Lily Company uses a standard cost accounting system. In 2022, the company produced 28,300 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct laborat astandard hourly rate of $13.00. Normal capacity was 49,900 direct labor hours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchasedwere used during the year.(a)Your answer is correct.If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places. e.g. 2.75.)Standard materials price per poundeTextbook and Media$0.95Attempts: 1 of 3 used the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit?Standard materials quantity per uniteTextbook and MediaSave for LaterpoundsAttempts: 1 of 3 uAttempts: 0 of 3 used Submit Answer

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Description: Lily Company uses a standard cost accounting system. In 2022, the company produced 28,300 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct laborat astandard hourly rate of $13.00. Normal capacity was 49,900 d

Formula of Material quantity variance:- Materials Quantity Variance = (Standard Quantity Units –…

Business

Accounting

the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit eTextbook and Media Save for Later pounds. Attempts: 1 of 3 u Attempts: 0 of 3 used Submit Answer

the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit eTextbook and Media Save for Later pounds. Attempts: 1 of 3 u Attempts: 0 of 3 used Submit Answer

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Lily Company uses a standard cost accounting system. In 2022, the company produced 28,300 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct laborat a
standard hourly rate of $13.00. Normal capacity was 49,900 direct labor hours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchased
were used during the year.
(a)
Your answer is correct.
If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places. e.g. 2.75.)
Standard materials price per pound
eTextbook and Media
$
0.95
Attempts: 1 of 3 used

the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit?
Standard materials quantity per unit
eTextbook and Media
Save for Later
pounds
Attempts: 1 of 3 u
Attempts: 0 of 3 used Submit Answer

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Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to…
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Anderson Manufacturing incurred variable overhead costs of $14,500 and fixed overhead costs of $12,600. How much actual overhead will be used in the total overhead variance calculation? $27,100 $14,500 $1,900 O $12,600 Save for Later Submit Answer