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

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

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 3PA: Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes...

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If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is $.90 per pound, the journal entry to record the purchase is upport 9,300 O Raw Materials Inventory 9,300 Accounts Payable 9,300 O Raw Materials Inventory 9,000 Accounts Payable 300 Materials Price Variance 9,000 O Raw Materials Inventory 300 Materials Price Variance 9,300 Accounts Payable 9,300 O Work In Process Inventory 9,000 Accounts Payable 300 Materials Quantity Variance rch hp 12 ins prt s f4 f5 f6 f11 f9 144 f8 f10 6 %3D Y. 60 00 TO
The standard costs and actual costs for direct labor in the manufacture of 2,500 units of product are as follows: Standard Costs Direct labor 7,500 hours at $11.80 Actual Costs Direct labor 7,400 hours at $11.40 The direct labor time variance is a.$1,140 unfavorable b.$1,140 favorable c.$1,180 unfavorable d.$1,180 favorable
The standard costs and actual costs for direct labor for the manufacture of 2,500 actual units of product are as follows: Standard Costs Direct labor 7,500 hours @ $11.80 Actual Costs Direct labor 7,400 hours @ $11.40 The direct labor rate variance is a.$4,500 unfavorable b.$2,960 favorable c.$2,960 unfavorable d.$4,500 favorable
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The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.91; actual, $2.03 Yards per unit: standard, 4.64 yards; actual, 5.14 yards Units of production: 9,300 The direct materials price variance is O a. $5,736.24 unfavorable O b. $1,116.00 unfavorable O c. $5,736.24 favorable O d. $5,178.24 favorable 4:
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The following materials standards have been established for a particular product: Standard quantity per unit of output.... 4.6 feet Standard price..... ................................19.40 per feet The following data pertain to operations concerning the product for the last month:Actual materials purchased.......1,100 feet Actual cost of materials purchased. $20,680 Actual materials used in production... 1000 feet Actual output...................................100 units What is the materials quantity variance for the month? Select one: a. $1,880 U b. $10,476 U c. $1,940 U d. $10,152 U
The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.96; actual, $2.03Standard yards per unit: standard, 4.64 yards; actual, 5.18 yardsUnits of production: 9,100Calculate the direct materials price variance. a.$3,299.66 unfavorable b.$637.00 unfavorable c.$3,299.66 favorable d.$2,955.68 favorable
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Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9) Aquafloat Corporation manufactures rafts for use in swimming pools. The standard cost for material and labor is $93.00 per raft. This includes 8 kilograms of direct material at a standard cost of $6.00 per kilogram, and 5 hours of direct labor at $9.00 per hour. The following data pertain to November: • Work-in-process inventory on November 1: none. • Work-in-process inventory on November 30: 880 units (75 percent complete as to labor; material is issued at the beginning of processing). • Units completed: 6,600 units. • Purchases of materials: 51,000 kilograms for $303,450. • Total actual labor costs: $327,520. • Actual hours of labor: 35,600 hours. • Direct-material quantity variance: $2,400 unfavorable. Book Print Чеrences Required: 1. Compute the following amounts. a. Direct-labor rate variance for November. b. Direct-labor efficiency variance for November. C. Actual kilograms of material used in…
The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.95; actual, $2.05 Yards per unit: standard, 4.69 yards; actual, 5.20 yards Units of production: 9,100 The direct materials quantity variance is a. $9,049.95 unfavorable Ob. $9,514.05 unfavorable Oc. $9,514.05 favorable d. $9,049.95 favorable