54%AAA v2.cengagenow.comrt black girl dr...draw sunflower...CH 23 HomeworkCengageNO...Why (willitei00.Direct Materials VariancesThe following data relate to the direct materials cost for the production of 10,000automobile tires:Actual:145,000 lb. at $2.80Standard:150,000 lb. at $2.75a. Determine the direct materials price variance, direct materials quantity variance,and total direct materials cost variance. Enter a favorable variance as a negativenumber using a minus sign and an unfavorable variance as a positive number.Price variance$4UnfavorableQuantity varianceFavorable VTotal direct materials cost variance$4Favorable Vb. The direct materials price variance should normally be reported to thePurchasing Department VIf lower amounts of direct materials had been usedbecause of production efficiencies, the variance would be reported to theProduction Supervisor vIf the favorable use of raw materials had been causedby the purchase of higher-quality raw materials, the variance should be reported tothe Purchasing DepartmentPreviousNextCheck My Workems%24

Direct Material Cost Variance is the difference between the standard cost of procuring direct…

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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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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
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?
ToolTime has a standard of 1.5 pounds of materials per unit, at P4 per pound. In producing 2,000 units, ToolTime used 3,100 pounds of materials at a total cost of P12,090. 1. ToolTime’s total material variance is Group of answer choices P300 F. P90 U. P310 U. P400 U 2. ToolTime’s materials price variance is Group of answer choices P90 U. P310 F. P400 F. P700 F 3. ToolTime’s materials quantity variance is Group of answer choices P90 F. P310 U. P400 U. P700 U.
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)
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.
#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.
The standard material costs of finished product PEP are as follows: 2 kg raw material A @ R10 per kg Actual information: Purchase of raw material A 2 000 kg @ R9.50 per kg Issue of raw material A 1 200 kg Units of product PEP manufactured 280 units Required Calculate the following in respect of material A (a) Purchase price variance (3) (b) Issue price variance (c) Quantity variance (d) Total variance.
The following are annual results for Company G: for 202 1: # of hats made: 8000 square meters of cloth used: 12 000 cloth cost: $270000 for 2022 # of hats made: 6000 square meters of cloth used: 10400 cloth cost: $27900 Compared to 2021, the cloth usage in 2022 had an "efficiency" variance of Question 43 options: $3150 U $9 00 U $31500U none of the listed answers are correct Choose the correct option
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…
JCB Company has a standard of 15 parts of component A costing P1.50 each. JCB purchased 14,910 units of component A for P22,145. JCB generated a P220 favorable price variance and a P3,735 favorable quantity variance. If there were no changes in the component inventory, how many units of finished product were produced?
A company purchased 6,850 kgs of material at a total cost of $21,920. The material price variance was $1,370 favourable. What was the standard price per kg? A $0.20 B $3.00 C $3.20 D $3.40
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?

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