Vaughn produces 5-foot USB cables. During the past year, the company purchased 175,000 feet of plastic-coated wire at a price of $0.30 per foot. The direct materials standard for the cables allows 6 feet of wire at a standard price of $ 0.34 per foot. During the year,the company used a total of 193,000 feet of wire to produce 34,000 5-foot cables.Calculate Vaughn' s direct materials quantity variance for the year.$Direct material quantity varianceFavorable

Direct Material Quantity Variance = ( SQ-AQ) * SP Where SQ is the standard quantity AQ is the…

Answered: Vaughn produces 5-foot USB cables.…

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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During June, Keating Company produced 11,000 rain ponchos using nylon. Nylon costed $0.80 per yard, which is $0.10 cheaper than the standard cost. It also used 6,000 direct labor hours at a rate of $13.00. Its direct materials standard is 2 yards p labor standard is 0.50 hour per poncho. Its materials usage variance was favorable $1,800, and its labor rate variance was a favorable $1,200. Required: Complete the following: (Round the rates to two decimal places.) A. The actual quantity of materials used is B. The standard labor rate is $ per hour.
Casper Concrete manufactures custom concrete countertops for restaurants and individual homeowners. Casper’s actual fixed overhead for the year was $86600. During the year, Casper produced 8500 square feet of countertop and used 4420 direct labor hours. Casper had budgeted to produce 9000 square feet of countertop and had budgeted to use 4500 direct labor hours. Casper’s fixed overhead spending variance was $1200 unfavorable for the year. What was Casper’s budgeted fixed overhead for the year?
ProNet Systems is a start-up company that makes connectors for high-speed Internet connections. The company has budgeted variable costs of $105 for each connector and fixed costs of $8,000 per month. ProNet's static budget predicted production and sales of 100 connectors in August, but the company actually produced and sold only 72 connectors at a total cost of $24,000. ProNet's sales volume variance for total costs is A. $8,440 F. B. $2,940 U. C. $2,940 F. O D. $8,440 U.
Ceder Company has compiled the following data for the upcoming year: Sales are expected to be 15,000 units at $55.00 each. Each unit requires 4 pounds of direct materials at $2.70 per pound. Each unit requires 1.5 hours of direct labor at $18.00 per hour. Manufacturing overhead is $3.70 per unit. Beginning direct materials inventory is $4,200.00. Ending direct materials inventory is $5,150.00. Selling and administrative costs totaled $136,920. Required: 1. Determine Ceder's budgeted cost of goods sold. 2. Complete Ceder's budgeted income statement.
You are given financial statements and a Dupont analysis for Tesco and Ahold. What do you conclude about the two companies’ performances based on these numbers?
Concord Gold manufactures award medals. In August, Concord produced 4,300 medals, 300 more than expected. During the month. the company purchased 1,000 ounces of gold for $803,000. The standard price for the gold is $800 per ounce. The company actually used 900 ounces of gold for production. Calculate Concord's direct materials price variance for the month. (If variance is zero, select "Not Applicable" and enter O for the amounts.) Direct material price variance
Clay makes all sorts of molds. Its standard quantity of material allowed is 1 foot of wood per 1 foot of mold at a standard price of $3.00 per foot. During August, it purchased 200,000 feet of wood at a cost of $2.00 per foot, which produced only 199,000 feet of mold. Calculate the materials price variance. $200,000 F $700,000 U $600,000 U $400,000 F
Scarlett Company has a direct materials standard of 3 gallons of input at a standard price of $13.00 per gallon. During July, Scarlett Company purchased and used 7,470 gallons at an actual price of $12.60 to produce 2,050 units. What is the direct materials price variance?
Baby Corp produces and sells sausages. It expects to sell 4,000 dozen for the year for P45 contribution margin per dozen. The marketing manager expects the total market to be 10,000 dozen per year. The corporation sold 5,000 dozen at P40 contribution margin per unit. The total market was 25,000 dozen. Compute the total sales quantity variance on contribution margin. Indicate if favorable or unfavorable.
Good Eats Inc. manufactures flatware sets. The budgeted production is for 80,000 sets this year. Each set requires 2.5 hours to polish the material. If polishing labor costs $15.00 per hour, determine the direct labor cost budget for polishing for the year.$____
Waterway, Inc. makes high-quality swimsuits. During the year, the company produced 801 suits, using 966 yards of material, and the company purchased 860 yards of material for $4,751. The direct materials standard for the swimsuits allows 1.14 yards of material at a standard price of $6 per yard.Calculate Waterway’s direct materials quantity variance for the year. (If variance is zero, select "Not Applicable" and enter 0 for the amounts. Round answer to 0 decimal places, e.g. 15.) Direct material quantity variance $ UnfavorableFavorableNot Applicable
A company developed the following per-unit standards for its product: 2 pounds of direct materials at $10 per pound. Last month, 3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month was O $13300 favorable. O $21700 favorable. O $21700 unfavorable. O $10850 favorable.

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