Actual direct labor was 10,570 hours at $19.60 per hour. Required:
The standard costs and actual costs for direct materials for the manufacture of 2,000 actual units of product are as follows: Standard Costs Direct materials 1,040 kilograms at $8.98 Actual Costs Direct materials 2,000 kilograms at $8.40 The direct materials price variance is a.$1,160 unfavorable b.$603 favorable c.$1,160 favorable d.$603 unfavorable
You are required to calculate:i. The sales price variance. ii. The sales volume profit variance. iii. The sales mix variance profit. iv. The sales quantity profit volume variance.
The standard material costs of finished product PEP are as follows: 2 kg raw material A @ R10 per kg Actual information: Purchase of raw material A 2 000 kg @ R9.50 per kg Issue of raw material A 1 200 kg Units of product PEP manufactured 280 units Required Calculate the following in respect of material A (a) Purchase price variance (3) (b) Issue price variance (c) Quantity variance (d) Total variance.
Required: present the gross profit variance
Performance Eval Variances: Refer to the picture. Thanks!
Woody Company produces a product that requires 2 standard gallons per unit. The standard price is $20 per gallon. If 4,000 units required 8,200 gallons which were purchased at $19.75 per gallon, what is the direct materials: A. price variance B. quantity variance C. cost variance
COCOMELON Company has the following standards for manufacturing TWO sacks of COCOMELON Powder Juice. Materials Labor Materials Labor Units/Hours In producing 320 sacks, actual costs incurred are as follows: Units/Hours REQUIRED: Compute for 96 kilos 8 hours 15,400 1,300 hours 1. Direct Material Price variance 2. Direct Material Quantity variance 3. Direct Labor Rate Variance 4. Direct Labor Efficiency Variance Price/Rate per unit/hr P150 P80 Price/ Rate Per unit/hr P146 P76
Auto Suppliers Inc. provides the following standard and actual costs for direct materials to produce 3,000 units of product: Quantity for actual production Price per lb. Standard 2,100 lbs. $5.70 Actual 2,900 lbs. $5.20 Determine the direct material quantity variance. Group of answer choices -$1,450 favorable $4,560 unfavorable $3,110 unfavorable -$4,560 favorable