A company developed the following per-unit standards for its product: 6 gallons of direct materials at $10 per gallon. Last month, 4400 gallons of direct materials were purchased for $42680. The direct materials price variance for last month was O $1050 unfavorable. O $42680 favorable. O $220 favorable. O $1320 favorable. Save for Later Attempts: 0 of 1 used Submit Answer

A company developed the following per-unit standards for its product: 6 gallons of direct materials at $10 per gallon. Last month, 4400 gallons of direct materials were purchased for $42680. The direct materials price variance for last month was O $1050 unfavorable. O $42680 favorable. O $220 favorable. O $1320 favorable. Save for Later Attempts: 0 of 1 used Submit Answer

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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Future Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit 50.44/lb.) 51.32 per finished good Actual direct materials purchased 30,000 pounds Actual Direct Materials Used ( AQU) 34,000 pounds Actual Price (AP) paid per pound $0.64 How much is the direct materials price variance? Question content area bottom Part 1 A. 56,000 favorable B. $6,000 unfavorable C. 56,800 unfavorable D. 56,800 favorable
PRESENT YOUR ANSWER AS: 10 FAVORABLE OR 10 UNFAVORABLE. The standard product mix for making 12,500 tubes of liquid solder is: Cost /unit Tolal cost 90.00 Kgs. Material A 1,500.00 0.06 Material B 625.00 0.40 250.00 Material C 1,000.00 0.25 250.00 During April, 77,500 tubes were produced from an input of: Kgs. Cost /unit Total cost Material A 8,750.00 0.056 490.00 0. 380 1,425.00 0. 280 1,750.00 Material B 3,750.00 Material C 6,250.00 Compute for the materials yield variance. Indicate whether favorable or unfavorable.
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.
Sunny Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit @ $0.40/lb.) Actual direct materials purchased Actual Direct Materials Used (AQU) Actual Price (AP) paid per pound How much is the direct materials price variance? O A. $1,610 unfavorable B. $2,240 favorable C. $1,610 favorable O D. $2,240 unfavorable $1.20 per finished good 32,000 pounds 23,000 pounds $0.47
Coronado Industries has a materials price standard of $2 per pound. 5000 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5000 pounds although the standard quantity allowed for the output was 4300 pounds. Coronado Industries's materials price variance is O $1000 U. O $1000 F. O $140 U. O $860 U. Save for Later O 6: ( 199 C Attempts: 0 of 1 used Submit Answer 55°F
Buzz Company uses 40,000 gallons of materials for which they paid P7.00 a gallon. The materials price variance was P80,000 favorable. What is the standard price per gallon? A. 2.00 B. 5.00 C. 7.00 D. 9.00
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.
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
The Porter Company has a standard cost system. In July the company purchased and used 22,500 grams of direct material at an actual cost of $52,875. The materials price variance was $1,125 favourable and the standard quantity of materials allowed for July production was 21,750 grams. The materials quantity variance was: Select one: none of these $1,800 F $1,725U. e here to search 直。 21) acer F2 F5 F11 F12 Scr Lk
PRESENT YOUR ANSWER AS: 10 FAVORABLE OR 10 UNFAVORABLE. Linis Company produces a commercial cleaning compound known as Zide. The direct materials and direct labor standards for one unit of Zide are as follows: Standard Standard Standard Qty Price Cost Direct 4.6 Ibs. P2.50/lb. P11.50 materials Direct labor 0.2 hr. P35/hr. 7.00 During the most recent month, the following activity was recorded: [a] Twenty thousand pounds of material were purchased at a cost of P2.35 per pound. [b] All of the materials purchased was used to produce 4,000 units of Zide. [c] 750 hours of direct labor time were recorded at a total labor cost of P30,375. Compute for the direct labor efficiency variance. Indicate whether favorable or unfavorable.
DRS Manufacturing has the following standards for one of its products: Production Costs Direct materials (2 meter @ RM5) RM10 Direct labor (0.5 hour @ RM10) RM5 During the most recent year, the following actual results were recorded: Production Costs Production 6,000 units Direct materials (11,750 meter purchased and used) RM61,100 Direct labor (2,900 hours) RM29,580 required (i) Interpret the materials price and usage variances. (ii) Interpret the labor rate and efficiency variances.
Use the following information to answer questions 15 and 16. A company has the following information in its standard cost card: £ = 7.00 Material 2.5kg at the price of £3/kg During the month the company recorded the following: Units produced Material used Material cost 2,500 units 7,850kg £23,180 %3D 15. Calculate the material price variance. 16. Calculate the material usage variance.