The following materials standards have been established for a particular product:Standard quantity per unit of outputStandard price4.4 pounds$13.20 per poundThe following data pertain to operations concerning the product for the last month:Actual materials purchasedActual cost of materials purchasedActual materials used in production4,800 pounds$62,8804,300 poundsActual output700 unitsThe direct materials purchases variance is computed when the materials are purchased.What is the materials quantity variance for the month?Multiple Choice$6,600 U$15,982 U$6,550 U$16,104 U

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Description: The following materials standards have been established for a particular product:Standard quantity per unit of outputStandard price4.4 pounds$13.20 per poundThe following data pertain to operations concerning the product for the last month:Actual ma

Variance refers to a change between the expected value and the actual result. This term is usually…

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The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.4 pounds $13.20 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 4,800 pounds $62,880 4,300 pounds Actual cost of materials purchased Actual materials used in production Actual output 700 units The direct materials purchases variance is computed when the materials are purchased.

The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.4 pounds $13.20 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 4,800 pounds $62,880 4,300 pounds Actual cost of materials purchased Actual materials used in production Actual output 700 units The direct materials purchases variance is computed when the materials are purchased.

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 data are given for Stringer Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: Actual and budgeted fixed overhead Standard variable overhead ate Actual variable overhead costs Overhead is applied on standard labor hours. The direct materials quantity variance is 965 units 1,067 units $1.95 11 12,089 $24,782 $14.56 per hour 4.1 5,495.05 $83,800 $1,138,000 $24.00 per standard labor hour $153,861
Subject: acounting
Dodge Company produces a single product. The company has set the following standards for materials and labor: Standard quantity or hours per unit Standard price or rate Standard cost per unit Direct Materials ? kilograms ? per kilogram ? Materials price variance Total materials variance Labour efficiency variance During the past month, the company purchased 7,000 kilograms of direct materials at a cost of $26,250. All of this material was used in the production of 1,300 units of product. Direct labor cost totaled $55,125 for the month. The following variances have been computed: Direct Labour 3 hours $15 per hour $45 $1,750 favourable $250 unfavourable $6,000 favourable Required: a) For direct materials, compute the standard price per kilogram, the standard quantity allowed for materials in total for the month's production, and the standard quantity per unit of product. b) For direct labour, compute the actual direct labour cost per hour for the month and the labour rate variance. Show…
The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below: Standard Quantity or Hours Standard Price Standard or Rate Cost Direct materials 6.0 millilitres $4 0.34 per millilitre 2.04 Direct labour 0.3 hours $ 12.00 per hour $4 3.60 During the most recent month, the following activity was recorded: a. 30,000 millilitres of material was purchased at a cost of $0.29 per millilitre. b. All of the material was used to produce 3,000 bottles of Clean-All. c. 775 hours of direct labour time was recorded at a total labour cost of $9,300. Required: 1. Compute the direct materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Materials price variance Materials quantity variance
Johnson Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) Cost per pound of direct materials 6 $7 The company produced 800 units and actually used 5,250 pounds of direct materials. What is the journal entry to record the materials usage? OA. Work in Process 33,600 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 36,750 B. Work in Process 39,900 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 36,750 OC. Work in Process 36,750 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 39,900 OD. Work in Process 36,750 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 33,600
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Miguez Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 2.3 liters $ 7.00 per liter $ 16.10 Direct labor 0.7 hours $ 22.00 per hour $ 15.40 Variable overhead 0.7 hours $ 2.00 per hour $ 1.40 The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for September is: Multiple Choice $3,675 F $3,528 U $3,528 F $3,675 U
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.0 ounces $ 9.00 per ounce $ 54.00 Direct labor 0.7 hours $ 11.00 per hour $ 7.70 Variable overhead 0.7 hours $ 9.00 per hour $ 6.30 The company reported the following results concerning this product in June. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 20,900 ounces Actual direct labor-hours 5,000 hours Actual cost of raw materials purchases $ 42,100 Actual direct labor cost $ 13,600 Actual variable overhead cost $ 3,800 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for June is:
Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Standards: 3 yards of cloth per unit at $1.00 per yard 2 direct labor hours per unit at $18.50 per hour Overhead allocated at $6.00 per direct labor hour Actual: 2,400 yards of cloth were purchased at $1.05 per yard Employees worked 1,700 hours and were paid $18.00 per hour Actual variable overhead was $3,800 Actual fixed overhead was $6,600 Data Table Direct materials cost variance $120 U Direct materials efficiency variance 600 F Direct labor cost variance 850 F Direct labor efficiency variance 5,550 F Variable overhead cost variance 1,400 U Variable overhead efficiency variance 1,400 F Fixed overhead cost variance 1,000 U Fixed overhead volume variance 2,600 F
The following standards have been established for a raw material used to make product O84: Standard quantity of the material per unit of output 7.7 meters Standard price of the material $ 18.50 per meter The following data pertain to a recent month's operations: Actual material purchased 4,000 meters Actual cost of material purchased $ 77,600 Actual material used in production 3,700 meters Actual output 560 units of product O84 The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month?
Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.5 ounces $ 2.00 per ounce $ 13.00 Direct labor 0.8 hours $ 18.00 per hour $ 14.40 Variable overhead 0.8 hours $ 2.00 per hour $ 1.60 The company reported the following results concerning this product in February. Originally budgeted output 4,600 units Actual output 5,300 units Raw materials used in production 30,500 ounces Actual direct labor-hours 2,110 hours Purchases of raw materials 34,400 ounces Actual price of raw materials $ 97.10 per ounce Actual direct labor rate $ 87.60 per hour Actual variable overhead rate $ 6.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for February is: