(b) Calculate the material quantity variance
Q: Production-volume variance formula
A: Variance: It implies to a difference between the actual and standard outcomes. If the actual outcome…
Q: Explain who is in the best position in the organization to influence each of these variances. a.…
A: Variance is a term used for measurement of variability. It computes the difference between the…
Q: Determine the following: Price-Quantity variance Cost variance Cost-Quantity variance
A: A) Price quantity variance = ( Units sold in 2021-units sold in 2020)/ Rate per unit of 2020…
Q: Describe the difference between a direct materials efficiency variance and a variable manufacturing…
A: Variable Cost:The cost which fluctuates on the basis of the output level produced. The variable cost…
Q: Direct Materials and Direct Labor Variance Analysis
A: a. Determine standard cost per unit Direct material standard cost per unit = Std. number of lbs of…
Q: Define variable overhead cost variance.
A:
Q: What is the direct labor rate variance
A: Solution: Direct labor rate variance is computed as = (SR - AR) *AH Where SR = Standard rate AR =…
Q: (a) Calculate the material price variance (b) Calculate the material quantity variance (c) Calculate…
A: Material Price Variance =( Standard Price - Actual Price )× Actual Quantity Material Quantity…
Q: What is the direct labor rate variance?
A: The variation between actual results and the budget or standard is referred as variance.
Q: Who is generally responsible for the materials price variance? The materials quantity variance? The…
A: Material Price Variance is the difference between the standard price and the actual price for the…
Q: What is the overall variance in overhead?
A: Overhead refers to secondary expenditures spent during the manufacturing and distribution of…
Q: Outline 2 potential causes for each of the material and labour variances
A: The distinction between the standard cost of direct materials indicated for fabricating and the real…
Q: If the total materials variance for a given operation is favorable, why must this variance be…
A: Favorable variance means the variance has a positive impact on the budgeted profitability of the…
Q: Among the given options, determine labor yield variance.
A: Formula: Labor Yield Variance= (Standard Mix for actual output- Actual mix for actual…
Q: Why are separate price and quantity variances computed?
A:
Q: Which of the following variances are most similar with respect to the manner in which they are…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: The direct-material quantity variance is:
A: Direct material quantity variance determines the efficiency of the production department in…
Q: From the following particulars, calculate the following material variances and give their…
A: Solution:- a)Calculation of Material Cost variance as follows under:- It is difference between the…
Q: Define direct material variance.
A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost.…
Q: ne following:
A: The variances are given as,
Q: MATERIALS MIX VARIANCE
A:
Q: 1. Compute the following variances for May: a. Materials price and quantity variances. b. Labor rate…
A: Since you have asked a question with multiple sub parts, we will solve the first three sub parts…
Q: Which of the following equations can be used to compute a materials price variance (where AQ =…
A: Introduction: Materials price variance: Difference between the Standard price and actual price and…
Q: Q.When inputs are substitutable, how can the direct materials efficiency variance be decomposed…
A:
Q: Required: the variance analysis for labor.
A: 1. Direct labor Variance = (standard rate x Standard hrs for actual output) - (Actual rate x Actual…
Q: standard cost
A: Standard cost systems are cost accounting systems in which standard is set for each item of cost and…
Q: a. What is the material price usage, material quantity and total material variance D. What is the…
A: Material Quantity Variance-It is the difference between how much material used and expected to be…
Q: The cost price variance is
A: Cost price variance refers to the difference between the actual cost and standard cost of units.…
Q: cost price variance
A: cost price variance is calculated as: (Actual unit cost - Standard unit cost) * Actual quantity…
Q: Materials mix variance B. Materials yield variance
A: Material Mix Variance = SP( RSQ - AQ) SP means Standard price RSQ means Revised Standard quantity…
Q: Calculate the material quantity variance and the engineering change order (ECO) material variance.
A: Material quantity variance is a category of variance that compares actual quantity and standard…
Q: List the direct materials variances, and briefly describe each.
A: Direct material variances: Direct material variances are the direct material price variance and the…
Q: The materials price variance can be computed at what two different points in time? Which point is…
A:
Q: Which of the following is the basic purpose of a responsibility accounting?a. variance analysisb.…
A: Definition: Responsibility accounting: The management of responsibility centers by the means of…
Q: Determine the following: a. Total material price variance b. Total material usage (quantity)…
A: d) Calculation of standard hours: It is given that the number of units produced is 850 units and…
Q: direct labor rate variance
A: Direct labor rate variance = (Actual Rate - Standard Rate)* Actual Hours
Q: Explain how to calculate static budget variance.
