Please solve these general accounting question not use ai and chatgpt The following materials standards have been established for a particularproduct:Standard quantity per unit of output 5.1 poundsStandard price$13.90 per poundThe following data pertain to operations concerning the product for the lastmonth:Actual materials purchased5,850 poundsActual cost of materials purchased $63,580Actual materials used in production 5,350 poundsActual output770 unitsThe direct materials purchases variance is computed when the materials arepurchased.What is the materials quantity variance for the month?a. $19,780 Ub. $15,466 Uc. $5,434 Ud. $6,950

Step 1: Define Direct Materials Quantity VarianceThe materials quantity variance is an efficient…

Answered: The following materials standards have…

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 standard costs and actual costs for direct materials for the manufacture of 2,780 actual units of product are as follows: Standard Costs Direct materials Direct materials 2,780 kilograms at $8.70 Actual Costs 2,900 kilograms at $8.05 The direct materials quantity variance is Oa. $835 unfavorable Ob. $1,044 unfavorable Oc. $1,044 favorable Od. $835 favorable
The following standards have been established for a raw material used to make product 084: Standard quantity of the material per unit of output Standard price of the material 8.9 meters $ 19.00 per meter The following data pertain to a recent month's operations: Actual material purchased Actual cost of material purchased Actual material used in production Actual output 5,300 meters $ 104,520 5,100 meters 680 units of product 084 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? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) a. Materials price variance b. Materials quantity variance
Assume the following information (the quantity of materials purchased the quantity used): Actual total cost of direct materials Direct materials price variance Standard quantity of materials allowed per unit Standard price per pound of material Standard rate per direct labor hour Actual total direct labor hours Direct labor efficiency variance Standard number of direct labor hours allowed per unit. Direct labor spending variance What is the standard price (SP) per pound of materials? $ 65,560 $ 5,960 U 3 pounds $ 4.00 $ 5.00 6,500 $ 3,500 F 2 hours $ 400 U
Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. Actual purchase price per gallon $ 56 4,370 gallons 4,400 gallons $ 17,043 U
Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials8,000 units at Rs. 5 per unit Direct labor:7,000 hours at Rs. 6 per hour Actual costs Direct materials8,500 units at Rs. 4.5 per unit Direct labor:6,500 hours at Rs. 6.25 per hour Required f. Material Price Variance and Material Quantity Variance g. Labor Rate Variance and Labor Efficiency Variance h. Entries in general journal to record the above information
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The standard costs and actual costs for direct materials for the manufacture of 2,800 actual units of product are as follows: Standard CostsDirect materials 1,040 kilograms at $8.51 Actual CostsDirect materials 2,800 kilograms at $8.05 The direct materials price variance is a. $478 favorable b. $478 unfavorable c. $1,288 favorable d. $1,288 unfavorable
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The standard costs and actual costs for direct materials for the manufacture of 2,640 actual units of product are as follows: Standard Costs Direct materials Direct materials 2,640 kilograms at $8.90 Actual Costs 2,700 kilograms at $8.10 The direct materials quantity variance is Oa. $534 unfavorable Ob. $427 unfavorable Oc. $427 favorable Od. $534 favorable Previous
Assume the following (quantity of materials purchased = quantity of materials used): Standards: Material price $4 per pound Labor hours 2 hours per unit Labor rate $11 pr hour Variances: Material quantity $400 U Material price $300 F Labor efficiency $1,100 F Actual results: Material price $3.80 per pound Labor hours 1,500 hours $12 per hour Labor rate What is the total standard quantity of materials allowed for the actual level of output? A. 1,200 pounds B. 1,400 pounds C. 1,800 pounds D. 2,200 pounds E. None of the above.
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