The standard costs and actual costs for direct materials for the manufacture of 2,000 actualunits of product are as follows:Standard CostsDirect materials1,040 kilograms at $8.64Actual CostsDirect materials2,000 kilograms at $8.30The direct materials price variance is①a.0000a. $680 favorableb. $354 unfavorablec. $354 favorabled. $680 unfavorable

The objective of the question is to calculate the direct materials price variance. The direct…

Answered: The standard costs and actual costs for…

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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Subm The standards for product V28 call for 8.0 pounds of a raw material that costs $18.80 per pound. Last month, 1,900 pounds of the raw material were purchased for $35,340. The actual output of the month was 210 units of product V28. A total of 1,800 pounds of the raw material were used to produce this output. 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? Note: 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
Information concerning Johnston Company's direct materials costs is as follows: Standard price per pound $ 8.05 Actual quantity purchased 3,450 pounds Actual quantity used in production 3,350 pounds Units of product manufactured 860 Materials purchase-price variance–favorable $ 1,015 Budget data for the period: Units to manufacture 1,160 Units of direct materials 4,640 pounds The actual purchase price per pound of direct materials was: $7.72. $8.34. $8.72. $8.09. $7.76.
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The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material Direct labor $ 8.00 $13.00 50,000 gallons @ $3.90 per gallon 23,500 hours @ $12.75 per hour The direct material usage variance was:
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago 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 70,000 units of product were as follows: Line Item Description Standard Costs Actual Costs Direct materials 189,000 lbs. at $4.60 per lb. 187,100 lbs. at $4.40 per lb. Direct labor 17,500 hrs. at $18.30 per hr. 17,900 hrs. at $18.70 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 18,260 direct labor hrs.: Factory overhead Variable cost, $3.40 $58,910 variable cost Factory overhead Fixed cost, $5.40 $98,604 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…
Titan Company has a materials price standard of $4.00 per pound. Twelve thousand pounds of materials were purchased at $4.40 a pound. The actual quantity of materials used was 12,000 pounds, although the standard quantity allowed for the output was 10,800 pounds. Titan's total materials variance is: A. $10,080 F B. $9,600 F C. $9,600 U D. $10,080 U Titan's materials price variance is A. $480 U B. $4,800 U C. $4,320 U D. $4,800 F
Coronado Industries has a materials price standard of $2 per pound. 5000 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5000 pounds although the standard quantity allowed for the output was 4300 pounds. Coronado Industries's materials price variance is O $1000 U. O $1000 F. O $140 U. O $860 U. Save for Later O 6: ( 199 C Attempts: 0 of 1 used Submit Answer 55°F
1. The standard and actual prices per pound of raw material are $4.00 and $4.50, respectively. A total of 10,500 pounds of raw material was purchased and then used to produce 5,000 units. The quantity standard allows two pounds of the raw material per unit produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the material price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable
The manufacturing overhead variance for 20X6 is: Select one: a. $25,000 over-applied b. $49,000 under-applied c. $2,900 over-applied d. $25,000 under-applied Clear my choice
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