The standard product mix for making 12,500 tubes of liquid solder is: Kgs. Cost /unit Tolal cost Material A 1,500.00 0.06 90.00 Material B 625.00 0.40 250.00 Material C 1.000.00 0.25 250.00 During April, 77,500 tubes were produced from an input of: Kgs. Cost /unit Total cost 0.056 490.00 0.380 1,425.00 Material A 8,750.00 Material B 3,750.00 Material C 6,250.00 0.280 1,750.00 Compute for the materials yield variance. Indicate whether favorable or unfavorable.

The standard product mix for making 12,500 tubes of liquid solder is: Kgs. Cost /unit Tolal cost Material A 1,500.00 0.06 90.00 Material B 625.00 0.40 250.00 Material C 1.000.00 0.25 250.00 During April, 77,500 tubes were produced from an input of: Kgs. Cost /unit Total cost 0.056 490.00 0.380 1,425.00 Material A 8,750.00 Material B 3,750.00 Material C 6,250.00 0.280 1,750.00 Compute for the materials yield variance. Indicate whether favorable or unfavorable.

Name: PRESENT YOUR ANSWER AS: 10 FAVORABLE OR 10 UNFAVORABLE.The standard p
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: PRESENT YOUR ANSWER AS: 10 FAVORABLE OR 10 UNFAVORABLE.The standard product mix for making 12,500 tubes ofliquid solder is:Cost /unit Tolal cost90.00Kgs.Material A1,500.000.06Material B625.000.40250.00Material C1,000.000.25250.00During April, 77,500

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

The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below: Standard Quantity or Hours 5.0 millilitres 0.2 hours Standard Price or Rate Standard. Cost Direct materials Direct labour $ 0.26 per millilitre $12.00 per hour During the most recent month, the following activity was recorded: a. 20,500 millilitres of material was purchased at a cost of $0.21 per millilitre. b. All of the material was used to produce 2,100 bottles of Clean-All. c. 650 hours of direct labour time was recorded at a total labour cost of $7,800. $1.30 $2.40 Assume that instead of producing 2,100 bottles of Clean-All during the month, the company produced only 2,000 bottles, using 16,500 millilitres of material. (The rest of the material purchased remained in raw materials inventory.) Materials price variance Materials quantity variance Required. Compute the direct materials price and quantity variances for the month. (Indicate the effect of each variance by selecting…
Marciano Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) 3 Cost per pound of direct materials $3 The company plans to produce 2,500 units and has purchased on account 15,000 pounds of direct materials at a net cost of $42,000. What is the journal entry to record this transaction? A. Raw Materials Inventory 42,000 Direct Materials Cost Variance 3,000 Accounts Payable 39,000 B. Raw Materials Inventory 39,000 Direct Materials Cost Variance 3,000 Accounts Payable 42,000 C. Raw Materials Inventory 42,000 Direct Materials Cost Variance 3,000 Accounts Payable 45,000 D. Raw Materials Inventory 45,000 Direct Materials Cost Variance 3,000 Accounts Payable 42,000
Bulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 3.5 grams 0.7 hours 0.7 hours Standard Price or Rate $ 1.00 per gram $ 11.00 per hour The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate $ 2.00 per hour 3,000 units 11,370 grams 1,910 hours. 12,100 grams $ 1.20 per gram $ 11.40 per hour $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for July is: Multiple Choice O $764 F О $764 U О $840 U о $840 F
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $5 per pound) Direct labor (2 hours @ $14 per hour) $ 80 28 During May the company incurred the following actual costs to produce 8,100 units. Direct materials (131,800 pounds @ $4.80 per pound) Direct labor (20,300 hours @ $14.10 per hour) AR Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours $ 632,640 286,230 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance.
The standard costs and actual costs for direct materials for the manufacture of 2,600 actual units of product are as follows: Standard Costs Direct materials 1,040 kilograms @$8.88 Actual Costs Direct materials 2,600 kilograms @ $8.00 The direct materials price variance is a.$915 favorable b.$2,288 favorable c.$915 unfavorable d.$2,288 unfavorable
Frazier Manufacturing Company collected the following production data for the past month: Units Produced Total Cost 1,600 $66,000 1,300 56,100 1,500 62,700 1,100 49,500 If the high-low method is used, what is the monthly total cost equation? Total cost = $16,500 + $30/unit Total cost = $13,200 + $33/unit Total cost = $9,900 + $36/unit Total cost = $0 + $45/unit
Presented below are summary financial data from Pebble Company’s annual report: Assume that the Pebble Company is all equity financed. Calculate the following ratios for Years 1 and 2: Return on equity, Return on assets (levered), Return on sales (levered), Total asset turnover, Financial leverage
Doogan Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.4 grams $ 2.00 per gram Direct labor 0.5 hours $ 20.00 per hour Variable overhead 0.5 hours $ 7.00 per hour The company produced 5,200 units in January using 39,310 grams of direct material and 2,380 direct labor-hours. During the month, the company purchased 44,400 grams of the direct material at $1.70 per gram. The actual direct labor rate was $19.30 per hour and the actual variable overhead rate was $6.80 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for January is:
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $4 per pound) Direct labor (4 hours @ $14 per hour) $ 56 56 During May the company incurred the following actual costs to produce 8,600 units. Direct materials (123,200 pounds @ $3.80 per pound) Direct labor (38,700 hours @ $14.10 per hour) AR Actual Rate SR Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price AH = Actual Hours SH Standard Hours $ 468,160 545,670 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost Standard Cost < Prev 8 of 8 Next
Sharp Company manufactures a product for which the following standards have been set:Standard Quantity Standard Price Standardor Hours or Rate CostDirect materials .............. 3 feet $5 per foot $15Direct labor .................... ? hours ? per hour ?During March, the company purchased direct materials at a cost of $55,650, all of which were usedin the production of 3,200 units of product. In addition, 4,900 hours of direct labor time were worked onthe product during the month. The cost of this labor time was $36,750. The following variances have beencomputed for the month:Direct materials quantity variance .......... $4,500 UTotal direct labor variance ...................... $1,650 FDirect labor efficiency variance ................ $800 URequired:1. For direct materials:a. Compute the actual cost per foot for materials for March.b. Compute the materials price variance and a total variance for materials.2. For direct labor:a. Compute the standard direct labor rate per hour.b.…
The following actual and standard cost data for direct material and direct labor relate to the production of 4,00 Actual Costs Standard Costs Direct Material 7,700 lb. $2.65 8,000 lb. @ $2.50 Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00 Determine the materials price variance. Select one: a. $1,200 F b. $1,200 U c. $1,155 U d. $1,155 F e. None of the above
ELU Company makes two products in a single facility. These products have the following unit product costs: Product A Product B Direct materials $10.90 $15.80 Direct labour 12.50 12.60 Variable manufacturing overhead 2.40 1.20 Fixed manufacturing overhead 11.60 7.20 Unit product cost $37.40 $36.80 Additional data concerning these products are listed below. Product A Product B Mixing minutes per unit 2.00 1.00 Selling price per unit $55.80 $54.60 Variable selling cost per unit $2.10 $1.40 Monthly demand in units 2,000 1,000 The mixing machines are potentially a constraint in the production facility. A total of 4,000 minutes are available per month on these machines. Direct labour is a variable cost in this company. Required: How many minutes of mixing machine time would be required to satisfy demand for both products? How many of each product should be produced, rounded to the nearest…