Please do not give solution in image format thanku The standard costs and actual costs for direct materials for the manufacture of 2,760 actual units of product are as follows:Direct materialsStandard Costs2,760 kilograms @$8.90Direct materialsActual Costs2,900 kilograms @ $8.40The direct materials quantity variance isOa. $1.246 favorableOb. $997 favorableOc. $1.246 unfavorableOd. $997 unfavorable

Direct materials quantity variance is the difference between the actual materials used and standard…

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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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The standard costs and actual costs for direct materials for the manufacture of 2,300 actual units of product are as follows: Standard Costs Direct materials Direct materials Actual Costs The direct materials price variance is Oa. $166 unfavorable Ob. $368 favorable Oc. $166 favorable Od. $368 unfavorable 1,040 kilograms at $8.51 2,300 kilograms at $8.35
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Subject: Cost Accounting
The standard costs and actual costs for direct materials for the manufacture of 2,800 actual units of product are Standard Costs Direct materials (per completed unit) 1,040 kilograms @$8.82 Actual Costs Direct materials 2,800 kilograms @ $8.40 Round your final answer to the nearest dollar. The amount of direct materials price variance is a.$437 unfavorable b.$1,176 unfavorable c.$1,176 favorable d.$437 favorable
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
nformation about direct materials cost follows for a local company: Standard price per materials gram $ 16 Actual quantity used 2,750 grams Standard quantity allowed for production 2,900 grams Price variance $ 13,750 F Required: What was the actual purchase price per gram?
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
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NXE manufacturing concern furnishes the following information: Standards: Material for 70kg finished products: 100kg Price of Material: $ 1 per kg Actual: Actual Production (Output) : 210000 Material Used : 280000 Cost of Materials 252000 Calculate (a) Material Usages Variance and (b) Material Price Variance
Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production $ 2,450 grams 2,600 grams $19,600 F 19 Price variance Required: What was the actual purchase price per gram? Actual purchase price per gram
The standard costs and actual costs for direct materials for the manufacture of 3,000 actual units of product are Actual Material price per pound of direct material Quantity of material in pound per unit of product Actual production untis of product BDMOV (AQ SQ) for Actual Production x SP C DMCV DMPV + DMOV Actual cost per unit of product (AC) Standard costs per unit of product (SC) $8.00 Alternate formula to compute DMCV= (Actual cost-standard cost) per unit x # of units 065 3,000 Required: Compute the followings variances and indicate if they are favorable (F) or unfavorable (UF) A. Direct material Price variance (DMPV) B. Direct matenal Quantity variance (DMQV) C. Total Direct material Cost variance (DMCV) Solution: A.DMPV = (AP-SP) x AQ for Actual Production Standard Variance $ For UF ($1,462 50) F ($5,250.00) F AQ $8.75 SQ 0.45 ($6.712 50) F 1950 1350 Acronyms: AP Actual price per unit of Material SP Standard price per unit of Material AQ-Actual quantity of Material for Actual…
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