Solve the problem The standard costs and actual costs for directmaterials for the manufacture of 2,500 actual units ofproduct are:Standard Costs:Direct materials - 2,500 kilograms @ $8.50Actual Costs:Direct materials - 2,603 kilograms @ $8.75The amount of the direct materials quantity varianceis?

Direct material quantity variance = (Standard quantity allowed - Actual quantity used) x Standard…

Answered: The standard costs and actual costs for…

Managerial Accounting

15th Edition

ISBN:9781337912020

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

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

Chapter6: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 2DQ: Which of the following costs would be classified as variable and which would be classified as fixed,...

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Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials8,000 units at Rs. 5 per unit Direct labor:7,000 hours at Rs. 6 per hour Actual costs Direct materials8,500 units at Rs. 4.5 per unit Direct labor:6,500 hours at Rs. 6.25 per hour Required f. Material Price Variance and Material Quantity Variance g. Labor Rate Variance and Labor Efficiency Variance h. Entries in general journal to record the above information
Assume the following: • The standard price per pound is $3.00. • The actual quantity of materials purchased is 60,000 pounds. • The actual quantity of materials used in production is 62,000 pounds. • The actual purchase price per pound of materials was $3.10. What is the materials price variance? Multiple Choice O O $6,000 F $6,200 F $6,000 U $6,200 U
Given the following information: 2a) the standard material costs of finished product X are as follows 2kg raw material Y @R10 per kg Actual information Purchases of raw material Y 1000kg @R9, 50 per kg Issues of raw material Y 600 kg Units of product X manufactured 290 units Calculate the following variances in respect of material i) Purchase price variance ( 5) ii) Issue price variance (5) iii) Quantity variance (5) iv) Total material variance if an issue price variance is used (5)
Assume the following information (the quantity of materials purchased the quantity used): Actual total cost of direct materials Direct materials price variance Standard quantity of materials allowed per unit Standard price per pound of material Standard rate per direct labor hour Actual total direct labor hours Direct labor efficiency variance Standard number of direct labor hours allowed per unit. Direct labor spending variance What is the standard price (SP) per pound of materials? $ 65,560 $ 5,960 U 3 pounds $ 4.00 $ 5.00 6,500 $ 3,500 F 2 hours $ 400 U
Subject: Cost Accounting
Can you answer both of these questions
possible Standard material cost per kg of raw material is $8.75. Standard material allowed per unit is 6 Kg. Actual material used per unit is 6.25 Kg. Actual cost per kg is $8.00. What is the standard cost per output unit? O A. $48.00 B. $52.50 C. $50.00 D. $54.69 A: S Next
The standard cost of a chemical mix is as follows-4 tons of material P at Rs. 20 per ton6 tons of material Q at Rs. 30 per tonActual cost for a period is as under-4.5 tons of material P at Rs. 15 per ton5.5 tons of material Q at Rs. 34 per tonActual yield is 5.5 tons.Compute all material variance. Also show workings.
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
Jenny Company's direct material costs are as follows: Standard unit price - $3.60 Actual quantity purchased 1,600 Standard quantity allowed for actual production 1,450 Materials purchase price variance - favorable $240 Compute the actual purchase price per unit.
Information about direct materials cost follows for Jennings Chemicals: Standard price per gallon Actual quantity used Standard quantity allowed for production Price variance Required: What was the actual purchase price per gallon? Note: Round your answer to 2 decimal places. Actual purchase price per gallon $ 56 4,370 gallons 4,400 gallons $ 17,043 U
Which of the following costs would be classified as variable and which would be classified as fixed, if units produced is the activity base? A. Direct materials costs B. Electricity costs of 0.35 per kilowatt-hour

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The standard costs and actual costs for direct materials for the manufacture of 2,500 actual units of product are: Standard Costs: Direct materials - 2,500 kilograms @ $8.50 Actual Costs: Direct materials - 2,603 kilograms @ $8.75 The amount of the direct materials quantity variance is ?