Vortex Metals has a material standard of 2.6 pounds per unit of output. Each pound has a standard price of $14 per pound. During August, Vortex paid $66,360 for 5,180pounds, which were used to produce 1,900 units. What is the direct materials quantity variance?
Q: What is the amount of ending finished goods inventory?
A: Explanation of Variable Costing: Variable costing is an inventory valuation method that includes…
Q: What was the margin for the past year?
A: Explanation of Net Operating Income:Net Operating Income (NOI) refers to the profit a company earns…
Q: Please solve this question General accounting and step by step explanation
A: Step 1: Detailed Explanation of Tax Consequences to Redwood CorporationWhen a corporation…
Q: What are the total budgeted cash?
A: Step 1: DefinitionsDescription of Budgeted Cash Disbursements:Budgeted cash disbursements refer to…
Q: I need help with this problem and accounting
A: Step 1: Detailed explanation of Contribution MarginContribution margin is the difference between the…
Q: None
A: Step 1: Definition of Capital TurnoverCapital turnover is a financial ratio that measures how…
Q: Can you explain this financial accounting question using accurate calculation methods?
A: Step 1: Detailed Explanation of Dividend Discount ModelThis problem requires using the dividend…
Q: Hii teacher please provide for General accounting question answer do fast
A: Step 1: Definition of Materials Quantity VarianceMaterials Quantity Variance measures the difference…
Q: Please provide the solution to this general accounting question with accurate financial…
A: Step 1: Definition of Days' Sales in ReceivablesDays' sales in receivables is a financial metric…
Q: What is the estimated overhead cost?
A: Explanation of Regression Analysis: Regression analysis is a statistical method used by Davenport…
Q: Please provide the answer to this general accounting question using the right approach.
A: Problem Summary: You are planning for your child's education in 18 years and want to have $500,000…
Q: Please provide the solution to this financial accounting question with accurate financial…
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial performance metric…
Q: Please provide the accurate answer to this general accounting problem using valid techniques.
A: Step 1: Detailed Explanation of Gain or Loss on Sale of AssetWhen a company sells an asset, such as…
Q: Accurate Answer
A: Inventory Valuation Using FIFO MethodStep 1: Definitions to related QuestionInterpretation of…
Q: Sarah is the president and general manager of the operation. Sarah has been very proactive in…
A: The Securities and Exchange Commission (SEC) is a U.S. government oversight agency responsible for…
Q: Need Answer with answer and explanation in step by step please provide
A: Question:Find two numbers whose sum is 12 and whose product is maximum.Step-by-step solution:This…
Q: Cooper Manufacturing is a job lot manufacturer. The budget for the month of August calls for 12,200…
A: Explanation of Job Lot Manufacturing: Job lot manufacturing is a production system where goods are…
Q: Please provide the solution to this general accounting question with accurate financial…
A: Step 1: Definition of Price-to-Earnings (P/E) RatioThe Price-to-Earnings (P/E) Ratio is a widely…
Q: I am having trouble getting the balance sheet to balance. Additional information: Loan and Company…
A: I give you the full, proper, professional answer in clear steps, including:Full calculationsExact…
Q: HELP
A: Approach to solving the question: Detailed explanation: The correct answer is: (d) Complex resource…
Q: Can you explain the process for solving this financial accounting problem using valid standards?
A: Step 1: Detailed Explanation of Inventory Turnover RatioInventory turnover ratio measures how…
Q: Please explain this financial accounting problem with accurate financial standards.
A: Step 1: Detailed Explanation of Equity Method Income RecognitionUnder the equity method, an investor…
Q: Please provide the correct answer to this financial accounting problem using accurate calculations.
A: Meaning of Enterprise Value (EV):Enterprise Value represents the total value of a company,…
Q: can you show the step by step i am confused on a part
A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…
Q: I am looking for the correct answer to this general accounting question with appropriate…
A: Step 1: Definition of Price-to-Earnings (P/E) RatioThe Price-to-Earnings (P/E) ratio is one of the…
Q: What is the cash paid for rent during 2023 ?
A: Provided Data:Rent expense for 2023 = $620,000Prepaid rent at beginning of 2023 (Dec 31, 2022) =…
Q: Hii teacher please provide for General accounting question answer do fast
A: Step 1: Detailed Explanation of ROI, Turnover, and MarginROI (Return on Investment): ROI measures…
Q: Greenfield Manufacturing's high and low levels of activity last year were 60,000 units of product…
A: Provided Data:High activity: 60,000 units (May), maintenance cost = $180,000Low activity: 30,000…
Q: What is the comamy's gross margin percentage ? solve thi general accounting question
A: Step 1: Detailed Explanation of Gross Margin PercentageThe gross margin percentage indicates how…
Q: Can you solve this general accounting question with accurate accounting calculations?
A: Explanation of Net Profit Margin (NPM): Net profit margin measures the percentage of revenue that…
Q: What is Kennedy Investment Advisors net income?
A: Meaning of Net Income:Net income is the final profit a company earns after deducting all expenses,…
Q: I want to this question answer for General accounting question not need ai solution
A: Step 1: Detailed Explanation of Margin Call and Price DeclineA margin call occurs when the balance…
Q: During July, Colin Manufacturing produced 8,500 units. The standard quantity of material allowed per…
A: Explanation of Standard Quantity: Standard quantity refers to the predetermined amount of materials…
Q: I am searching for the accurate solution to this general accounting problem with the right approach.
