--/1 Question 14 View Policies Current Attempt in Progress A company uses 80000 gallons of materials for which they paid $3 a gallon. The materials price variance was $80000 favorable. What is the standard price per gallon? O $3.00 O $2.00 O $4.00 O $1.00 hp f12 f11 10 fg 144 18 17 4+ f6 &
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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 favorableBuzz 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. 9.00A 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.
- 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 $1,26020. 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. • 4,6508. The standard and actual price per pound of raw material are P4 and P4.50 respectively. A total of pounds of raw material was purchased and then used to produce 5,000 units. The quantity standard allow two (2) pounds of raw material per unit produced. What was the materials quantity variance? P5,000 favorable P2,000 favorable P5,000 unfavorable P2,000 unfavorable
- Newbill Corporation recently purchased 25,000 gallons of direct material at OMR 5.60 per gallon. Usage by the end of the period amounted to 23,000 gallons. If the standard cost is OMR 6.00 per gallon and the company believes in computing variances at the earliest point possible, the direct-material price variance would be calculated as: Select one: a. 10,000 F b. 9,200 UNF c. 10,000 UNF d. 9,200 FHappy, Inc. produces a product requiring 8 pounds of material at P1.50 per pound. Happy, Inc. produced 10,000 units of this product during 2021 resulting in a P30,000 unfavorable materials quantity variance. How many pounds of direct material did Happy, Inc use during 2021? A. 100,000 pounds B. 160,000 pounds C. 80,000 pounds D. 125,000 pounds#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.
- PLEASE ANSWER BOTH OF THE PROBLEMS, PLEASE HAVE MERCY. A. A quantity of a particular raw material was purchased for P43,250. The standard cost of the material was P2/kg and there was an unfavorable materials price variance of P3,250. How many kilograms were purchased? a. 20,000 b. 50,000 c. 65,000 B. The standard direct material cost to purchase a unit of sleeve is 4 meters of material at P2.50 per meter. The company purchased and used 4,200 meters of material for P10,080 to produce 1,000 units of sleeve. The material price variance must be: a. 420 favorable b. 420 unfavorable c. 1000 favorablepoints 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 favorable5. Thorne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual total overhead $75,000 Actual fixed overhead $32,500 Actual machine hours 10,000 Standard hours for the units produced 9,500 Standard variable overhead rate $4.50 NOTE: All dollar amounts are rounded to whole dollars and shown with "$" 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. What is the variable overhead efficiency variance? Is it favorable or unfavorable?