What is the material price variance on these general accounting question? White Company manufactures a single product, the AZQR. The standards formaterials for each unit have been set as 5 pounds of KR-27 at a standard costof $35.00 per pound. During May, the company purchased 500 pounds and used512 pounds of KR-27 to make 100 units of the AZQR. White paid $32.00 perpound for the material. What is the material price variance?A. $1,920 unfavorable.B. $1,500 favorable.C. $420 unfavorable.D. $1,080 favorable.

Step 1: Define Direct Materials VariancesThe direct materials variances are the standard cost…

Answered: White Company manufactures a single…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5PA: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...

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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?
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?
Please answer both questions.
Ivanhoe Creations purchased 7100 feet of copper tubing at a price of $2.50 per foot and used 7240 feet during the period. The standard price of the copper tubing was $2.30 per foot. What is Ivanhoe Creations' direct materials price variance for the period?
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?
Sheffield Enterprises purchased 54,000 gallons of direct materials during the year at a price of $2.00 per gallon. Sheffield's direct materials price variance was $4,320 Favorable. Calculate the standard price per gallon of direct materials. (Round answer to 2 decimal places, e.g. 15.25.) Standard price $ eTextbook and Media /gal
Cullumber Creations purchased 9200 feet of copper tubing at a price of $2.30 per foot and used 8900 feet during the period. The standard quantity allowed for the units produced is 8700 and the standard price of the copper tubing is $3.10 per foot. What is Cullumber Creations' direct materials quantity variance for the period? O $930 unfavorable O $1550 unfavorable O $620 unfavorable O $460 unfavorable
Premier Candle Company manufactures candles. The standard direct materials quantity required to produce one tall candle is two pounds at a cost of $3.05 per pound. During November, 1,000 tall candles were produced using 1,910pounds of direct materials that cost $4,966. What is the direct materials cost variance? (Round intermediary calculations to the nearest cent. Round the final answer to the nearest dollar.) A. $275 F B. $860 U C. $860 F D. $275 U
A company purchases 48000 pounds of materials. The materials price variance is $12000 favorable. What is the difference between the standard price and the actual price paid for the materials? $1.00 $4.00 $0.25 Cannot be determined from the data provided.
During the month of March, Baker's Express purchased 10,000 pounds of flour at $1 per pound. At the end of March, Baker's Express found that it had a favorable materials price variance of $500. The standard cost per pound must be: a. $1.95. b. $1.05. c. $0.95. d. $1.00.
A review of Sunshine’s accounting records at the end of the period disclosed a material usage variance of $3,000 favorable and a material price variance of $4,500 favorable. Sunshine produced 11,000 finished units of product. Each finished unit had a standard of five gallons of direct material, and the standard price per gallon of direct material is $0.3. What was the actual price paid for a gallon of direct material?
During August, 2021, a company produced 1,000 units of a product using 3,600 pounds of direct material at a cost of P2.20 per pound. The direct material standard requires 4 pounds of material per unit of product at a standard price of P2.00 per pound. 5. The material quantity variance is: a. P880 unfavorable c. P800 favorable d. 800 unfavorable b. P880 favorable The standard direct labor cost for a product is 3 hours at P6 per hour. Budgeted production was 10,000 units for the year and actual production was 12,000 units. Actual direct labor cost was P210,375 for 38,250 hours. 6. Compute for (1) the labor rate variance and (2) labor efficiency variance (1) P19,125 F and P13,500 U (1) P19,125 U and P13,500 F (1) P19,125 F and P49,500 U (1) P19,125 U and P49,500 F

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