**Gipple Corporation Materials Price Variance Analysis****Scenario:**Gipple Corporation produces a product requiring a specific material. The standards for the material used are as follows:- **Quantity Standard:** 91 grams per unit of output- **Price Standard:** $7.80 per gram**January Data:**- Units produced: 5,200- Grams of direct material used: 26,670 grams- Materials purchased: 29,200 grams at $7.90 per gramThe direct materials purchases variance is determined when the materials are purchased.**Question:**Calculate the materials price variance for January. **Options:**- $4,732 Favorable (F)- $2,920 Unfavorable (U)- $4,732 Unfavorable (U)- $2,920 Favorable (F)This exercise helps in understanding how to determine price variance, a key concept in cost management that influences financial performance analysis.**Note:** No graphs or diagrams are present in this image. Focus is on the numeric data and variance calculation.

Material price variance is the difference between the actual and budgeted cost to acquire materials,…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Product N requires a standard amount of 3 labour hours per unit, at a standard rate of £9.50 per hour. The budget production for August was 1,300 units. During August, 1,400 units of product N were actually made and actual labour time charged to the product was 4,700 hours at a cost of £42,300. What is the labour rate variance?
Starts Inc. produces a product that require 3.50 standard hours per unit at a standard hourly rate of $17.00 per hour. Production of 7,500 units required 27,550 hours at an hourly rate of $16.00 per hour. What is the direct labor (a) rate variance, (b) time variance, and (c) total cost variance? (d) Perform the journal entries related to the variances.
1. Fortune, Ltd. produces reproductions of antique residential moldings a plant located in Indang Cavite. August 1, the start of the company's fiscal year, inventory account balances were as follows: Raw materials Work in process Finished goods P10,000 4,000 8,000 During the year, the following transactions were completed: Raw materials purchased on account, P160,000. • Raw materials requisitioned for use in production, P140,000 (materials costing P120,000 were chargeable directly to jobs, the remaining materials were indirect). Costs for employee services were incurred as follows: Direct labor Indirect labor P90,000 60,000 20,000 50,000 Sales commissions Administrative salaries • Prepaid insurance expired during the year, P18,000 (13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). • Utity costs incurred in the factory, P10,000. • Advertising costs incurred, P15,000 Depreciation recorded on equipment, P25,000.…
please answer all with working please answer in text . answer all please please please 1. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for none effect.) 2. What is the materials quantity variance for March? 3. If Preble had purchases 182,000kg of materials at $7.40 per kg and used 160,000kg in productions, what would be the materials price variance efficiency for March? 4. If Preble had purchases 182,000kg of materials at $7.40 per kg and used 160,000kg in productions, what would be the materials quantity variance efficiency for March? 5. What is the labour rate variance for March? 6. What is the labour efficiency for March?
what is the formula or equations on how to calculate for spending variance for March 31
The total variance is $44000 unfavorable. the total materials variance is $20000 unfavorable. The total labor variance is twice the total overhead variance. What is the total overhead variance?
Alvarado Company produces a product that requires 2 standard direct labor hours per unit at a standard hourly rate of $18.00 per hour. If 5,300 units used 10,900 hours at an hourly rate of $17.28 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance a. Direct labor rate variance $fill in the blank 1 b. Direct labor time variance $fill in the blank 3 c. Direct labor cost variance $fill in the blank 5
s
1. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3. What is the materials price variance for March? (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.)
Calculating labor variances Martin, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.5 hours per glass, at a cost of $18 per hour. The actual results for one month’s production of 6,500 glasses were 0.2 hours per glass, at a cost of $11 per hour. Calculate the direct labor cost variance and the direct labor efficiency variance.
Oriole Company's actual results reveal that it was profitable in the sale of its star product: a high-end spot-cleaning vacuum for upholstery. But it was not nearly as profitable as management had hoped. Oriole's actual income statement and master budget income statement are as follows. In order to keep the focus on product costs, SG&A costs were omitted. Units sold Revenues Variable costs DM DL Variable-MOH Contribution margin Fixed-MOH Operating income DM DL Input Variable-MOH Actual Results Fixed-MOH 10,000 $1,670,000 560,500 216,000 Here are the company's standard cost cards for each product cost. 130,500 763,000 306,000 $457,000 Quantity Standards 3.0 yards 1.6 hours 1.6 hours. Flexible Budget 1.6 hours Price Standards $18.00 per yard $11.00 per hour $7.50 per hour $15.50 per hour Master Budget 12,000 $2,076,000 648,000 211,200 144,000 1,072,800 297,600 $775,200 Standard Cost per Unit $54.00 $17.60 $12.00 $24.80
Required: Calculate all variances and prepare an operating statement for the month endedJune 2015 by using the following table format. Sales variances £ Favourable (F)/Adverse (A) Sales price variance: Sales volume variance: Total sales variance Direct material variances £ Favourable (F)/Adverse (A) Material price variance: Material usage variance: Total direct material variance Direct labour variances £ Favourable (F)/ Adverse (A) Labour rate variance: Labour efficiency variance: Total direct labour variance Variable overhead variances £ Favourable (F)/ Adverse (A) Variable…

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The materials price variance for January is: