Need help please The Wright Company has a standard costing system. The following dataare available for September:Actual quantity of direct materials purchased 60,000 poundsStandard price of direct materialsMaterial price variance$2per pound$6,000 unfavorableMaterial quantity variance$3,000 favorableThe actual price per pound of direct materials purchased in Septemberis:A. $2.12B. $2.10C. $1.88D. $2.00

Step 1: Introduction to the Direct MaterialsThe direct materials costs are those product costs that…

Answered: The Wright Company has a standard…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 9EB: Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured 115,000 units. The standard cost sheet indicates that the standard direct labor cost per unit is $1.50. The performance report for the period includes an unfavorable direct labor rate variance of $3,700 and a favorable direct labor time variance of $10,275. What was the total actual cost of direct labor incurred during the period?
Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: Make journal entries to charge materials (use the materials purchase price variance) and labor to Work in Process. (Remember to retrieve the standard costs from E8-10 before solving this exercise.)
The Swenson Company has a standard costing system. The following data areavailable for June:Actual quantity of direct materials purchased35,000 pounds Standard price of direct materials£4 per pound Material price variance£7.000 unfavourable Material quantity variance£4,200 favourable The actual price per pound of direct materials purchased in June is:A. £3.92B. £4.20C. £4.08D. £4.32
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials purchased 25,000 pounds 2.00 per pound $ 2,500 Unfavorable $ 4,200 Favorable Standard price of direct materials Material price variance Material quantity variance The actual price per pound of direct materials purchased in June was:
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Matt Company uses a standard cost system. Information for raw materials for Product RBI for the month of October is as follows: P1.60 Standard unit price P1.55 2,000 units Actual purchase price per unit Actual quantity purchased Actual quantity used 1,900 units 1,800 units Standard quantity allowed for actual production What is the materials purchase price variance?
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Oreeo Company uses a standard cost system. Information for raw materials for product G for the month of November is as follows: Standard unit price, P1.60 Actual purchase price per unit, P1.55 Actual quantity purchased, 2,000 units Standard quantity allowed for actual production, 1,800 units What is the materials purchase price variance? P100 favorable P100 unfavorable P90 favorable P90 unfavorable
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