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 $

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 $

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Description: Use the information provided to answer the questions.Actual price paid per pound of material$14.00Total standard pounds for units produced this period12,500Pounds of material used13,200Direct materials price variance favorable$4,620.00All material p

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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The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 60,900 lb. at $1.70 Standard: 59,100 lb. at $1.75 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance $fill in the blank 1 Quantity variance $fill in the blank 3 Total direct materials cost variance $fill in the blank 5
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,500 automobile tires: Actual: 51,100 lbs. at $1.75 per lb. Standard: 49,600 lbs. at $1.8 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance $fill in the blank 1 Direct Materials Quantity Variance $fill in the blank 3 Total Direct Materials Cost Variance $fill in the blank 5 b. The direct materials price variance should normally be reported to the . If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the . If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the .
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Material Material Actual Standard Actual Standard Price Usage Total Supplier Price Price Quantity Quantity Var Var Variance Current $7.50 $7.50 25,000 24,240 $0 Alternative #1 $7.35 $7.50 25,500 24,240 $0 Alternative #2 $7.58 $7.50 24,400 24,240 $0 Standard Quantity is 2.02 components Quantity produced is 12,000 You are a plant manager and have been approached by your purchasing manager about swapping out one of your suppliers. The manager has identified a vendor who will supply a key component at a 2% discount to your current supplier. At the same time, the supervisor of the group approaches you to indicate that the current supplier is not consistently meeting tolerances. The supervisor suggests a second vendor who promises better quality. You decide to run three batches, each with a different component. Results are in the table above. Task 1 Calculate the Material Price Variance for each component. Task 2 Calculate the Material Usage Variance for each component. Task 3 Based on the…
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required a. Material Price Variance and Material Quantity Variance b. Labor Rate Variance and Labor Efficiency Variance
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 60,000 lbs. at $1.8 per lb. Standard: 61,800 lbs. at $1.85 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance $ Direct Materials Quantity Variance $ Total Direct Materials Cost Variance $ b. The direct materials price variance should normally be reported to the . When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the . When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the .
actual price paid for material $1.00 standard price for material $1.20 actual quality purchased and used in production 100 standard quality for units produced 110 actual labor rate per hour $15.00 standard labor rate per hour $16.00 actual hours 200 standard hours for unit produced 220 Required: Compute the material price and quantity, and the labor rate and efficiency variances. Describe the possible causes for this combination of favorable and unfavorable variances.
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Question Content Area Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 900,000 lbs. at $2.75 per lb.Standard: 916,000 lbs. at $2.70 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance Direct Materials Price Variance $fill in the blank 1 Direct Materials Quantity Variance $fill in the blank 3 Total Direct Materials Cost Variance $fill in the blank 5
4.