A: Static budget: Static budget is a master budget that is prepared for only one level of sales…
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- Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost X Quantity 6 quarts Summary $6.00 $1.90 per Unit $1.00 per quart $38.00 per hour Direct Materials Direct Labor 3 minutes Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (c) Calculate the labor rate varianceUse the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost X Quantity 6 quarts Summary $6.00 $1.90 per Unit $1.00 per quart $38.00 per hour Direct Materials Direct Labor 3 minutes Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (d) Calculate the labor efficiency (hourly) varianceUse the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost per Unit $1.00 per quart $38.00 per hour Quantity Summary $6.00 $1.90 $7.90 Direct Materials 6 quarts Direct Labor 3 minutes Total Direct Costs Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (a) Calculate the material price variance
- Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?Fresh Company produces a well-known perfume. The standard manufacturing cost of theperfume is described by the following standard cost sheet:Direct materials:Liquids (5 oz. @ $ 0.25) $1.25Bottles (1 @ RM 0.05) $ 0.05Direct Labor (0.25 @ $13.00) $ 3.25Variable overhead (0.25 @ $ 5) $1.25Fixed overhead (0.25 @ $10.00) $ 2.50Standard cost per unit $ 8.30Management has decided to investigate only those variances that exceed the lesser of 10% ofthe standard cost for each category or $22,000. During the past quarter, a total of 300,000four-ounce bottles of perfume was produced. Descriptions of actual activity for the quarter follow:a. A total of 1.2 million ounces of liquids was purchased, mixed, and processed. The pricepaid per ounce averaged $0.27b. Exactly 280,000 bottles were used. The price paid for each bottle was $ 0.055.c. Direct labor hours totaled 50,000 with a total cost of $ 650,000d. Variable overhead cost totaled $ 242,000e. Fixed overhead cost was $ 600,000Normal production…
- Question 2 Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Standard Cost Manufacturing Cost Information Standard Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $1.15 per quart $0.08 per ounce $36.00 per hour $5.75 Sugar 16 ounces $1.28 Direct Labor 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. C. Compute the material and labor variances. D. Comment on the results and possible causes of the variances.Question 1 Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard Cost Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $1.15 per quart $0.08 per ounce $36.00 per hour $5.75 $1.28 Sugar Direct Labor 16 ounces 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. А. Compute the material and labor variances. В. possible causes of the variances. Comment on the results andData table Units of D4H produced and sold 1. 2. Selling price 3. Direct materials (kilograms) 4. Direct material cost per kilogram 5. Manufacturing capacity (units of D4H) 6. Total conversion costs 7. 8. Selling and customer-service capacity 9. Total selling and customer-service costs 10. Selling and customer-service capacity cost per customer 11. Design staff 12. Total design costs 13. Design cost per employee Conversion cost per unit of capacity Alt+Q Print Done $ $ 210 41,000 $ 310,000 7.25 $ 250 2,125,000 $ 8,500 $ $ $ 2,150,000 8,600 95 customers 90 customers 900,000 10,000 12 1,045,000 $ 11,000 $ 12 1,212,000 $ 101,000 $ $ $ ZUZT $ $ ZUZZ 235 43,000 325,000 7.75 250 1,218,000 101,500 (similar to) Data table HW Score: 3.03%, 0.12 of 4 points Daint 0 10 of 1 Revenue effect of growth Cost effect of growth The company has chosen a product differentiation strategy. The growth, price- recovery, and productivity components of the change in operating income from 2021 to 2022 are as…
- Use the activity rate and usage information to determine the total activity cost and activity cost per unit for each product. If required, round the per unit answers to the nearest cent. Total Activity Cost Activity Cost Per Unit 66,810 ✓ 37,403 X 220.50 X 184.25 ✓ Elliptical machines Treadmill $ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A% merica AS... rk i Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $5.00 per pound) $ 150.00 98.00 Direct labor (7 hours @ $14 per hour) Variable overhead (7 hours @ $7 per hour) Fixed overhead (7 hours @ $9 per hour) Standard cost per unit Production (in units) Standard direct labor hours (7 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 51,000 units per quarter. The following additional information is available. 49.00 63.00 $360.00 70% 35,700 249,900 Direct materials (1,377,000 pounds @ $5.00 per pound)…in Feed | LinkedIn studenthomeworks.... Hours Calculator: S... Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290. Oa. $384,200 Ob. $731,700 Oc. $187,900 Od. $543,800 Chock M. Marl البال ghmentSessionLocator=&inprogress=false Login to Applicant... 3 BMTX: Card Status South University Disney+ | Movies a... W a O 2 46°F Previous 4x » (? Next ENG 10:09 PM US 3/25/2023