What is the total direct material cost variance? The standard materials cost to produce 1unit of Product T is 8 pounds of material ata standard price of $45 per pound. Inmanufacturing 4,200 units, 33,600 poundsof material were used at a cost of $47 perpound. What is the total direct materialscost variance?

Explanation of Direct Materials Cost Variance:The direct materials cost variance measures the…

Answered: The standard materials cost to produce…

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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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
The standard material costs of finished product PEP are as follows: 2 kg raw material A @ R10 per kg Actual information: Purchase of raw material A 2 000 kg @ R9.50 per kg Issue of raw material A 1 200 kg Units of product PEP manufactured 280 units Required Calculate the following in respect of material A (a) Purchase price variance (3) (b) Issue price variance (c) Quantity variance (d) Total variance.
Based on the following information, calculate the direct materials price variance. Actual costs 3,590 pounds at $8.00 Standard costs 4,100 pounds at $6.00
The standard cost of direct materials is £4 per kg and the standard quantity 2kg per unit of output. The actual cost is £3.80 per kg and the actual quantity used is 2.1kg per unit. 20,000 units are produced in the period. What is the direct materials price variance? OA. £8,400 adverse OB. £8,000 adverse OC. £8,000 favourable D. £8,400 favourable
Assume the following (quantity of materials purchased = quantity of materials used): Standards: Material price $4 per pound Labor hours 2 hours per unit Labor rate $11 pr hour Variances: Material quantity $400 U Material price $300 F Labor efficiency $1,100 F Actual results: Material price $3.80 per pound Labor hours 1,500 hours $12 per hour Labor rate What is the total standard quantity of materials allowed for the actual level of output? A. 1,200 pounds B. 1,400 pounds C. 1,800 pounds D. 2,200 pounds E. None of the above.
The amount of the direct materials quantity variance is?
A total of 6,850 kg of a raw material was purchased at a total cost of P21,920. The material price variance was P1,370 favorable. The standard price per kg for the raw material must be?
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 4,900 lb. @ $5.85 5,000 lb. @ $5.90 2,000 hrs. @ $20.00 Direct Material Direct Labor 1,900 hrs. @ $20.50 Determine the labor efficiency variance. Select one: a. $2,000 F b. $2,000 U c. $2,050 F d. $2,050 U e. None of the above
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The standard materials cost to produce 1 unit of Product R is 9 pounds of material at a standard price of $53 per pound. In manufacturing 5,000 units, 44,000 pounds of material were used at a cost of $54 per pound. What is the total direct materials cost variance?
The actual cost of direct materials is $48.25 per pound, while the standard cost per pound is $50.75. During the current period, 4,800 pounds were used in production. What is the direct materials price variance?
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs Direct Material 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the labor efficiency variance. Select one: a. $4,410 U b. $4,410 F c. $4,500 F d.$4,500 U e.None of the above

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The standard materials cost to produce 1 unit of Product T is 8 pounds of material at a standard price of $45 per pound. In manufacturing 4,200 units, 33,600 pounds of material were used at a cost of $47 per pound. What is the total direct materials cost variance?