Torrance Industries has the following information concerning its direct materials: Direct Materials Standard Quantity 120,000 Actual Quantity 90,000 Standard Price $5 $6 Actual Price A. Determine the materials price variance and whether it is favorable or unfavorable. B. Determine the materials usage variance and whether it is favorable or unfavorable.
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- Use the information provided to answer the questions. All material purchased was used in production. A. What is the standard price paid for materials? B. What is the direct materials quantity variance? C. What is the total direct materials cost variance? D. If the direct materials price variance was unfavorable, what would be the standard price?Tokan company has the following information concerning it's direct material need answer this questionLongman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.9 pound per glass at a cost of $0.50 per pound. The actual result for one month's production of 7,100 glasses was 1.4 pounds per glass, at a cost of $0.40 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance. .....
- DhapaPerfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.35 feet of leather and predicts leather will cost $4.20 per foot. Suppose Perfect Ret made 85 collars during February. For these 85 collars, the company actually averaged 2.50 feet of leather per collar and paid $3.80 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar Reg 2 and 3>Rayan Ltd has provided the following information:Quantity (kg) Unit Rate (Rs.) Total (Rs.)StandardMaterial X 10 2 20Material Y 20 3 60Material Z 20 6 120Total 50 200ActualMaterial X 5 3 15Material Y 10 6 60Material Z 15 5 75Total 30 150You are required to compute the following and interpret the result:a) Material cost varianceb) Material price variancec) Material usage variance Do not give answer in image
- The materials price variance should be computed a. when materials are purchased b. when materials are used in production c. based upon the amount of materials used in production when only a portion of materials purchased is actually used d. based upon the difference between the actual quantity of inputs and the standard quantity allowed for output times the standard priceWhich of the following statements is true with respect to the materials price variance? Multiple Choice It is computed using the actual quantity of materials purchased. It is computed using the standard quantity of materials purchased. It is computed using the standard quantity of materials used in production. It is computed using the actual quantity of materials used in production.Which of the following is the correct formula for the direct materials quantity variance? O a. (Actual Quantity - Actual Price) - (Standard Quantity Standard Price) O b. (Actual Quantity- Standard Quantity) * Actual Price O c. (Actual Price - Standard Price) × Actual Quantity O d. (Actual Quantity - Standard Quantity) x Standard Price
- Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $4.40 per pound) Direct labor (6 hours @ $14 per hour) Variable overhead (6 hours @ $8 per hour) Fixed overhead (6 hours @ $11 per hour) $ 132.00 84.00 48.00 66.00 $ 330.00 Standard cost per unit Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 50,000 units per quarter. The following additional information is available. Production (in units) Standard direct labor hours (6 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Operating Levels 70% 80% 90% 35,000 210,000 40,000 240,000 45,000 270,000 $ 2,640,000 $ 1,680,000 $ 2,640,000 $ 2,640,000 $ 1,920,000 $ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 45,000 units; actual direct labor totaled 266,000 hours. Units produced were assigned the following…H1. Answer b pleaseDeluxe, Inc. produced 1,000 units of the company's product in 2018. The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.05 per yard. The accounting records showed that 2,600 yards of cloth were used and the company paid $1.10 per yard. Standard time was two direct labor hours per unit at a standard rate of $10.75 per direct labor hour. Employees worked 1,400 hours and were paid $10.25 per hour. Read the requirements. Requirement 1. What are the benefits of setting cost standards? Standard costing helps managers do the following: Requirement 2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC actual cost; AQ = actual…