24. Information on Alyza Company's direct material costs is as follows: Standard unit price Actual quantity purchased Standard quantity allowed for actual production Materials purchase price variance - favorable P3.60 1,600 1,450 P240 What was the actual purchase price per unit, rounded to the nearest centavo?

24. Information on Alyza Company's direct material costs is as follows: Standard unit price Actual quantity purchased Standard quantity allowed for actual production Materials purchase price variance - favorable P3.60 1,600 1,450 P240 What was the actual purchase price per unit, rounded to the nearest centavo?

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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3. Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): Standard Quantity X Standard Price = Standard Cost Direct materials 5 pounds $2.60 $18.00 Direct Labor 1.25 hours $12.00 per hour $15.00 Total prime cost X X $33.00 NOTE: All dollar amounts are rounded to whole dollars and shown with "$" 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. Smith Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. Smith Industries paid $39,370 for the 15,500 pounds of material. Complete the following table of variances and their conditions: Variance Variance Amount Favorable (F) or Unfavorable (U) Material Price ? ? Material Quantity ? ? Total DM Cost Variance ? ?
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…
5. Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $0.90 Actual quantity purchased and used in production 100 Standard quantity for units produced 90 Actual labor rate per hour $15 Standard labor rate per hour $14 Actual hours 200 Standard hours for units produced 190 NOTE: All dollar amounts are rounded to whole dollars and shown with "$" 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: Variance Variance Amount Favorable (F) or Unfavorable (U) Material Price ? ? Material Quantity ? ? Total DM Cost Variance ? ? Labor Rate ? ? Labor Efficiency ? ? Total DL Cost Variance ? ?
Given the following information: 2a) the standard material costs of finished product X are as follows 2kg raw material Y @R10 per kg Actual information Purchases of raw material Y 1000kg @R9, 50 per kg Issues of raw material Y 600 kg Units of product X manufactured 290 units Calculate the following variances in respect of material i) Purchase price variance ( 5) ii) Issue price variance (5) iii) Quantity variance (5) iv) Total material variance if an issue price variance is used (5)
5. Additional information from given above, assume that Mooniyan Division was able to maximize its production of Sacred Hammer with the incurrence of following actual costs:Material X (61,500 lbs) P 1,168,500Iron Hook (38,500 pcs) ?How much is Mooniyan's material mix variance? (Put a negative sign if the variance is favorable and round off answer to the nearest peso
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 200 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance
Jenny Company's direct material costs are as follows: Standard unit price - $3.60 Actual quantity purchased 1,600 Standard quantity allowed for actual production 1,450 Materials purchase price variance - favorable $240 Compute the actual purchase price per unit.
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $0.80 Actual quantity purchased and used in production 100 Standard quantity for units produced 120 Actual labor rate per hour $15 Standard labor rate per hour $13 Actual hours 190 Standard hours for units produced 210 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7 B. What are some possible causes for this combination of favorable and unfavorable variances?
Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $1.00 Actual quantity purchased and used in production 90 Standard quantity for units produced 100 Actual labor rate per hour $14 Standard labor rate per hour $16 Actual hours 190 Standard hours for units produced 220 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7
15. Which of the following statements regarding direct materials quantity variance is TRUE? Select one: A. The difference between the actual quantity and the standard quantity for direct materials, multiplied by the standard price. B. Favourable when actual direct material used is greater than the standard. C. The difference between the actual price and the standard price for direct materials, multiplied by the actual quantity of direct materials purchased. D. Favourable when the actual price for material is less than the standard unit price. 16. An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows: Accounts Debit (RM) Credit (RM) Cash 19,500 Notes Receivable, Short-term 61,000 Rent Receivable 1,500 Office Supplies 13,750 Prepaid Insurance 2,750 Office Equipment 15,000 Accumulated Depreciation – Office Equipment 12,500 Accounts Payable 15,750 Wages Payable 2,250 Unearned Revenue…
Use the information provided to answer the questions. Actual price paid per pound of material $14.00 Total standard pounds for units produced this period 12,400 Pounds of material used 13,150 Direct materials price variance favorable $3,945.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $fill in the blank 1 B. What is the direct materials quantity variance? Direct materials quantity variance $fill in the blank 2 C. What is the total direct materials cost variance? Total direct materials cost variance $fill in the blank 4 D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $fill in the blank 6
Use the information provided to answer the questions. Actual Price Paid Per Pound of Material: $14.50 Total Standard Pounds for Units Produced This Period 12,500 Pounds of Material Used 13,250 Direct Material Price Variance Favorable $4,637.50 All material purchased was used in production. A. What is the standard price for materials? B. What is the direct materials quantity variance? C. What is the total direct materials cost variance? D. If the direct materials price variance was unfavorable, what would be the standard price?