A: Step 1: Definition of Plantwide Overhead RateThe plantwide overhead rate is a single overhead rate…
Q: Please provide the solution to this general accounting question with accurate financial…
A: Step 1: Detailed Explanation of Manufacturing Cost CalculationManufacturing cost includes direct…
Q: Please explain the correct approach for solving this general accounting question.
A: Step 1: Definition of Variable Inspection CostVariable inspection cost refers to the portion of a…
Q: Can you help me solve this general accounting question using the correct accounting procedures?
A: Step 1: Definition of Gross Margin PercentageGross Margin Percentage represents the proportion of…
Q: Can you solve this general accounting problem using appropriate accounting principles?
A: Step 1: Detailed Explanation of Absorption vs. Variable Costing DifferenceThe difference in income…
Q: What is the total direct labor cost variance? Accounting qustion
A: Step 1: Definition of Direct Labor Cost Variance The Direct Labor Cost Variance is the difference…
Q: I am searching for the correct answer to this general accounting problem with proper accounting…
A: Step 1: Definition of Debt-to-Equity RatioThe Debt-to-Equity (D/E) Ratio is a financial leverage…
Q: Please provide the solution to this general accounting question using proper accounting principles.
A: Step 1: Detailed Explanation of Direct Labor Rate VarianceThe direct labor rate variance measures…
Q: A firm's days of sales outstanding are 23.4, days of inventory on Han are 45.9, and the number of…
A: Concept of Days of Sales Outstanding (DSO):Days of Sales Outstanding (DSO) measures the average…
Q: Solve this general accounting problem
A: Explanation of Total Asset Turnover: Total Asset Turnover is a financial efficiency ratio that…
Q: I need help finding the accurate solution to this general accounting problem with valid methods.
A: Step 1: Detailed explanation of Absorption CostingAbsorption costing, also known as full costing,…
Q: Need answer
A: Explanation of Straight-Line Depreciation Method: The straight-line depreciation method is an…
Q: Compute a schedule of deductible expenses related to the following hobby:
A: Concept of Hobby Income:Hobby income refers to the total earnings received from an activity that is…
Q: Hi expert please given correct answer with accounting question
A: Step 1: Detailed Explanation of High-Low MethodThe High-Low Method is used to estimate the variable…
Q: I am looking for the correct answer to this general accounting problem using valid accounting…
A: Step 1: Detailed Explanation of Predetermined Overhead RateThe predetermined overhead rate is a rate…
Q: Can you solve this general accounting problem with appropriate steps and explanations?
A: Step 1: Definition of Principal Repayment in Loan AmortizationPrincipal repayment refers to the…
Q: Please provide the solution to this general accounting question with accurate financial…
A: Step 1: Definition of Raw Materials Transferred to ProductionRaw materials transferred to production…
Vortex Metals has a material standard of 2.6 pounds per unit of output. Each pound has a standard price of $14 per pound. During August, Vortex paid $66,360 for 5,180pounds, which were used to produce 1,900 units. What is the direct materials quantity variance?
Step by step
Solved in 2 steps
- At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?
- Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4 pounds of steel. During September, Corolla purchased and used 4,200 pounds of steel to make 1,040 units. They paid $20.75 per pound for the steel. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance for the month of September. What would change if Corolla had made 2,200 units?April Industries employs a standard costing system in the manufacturing of its sole product, a park bench. They purchased 60,000 feet of raw material for $300,000, and it takes S feet of raw materials to produce one park bench. In August, the company produced 10,000 park benches. The standard cost for material output was $100,000, and there was an unfavorable direct materials quantity variance of $6,000. A. What is April Industries standard price for one unit of material? B. What was the total number of units of material used to produce the August output? C. What was the direct materials price variance for August?Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): Smith Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. Smith Industries paid $39,370 for the 15,500 pounds of material. A. What was the direct materials price variance for July? B. What was the direct materials quantity variance for July? C. What is the total direct materials cost variance? D. If Smith Industries used 15,750 pounds to make the baskets, what would be the direct materials quantity variance?
- Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Sitka Industries made 3,000 ladders in July and used 8,800 pounds of material to make these units. Smith Industries bought 15,500 pounds of material in the current period. There was a $250 unfavorable direct materials price variance. A. How much in total did Sitka pay for the 15,500 pounds? B. What is the direct materials quantity variance? C. What is the total direct material cost variance? D. What ii 9,500 pounds were used to make these ladders, what would be the direct materials quantity variance? E. It there was a $340 favorable direct materials price variance, how much did Sitka pay for the 15,500 pounds of material?A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $27 per pound. During July, A Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials quantity variance?Orlando Industries has a material standard of 2.4 pounds per unit of output. Each pound has a standard price of $15 per pound. During April, Orlando Industries paid $87,750 for 5,850 pounds, which were used to produce 2,500 units. What is the direct materials quantity variance?
- Michael Manufacturing has a material standard of 3.5 pounds per unit of output. Each pound has a standard price of $18 per pound. During May, Michael Manufacturing paid $126,000 for 7,000 pounds, which were used to produce 1,900 units. What is the direct materials quantity variance?Omega Corp. has a material standard of 1.8 pounds per unit of output. Each pound has a standard price of $12 per pound. During March, Omega Corp. paid $48,600 for 4,050 pounds, which were used to produce 2,300 units. What is the direct materials quantity variance?A Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, A Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials quantity variance?
