ExitTB MC Qu. 9-46 (Algo) Oxford Co. has a materials standard of...Oxford Co. has a materials standard of 21 pounds per unit of output. Each pound has a standard price of $18 per pound. During February, Oxford Co.pald $57.800 for 4,920 pounds, which were used to produce 2,450 units. What is the direct materials quantity variance?Multiple Choice$9,000 favorable$4,050 favorable$1,300 unfavorable$9,760 unfavorable

Name: ExitTB MC Qu. 9-46 (Algo) Oxford Co. has a materials standard of...Ox
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: ExitTB MC Qu. 9-46 (Algo) Oxford Co. has a materials standard of...Oxford Co. has a materials standard of 21 pounds per unit of output. Each pound has a standard price of $18 per pound. During February, Oxford Co.pald $57.800 for 4,920 pounds, which

A materials quantity variance compares the actual and expected direct material used in manufacturing…

Business

Accounting

Oxford Co. has a materials standard of 21 pounds per unit of output. Each pound has a standard price of $18 per pound. During February, Oxford Co paid $57,800 for 4,920 pounds, which were used to produce 2,450 units. What is the direct materials quantity variance? Multiple Choice $9,000 favorable $4,050 favorable $1,300 unfavorable $9.760 unfavorable

Oxford Co. has a materials standard of 21 pounds per unit of output. Each pound has a standard price of $18 per pound. During February, Oxford Co paid $57,800 for 4,920 pounds, which were used to produce 2,450 units. What is the direct materials quantity variance? Multiple Choice $9,000 favorable $4,050 favorable $1,300 unfavorable $9.760 unfavorable

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 1BE: Direct materials variances Bellingham Company produces a product that requires 2.5 standard pounds...

See similar textbooks

Similar questions

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?
The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per month. How much is the favorable or unfavorable variance If 5,500 units were produced for a total of $61,000?
Use the following standard cost card for 1 gallon of ice cream to answer the questions. 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 materials used were bought during the current period. A. Compute the material and labor variances. B. comment on the results and possible causes of the variances.
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
Subm The standards for product V28 call for 8.0 pounds of a raw material that costs $18.80 per pound. Last month, 1,900 pounds of the raw material were purchased for $35,340. The actual output of the month was 210 units of product V28. A total of 1,800 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. a. Materials price variance b. Materials quantity variance
The Shum Company makes a product, Z, from two materials: X and Y. The standard prices and quantities are as follows: Y Price per pound $6 $9 Pounds per unit of product Z 10 5 In May, 21,800 units of Z were produced by Shum Company, with the following actual prices and quantities of materials used: Y Price per pound $ 5.70 $ 8.40 Pounds used 210,000 186,000 Is the total direct material yield variance favorable or unfavorable? Favorable. Unfavorable.
Joyous Company purchases 12,000 pounds of materials. The materials price variance is P6,000 favorable. What is the difference between the standard and actual price paid for the materials? A. 1.00 B. 0.50 C. 2.00 D. 6.00
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 O (7 2 7 F9 Attempts: 0 of 1 used Submit Answer F10 ( PrtSc 55°F Clea
Assume the following: • The standard price per pound is $2.00. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased and used in production is 50,000 pounds. The actual purchase price per pound of materials was $2.25. The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice $4,000 U $4,000 F $4,500 F $4,500 U
Premier Candle Company manufactures candles The standard direct materials quantity required to produce one tall candle is two pounds at a cost of $2.40 per pound During November, 1,000 tall candles were produced using 1.970 pounds of direct materials that cost $4.137. What is the direct matorials cost variance? (Round intermediary calculations to the nearest cent. Round the final answer to the nearest dollar) O A. $591 F O 8. $591 U OC. S72 U OD. S72 F
#21 ToolTime has a standard of 2 hours of labor per unit, at P12 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of P46,970. ToolTime’s labor price variance is Group of answer choices P770 U. P800 U. P1,030 F. P1,930 F. 22. ToolTime has a standard of 2 hours of labor per unit, at P12 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of P46,970. ToolTime’s labor quantity variance is Group of answer choices P770 U. P1,030 F. P1,800 F. P1,930 F.
Peking Palace Company reported the following: Standard quantity per unit 3 lbs. Standard price per pound $2.75 Actual pounds used 15,000 lbs. Actual price per pound $2.90 Number of units produced 5,070 What is the total direct materials cost variance? O a. $(1,672.50) favorable O b. $1,672.50 unfavorable O c. $2,859.00 unfavorable O d. $(2,859.00) favorable