Hi expart Provide correct solution Use the following data:Materials StandardMaterials Standard7 pounds per unit produced$7 per poundActual materials used 68,000 pounds for 10,000 units producedActual materials used $7.30 per pound1. What is the Quantity Variance?2. What is the Price Variance?

Step 1: Introduction to the Direct Materials VarianceThe total direct materials cost variance…

Answered: Use the following data: Materials…

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 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
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Data table Direct materials information Standard pounds per unit.. Standard price per pound..... Actual quantity purchased and used per unit Actual price paid for material per pound.. Direct materials price variance.... Direct materials quantity variance.. Total direct material variance.. Number of units produced Medium speed bump $ Large speed bump 15 1.00 $ ? 1.80 $ $1,120 U 100 F ? 100 ? 1.80 16 2.10 $1,920 U ? $480 U 400 I
Use the information provided to answer the questions. Actual Price Paid Per Pound of Material: $14.50 Total Standard Pounds for Units Produced This Period 12,500 Pounds of Material Used 13,250 Direct Material Price Variance Favorable $4,637.50 All material purchased was used in production. A. What is the standard price 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?
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
2 Using the following product information, calculate the direct materials price variance and the direct materials quantity variance. Indicate whether each variance is favorable or unfavorable. Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used Direct materials standard (4 pounds @ $25 per pound) AQ Actual Quantity SQ= Standard Quantity AP Actual Price SP Standard Price 19,700 pounds 4,700 units $ 100 per unit $ 531,900 Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. 5:42 Actual Cost 0 S 0 5 0 $ 0 + + 69 0 Standard Cost 13
Use the information provided to answer the questions. Actual price paid per pound of material $14.00 Total standard pounds for units produced this period 12,500 Pounds of material used 13,200 Direct materials price variance favorable $4,620.00 All material purchased was used in production. Enter all amounts as positive, numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 200 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance
If the materials price variance is $3300 F and the materials quantity and labor variances are each $1800 U, what is the total materials variance? a.$3300 F b. $1800 U c. $1500 F d. $4050 U
Please solve a and b
The Bronze Company produces Product Y. Direct labor standard input for one output = .30 Direct labor standard cost per input = $9.00 Actual Results Units of output 4,000 Labor costs $11,470 Labor hours of input 1,240 Actual price per hour $9.25 a. What is the manufacturing direct labor price variance? b. What is the manufacturing direct labor efficiency variance?
5. Using the data below, find the graphical solution for variance on quantity first and material cost first, then find the total variance. Product Element Estimate Material cost per unit $30.00 Number of units 150 Actual $40.00 250

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Use the following data: Materials Standard Materials Standard 7 pounds per unit produced $7 per pound Actual materials used 68,000 pounds for 10,000 units produced Actual materials used $7.30 per pound 1. What is the Quantity Variance? 2. What is the Price Variance?