Use the information provided to answer the questions. Actual price paid per pound of material $15.00 Total standard pounds for units produced this period 12,600 Pounds of material used 13,300 Direct materials price variance favorable $3,990.00 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 $15.00 Total standard pounds for units produced this period 12,600 Pounds of material used 13,300 Direct materials price variance favorable $3,990.00 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$15.00Total standard pounds for units produced this period12,600Pounds of material used13,300Direct materials price variance favorable$3,990.00All 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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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
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Question Content Area Myers Corporation has the following data related to direct materials costs for November: actual cost for 4, 690 pounds of material at $5.30 and standard cost for 4, 410 pounds of material at $6.30 per pound. The direct materials price variance is a. $1,764 favorable b. $4,690 favorable c. $1,764 unfavorable d. $4,690 unfavorable
Subject: acounting
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 50,200 lbs. at $1.9 per lb. Standard: 51,200 lbs. at 51.95 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 Sfill in the blank 1 (favorable /unfavorable choose 1) Direct Materials Quantity Variance Sfill in the blank 3 (favorable/ unfavorable choose 1) Total Direct Materials Cost Variance Sfill in the blank 5 (favorable /unfavorable choose 1) b. The direct materials price variance should normally be reported to the (plant manager or purchasing department. When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the ( purchasing department/production…
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