The standard cost of Product B manufactured by Pharrell Company includes 2.2 units of direct materials at $5.60 per unit. During June, 26,700 units of direct materials are purchased at a cost of $5.35 per unit, and 26,700 units of direct materials are used to produce 12.000 units of Product B (a) Compute the total materials variance and the price and quantity variances Total materials variance Materials price variance Materials quantity variance $ (b) $ $ Compute the total materials variance and the price and quantity variances, assuming the purchase price is $5.70 and the quantity purchased and used is 26,900 units. $ Total materials variance Materials price variance Materials quantity variance $ $ SUP

The standard cost of Product B manufactured by Pharrell Company includes 2.2 units of direct materials at $5.60 per unit. During June, 26,700 units of direct materials are purchased at a cost of $5.35 per unit, and 26,700 units of direct materials are used to produce 12.000 units of Product B (a) Compute the total materials variance and the price and quantity variances Total materials variance Materials price variance Materials quantity variance $ (b) $ $ Compute the total materials variance and the price and quantity variances, assuming the purchase price is $5.70 and the quantity purchased and used is 26,900 units. $ Total materials variance Materials price variance Materials quantity variance $ $ SUP

Name: The standard cost of Product B manufactured by Pharrell Company inclu
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: The standard cost of Product B manufactured by Pharrell Company includes 2.2 units of direct materials at $5.60 per unit. DuringJune, 26,700 units of direct materials are purchased at a cost of $5.35 per unit, and 26,700 units of direct materials ar

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

Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 7,200 units of product were as follows: Standard Costs Actual Costs Direct materials 9,400 lb. at $4.80 9,300 lb. at $4.60 Direct labor 1,800 hrs. at $18.30 1,840 hrs. at $18.60 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 1,880 direct labor hrs.: Variable cost, $3.60 $6,420 variable cost Fixed cost, $5.70 $10,716 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials price variance…
The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.9 pounds $13.70 per pound 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 5,550 pounds $63,380 5,050 pounds 750 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month? Multiple Choice $5,710 U $15,702 U $18,838 U $6,850 U
Ivanhoe Company purchased (at a cost of $14,960) and used 2,200 pounds of materials during May. Ivanhoe's standard cost of materials per unit produced is based on 2 pounds per unit at a cost $7.00 per pound. Production in May was 1,020 units. (a) Compute the total, price, and quantity variances for materials. Total Materials Variance $ Materials Price Variance $ Materials Quantity Variance $ < <
Yogesh
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
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 6,500 lbs. Actual unit price of direct materials $5.9 per lb. Units of finished product manufactured 3,120 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance—unfavorable $1,586 Direct materials price variance—favorable $1,300 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished fill in the blank 1 units Standard finished product for direct materials used fill in the blank 2 units Deficiency of finished product for materials used fill in…
H
Question: Calculating Material Variances: At Frigicor, The Standard Price For The M640 Electrical Relay (A Component Used In The Production ... Calculating Material Variances: At Frigicor, the standard price for the M640 electrical relay (a component used in the production of a commercial refrigeration unit) is $57. Standards call for 2.5 relays per unit of finished product. In July, the company purchased 150 relays for $8,900. The company used 104 relays in the production of 50 refrigeration units (4 relays were damaged in the installation process). Required: calculate the material price variance and the material quantity variance related to the M640 electrical relay. Indicate whether the variances are favorable or unfavorable. (show work)
Kingbird Company has determined that the standard cost to manufacture its product includes 2 units of direct materials at $6.00 per unit. During January, the company purchased 50,400 units of direct materials at a cost of $5.90 per unit and used 50,400 units of direct materials to produce 23,300 units of its product. Calculate the total materials variance, and the price and quantity variances. Materials Variance Materials Price Variance Materials Quantity Variance 69 $ 5040 Unfavourable Favourable Unfavourable
Use this information for Pink Peach Company to answer the question that follows. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.91; actual, $2.05 Standard yards per unit: standard, 4.73 yards; actual, 5.21 yards Units of production: 9,300 Compute the direct materials quantity variance. Oa. $8,526.24 favorable Ob. $8,526.24 unfavorable Oc. $9,151.20 unfavorable Od. $9,151.20 favorable
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 5,800 lbs. Actual unit price of direct materials $3.90 per lb. Units of finished product manufactured 1,390 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $984 Direct materials price variance—favorable $1,160 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials…
A manufacturing company reports the following for one of its products. Compute the direct materials (a) price variance and (b) quantity variance and classify each as favorable or unfavorable.