**Materials Standards and Operations Data Overview**The following materials standards have been established for a particular product:- **Standard quantity per unit of output:** 5.1 meters- **Standard price:** $17.90 per meterThe data below pertains to operations concerning the product for the last month:- **Actual materials purchased:** 7,700 meters- **Actual cost of materials purchased:** $142,450- **Actual materials used in production:** 7,300 meters- **Actual output:** 1,400 units**Question:**What is the materials price variance for the month?

Name: **Materials Standards and Operations Data Overview**The following mat
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: **Materials Standards and Operations Data Overview**The following materials standards have been established for a particular product:- **Standard quantity per unit of output:** 5.1 meters- **Standard price:** $17.90 per meterThe data below pertains

MATERIAL PRICE VARIANCE : = ACTUAL QUANTITY X ( STANDARD PRICE - ACTUAL PRICE)

Business

Accounting

The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.1 meters $17.90 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,700 meters $142,450 7,300 meters 1,400 units What is the materials price variance for the month?

The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.1 meters $17.90 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,700 meters $142,450 7,300 meters 1,400 units What is the materials price variance for the month?

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

Myers Corporation has the following data related to direct materials costs for November: actual cost for 4,680 pounds of material at $5.00 and standard cost for 4,460 pounds of material at $6.20 per pound. The direct materials price variance is Oa. $1,364 unfavorable Ob. $1,364 favorable Oc. $5,616 unfavorable Od. $5,616 favorable
The following labor standards have been established for a particular product: Standard labor-hours per unit of output Standard labor rate 9.1 hours $ 17.10 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 10,100 hours $ 169,680 What is the labor rate variance for the month? 1,000 units
At the beginning of the year, Forest Corporation estimates overhead to be $175,000. If the actual overhead for the year is $165,000 and the applied overhead for the year is $120,000, what is the journal entry needed to reconcile the overhead variance? Assume that the overhead variance is immaterial. a. Cost of Goods Sold 45,000 Overhead Control 45,000 b. Overhead Control 45,000 Cost of Goods Sold 45,000 c. Cost of Goods Sold 15,000 Overhead Control 15,000 d. Overhead Control 15,000 Cost of Goods Sold 15,000 e. None of these
The following data relate to direct labor costs for the current period: Standard costs 7,300 hours at $11.80 Actual costs 6,400 hours at $10.00 The direct labor time variance is Oa. $10,620 unfavorable Ob. $9,000 favorable C. $9,000 unfavorable Od. $10,620 favorable
The following materials standards have been established for a particular product: Standard quantity per unit of output 4.7 pounds Standard price $ 13.50 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 5,250 pounds Actual cost of materials purchased $ 63,180 Actual materials used in production 4,750 pounds Actual output 730 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month?
Lewis Company's standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $12.50 per hour. During August, 42,600 hours of labor are incurred at a cost of $12.65 per hour to produce 13,200 units of Product DD. (a) Compute the total labor variance. Total labor variance (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance (c) $ Labor price variance $ Compute the labor price and quantity variances, assuming the standard is 3.50 hours of direct labor at $12.85 per hour. $ > Labor quantity variance $ <
8
Devoto Incorporated has provided the following data concerning one of the products in its standard cost system. Standard Quantity or Hours per Unit of Output Inputs Standard Price or Rate Direct materials 6.6 grams $7.70 per gram The company has reported the following actual results for the product for June: Actual output 9,200 units Raw materials purchased 64,500 grams Actual cost of raw materials purchased $548, 250 Raw materials used in production 60,710 grams The raw materials quantity variance for the month is closest to: Multiple Choice $77 F $77 U $85 F $85 U
Subject: acounting
The following data relate to direct labor costs for the current period: Standard costs 6,900 hours at $11.30 Actual costs 6,400 hours at $10.00 The direct labor rate variance is
The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.91; actual, $2.03 Yards per unit: standard, 4.60 yards; actual, 4.97 yards Units of production: 9,500 The direct materials quantity variance is O a. $6,713.65 favorable b. $7,135.45 unfavorable O c. $6,713.65 unfavorable O d. $7,135.45 favorable
The following labor standards have been established for a particular product: Standard labor- 8.4 hours per unit of output Standard labor rate $ Actual hours worked Actual total labor cost 15.70 The following data pertain to operations concerning the product for the last month: $336 F $2,520 F $2,520 U $336 U hours per hour $ 162,330 1,400 10,500 hours Actual output What is the labor rate variance for the month? units