--/114Question 4View PoliciesCurrent Attempt in Progresspaid $2 a pound. The materials price variance was $5000unfavorable. What is the standard price per pound?A company uses 20000 pounds of materials for which itO $2.00O $2.25O $1.75O $0.25hp11f1of9144174-1615

Calculation of standard price per pound:

Answered: --/1 14 Question 4 View Policies…

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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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.
Nas daily Company has a standard price of P5.50 per pound for materials. August’s results showed an unfavorable material price variance of P44 and a favorable quantity variance of P209. If 1,066 pounds were used in production, what was the standard quantity allowed for materials?
A company uses 20,000 pounds of materials for which it paid P6.00 a pound. The materials price variance was P30,000 unfavorable. What is the standard price per pound?
The standard direct material cost per unit for a product is calculated as follows:10.5 litres at $2.50 per litreLast month the actual price paid for 12,000 litres of material used was 4% above standard and the directmaterial usage variance was $1,815 favourable. No stocks of material are held.22.11 What was the adverse direct material price variance for last month?A $1,000B $1,200C $1,212D $1,260
20. The standard quantity allowed for the units produced was 4,500 pounds, the standard price was P2.50 per pound, and the materials quantity variance was P375 favorable. Each unit uses 1 pound of materials. How many units were actually produced? a. • 4,350 b. • 4,500 c. • 11,625 d. • 4,650
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3. Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $0.90 Actual quanity purchased and used in production 100 Standard quantity for units produced 110 Actual labor rate per hour $15 Standard labor rate per hour $14 Actual hours 200 Standard hours for units produced 220 NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. Complete the following table of variances and their conditions: Complete the following table of variances…
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points The following data relate to direct materials costs during November 2023 : Standard Costs: 2,600 pounds @ $8.75 per pound Actual Costs: 2,500 pounds @ $8.00 per pound What is the direct materials price variance ? $ 875 favorable $800 favorable $ 1,950 unfavorable None of the listed choices are correct $ 1,875 favorable
23.) The firm's standard mix on inputs for a finished goods unit is 1 units of input A for 4 units of input B. The standard price for input A is $4 and the standard price for input B is $2. At standard mix, the standard number of input units per finished goods unit is 5. The firm's actually completed 40,000 finished goods units and used 180,000 input units. What is the firm's yield variance? a. 48,000 Favorable b. 48,000 Unfavorable c. 24,000 Favorable d. 24,000 Unfavorable

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--/1 14 Question 4 View Policies Current Attempt in Progress paid $2 a pound. The materials price variance was $5000 unfavorable. What is the standard price per pound? A company uses 20000 pounds of materials for which it O $2.00 O $2.25 O $1.75 O $0.25 hp 11 f1o f9 144 17 4- 16 15