Use the following information to answer questions 15 and 16.A company has the following information in its standard cost card:£= 7.00Material 2.5kg at the price of £3/kgDuring the month the company recorded the following:Units producedMaterial usedMaterial cost2,500 units7,850kg£23,180%3D15. Calculate the material price variance.16. Calculate the material usage variance.

Name: Use the following information to answer questions 15 and 16.A company
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Use the following information to answer questions 15 and 16.A company has the following information in its standard cost card:£= 7.00Material 2.5kg at the price of £3/kgDuring the month the company recorded the following:Units producedMaterial usedM

Answered: Image /qna-images/answer/303db6a9-343b-4c71-9866-8c85ed765978.jpg

Business

Accounting

Use the following information to answer questions 15 and 16. A company has the following information in its standard cost card: Material 2.5kg at the price of £3/kg = 7.00 During the month the company recorded the following: Units produced Material used Material cost 2,500 units 7,850kg £23,180 15. Calculate the material price variance. 16. Calculate the material usage variance. II I|||

Use the following information to answer questions 15 and 16. A company has the following information in its standard cost card: Material 2.5kg at the price of £3/kg = 7.00 During the month the company recorded the following: Units produced Material used Material cost 2,500 units 7,850kg £23,180 15. Calculate the material price variance. 16. Calculate the material usage variance. II I|||

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 manufacturing costs of Mocha Industries for 3 months of the year are as follows: Total Cost Production April $103,180 1,400 units May 107,492 1,960 June 114,268 2,840 Using the high-low method, determine the (a) variable cost per unit and (b) the total fixed costs. Round "Cost per unit" answer to two decimal places. a. Variable cost per unit $fill in the blank 1 per unit b. Total fixed costs $fill in the blank 2
ii
The output and production cost of a computer manufacturer for the last four months are as follows: Month Units 8,000 9,600 9,500 9,300 9,300 Мay June 7,900 July August 7,700 7,600 Required: Using the High-Low method, calculate the following: - (а) Variable cost per unit (b) Total fixed cost per unit (c) Total cost that would be incurred in a month for an output of 8,500.
Please don't provide answer in image format thanks
Futon Ltd. is a manufacturing company with the following cost information for one of its products: 4.67 Standard price per kilogram of direct materials 1350 Actual quantity of direct materials purchased (in kg) 1950 Standard quantity allowed for actual production (in kg) $ 305.00 Material purchase variance (favourable) What is the actual purchase price per kg? O a) $4.51 O b) $4.44 O c) $4.90 O d) $4.67
The controller of Hall Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Month TotalMaintenance Costs TotalMachine Hours January $2,817 3,734 February 3,201 4,268 March 3,841 6,402 April 4,801 8,429 May 3,414 5,335 June 4,930 8,536 Determine the variable-cost components using the high-low method. (Round variable cost to 2 decimal places e.g. 12.25.) Variable cost per machine hour $ eTextbook and Media Determine the fixed cost components using the high-low method. (Round answer to 0 decimal places e.g. 2,520.) Fixed costs $
I need help filling out the rest of the empty cells
Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable). Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit - X Data Table AC x AQ SC x AQ SC x SQ $13.00 per DLHr $16.00 per DLHR $16.00 per DLHr 1,650 DLHF 1,650 DLHR 1.200 DLHr $21,450 $26.400 $19,200 Requirements 1. Record Brookman's direct labor journal entry (use Wages Payable). 2. Explain what management will do with this variance information. Cost Efficiency Variance Variance $4.950 F S7,200 U Print Done Print Done
4
Don't give answer in image format
Ww.213.
Question 3 DRS Company showed the following information for the year: Standard variable overhead rate (SVOR) per direct labor hour Standard hours (SH) allowed per unit Actual production in units Actual variable overhead costs | Actual direct labor hours RM3.75 4 15,000 RM222,816 57,200 a) Calculate the standard direct labor hours for actual production. b) Calculate the applied variable overhead. c) Calculate the total variable overhead variance.