Wheeler Corporation has a standard costing system. The following data are available for November: Category Amount Actual quantity of direct materials 40,000 pounds purchased Standard price of direct materials $4.50 per pound $4,800 Material price variance Material quantity variance unfavorable $3,200 favorable The actual price per pound of direct materials purchased in November is.

Wheeler Corporation has a standard costing system. The following data are available for November: Category Amount Actual quantity of direct materials 40,000 pounds purchased Standard price of direct materials $4.50 per pound $4,800 Material price variance Material quantity variance unfavorable $3,200 favorable The actual price per pound of direct materials purchased in November is.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 60P: Scattergraph, High-Low Method, and Predicting Cost for a Different Time Period from the One Used to...

See similar textbooks

Similar questions

Scattergraph, High-Low Method, and Predicting Cost for a Different Time Period from the One Used to Develop a Cost Formula Refer to the information for Farnsworth Company on the previous page. Required: 1. Prepare a scattergraph based on the 10 months of data. Does the relationship appear to be linear? 2. Using the high-low method, prepare a cost formula for the receiving activity. Using this formula, what is the predicted cost of receiving for a month in which 1,450 receiving orders are processed? 3. Prepare a cost formula for the receiving activity for a quarter. Based on this formula, what is the predicted cost of receiving for a quarter in which 4,650 receiving orders are anticipated? Prepare a cost formula for the receiving activity for a year. Based on this formula, what is the predicted cost of receiving for a year in which 18,000 receiving orders are anticipated? Use the following information for Problems 3-60 and 3-61: Farnsworth Company has gathered data on its overhead activities and associated costs for the past 10 months. Tracy Heppler, a member of the controllers department, has convinced management that overhead costs can be better estimated and controlled if the fixed and variable components of each overhead activity are known. One such activity is receiving raw materials (unloading incoming goods, counting goods, and inspecting goods), which she believes is driven by the number of receiving orders. Ten months of data have been gathered for the receiving activity and are as follows:
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.
The Smith company uses standerd costing
is the answer correct?
Please provide
Please provide Solutions of two answers
A company, which uses standard costing, manufactures a single product with the following cost card: Standard Direct Labor Hours allowed per unit of product 4.5 DLHS Standard Direct Labor Rate Selected results for the most recent period are: Budgeted Production Actual Production Actual Direct Labor Cost Actual Direct Labor Hours Labor Rate Variance Labor Spending Variance What is the Labor Rate Variance? 2,200 units 2,500 units $ 125,000 S 11,700 hours ? 4,150 Favorable ?per DLH
A company uses a standard costing system and is analyzing its costs for the most recent period with respect to materials, the compeny uses the following standards: Standard quantity of material allowed per unit 7lbs Standard Price of material $17 per lb Budgeted units to be produced 600 units Beginning raw materials inventory 0lbs Ending Raw Materials Inventory 400 lb Actual material purchase 6100 lbs Actual cost of materials purchased $119690 Actual units produced 680 units Based on this information the material quantity variance would be Answer:??
Hemlock, Inc. uses standard costing and has set the following production standards for direct labor (DL). Standard direct labor hours (DLHs) per unit Standard wage rate 2 DLHs $18.00 per DLH 5,000 units Budgeted Units to be produced For the most recent month of operation, Hemlock recorded the following. Actual Units Produced Direct labor rate variance Actual cost of direct labor 16 What were the actual DLHs for the month? A. 10.200 DLHs 10,100 DLHs 10.240 DLHS 10,000 DLHs B. C. D. E. None of the above 5,100 units $120 Unfavorable $184.440
Please give answer of this question
The controller of Cullumber Production has collected the following monthly cost data for analyzing the behavior of electricity costs. January February March April May June July August September October November December (a) Total Total Electricity Costs Machine Hours $2,480 2,900 Total fixed costs 3.520 4,780 3,220 5,000 4,090 3,810 5.110 4,270 3,320 5,840 Variable cost per machine hour $ 210 $ 340 500 685 420 750 650 510 Determine the fixed costs and unit variable costs using the high-low method. 675 600 340 770
Nevada Corporation makes a product with the following standard costs: Standard Price or Rate Standard Quantity or Hours 6.4 ounces $ 0.4 hours S 0.4 hours $ 3.00 per ounce 13.00 per hour 5.00 per hour The company reported the following results concerning this product in March. Direct materials Direct labor Variable overhead. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate $ S $ O $3,277 F O $3,390 U O $3,390 F O $3,277 U Standard Cost Per Unit S S S 4,800 units 4,900 units 30,230 ounces 1,910 hours 32,600 ounces 2.90 per ounce 12.40 per hour 4.90 per hour 19.20 5.20 2.00 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is: