Acme Inc. has the following information available: Actual price paid for material $0.900 Standard price for material $0.625 Actual quantity purchased and used in production 90 Standard quantity for units produced 60 Actual labor rate per hour $16 Standard labor rate per hour $14 Actual hours 210 Standard hours for units produced 220 Compute the material price and quantity, and the labor rate and efficiency variances. Round your answers to two decimal places. 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

Q: Hardin Company has the following information available for the current year:   Standard:…

A: Material Price Variance (MPV) = (Standard Price – Actual Price) x Actual Quantity…

Q: Acme Inc. has the following information available: Actual price paid for material $1.000 Standard…

A: The variation between actual results and the budget or standard is referred as variance.

Q: LMN Inc. has the following information available: 1 Compute the material price and quantity, and…

A: Material cost variance: = (Standard quantity * standard price ) - ( actual quantity * actual price…

Q: Assume the following: • The standard price per pound is $2.00. • The standard quantity allowed per…

A: Material price variance is the difference of the standard price and the actual price paid for the…

Q: Formidable Company collected the following information: Standard costs per unit:   Variable…

A: Variance is the difference between budgeted and actual costs or production, on the basis of which…

Q: Brookman, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.5 hour per​…

A: Standard hours means standard hours for actual output  = 6800×0.5 =3400 hours

Q: Formidable Company collected the following information: Standard costs per unit:   Variable…

A: Total Variance It is important in the calculation of the variance of the cost which is helpful to…

Q: The following information was obtained from KMG Manufacturing Company.   Standard Data: Direct…

A: Standards are set in advance. From the standards, actual performance is measured so as to find the…

Q: Tercer reports the following for one of its products. Compute the direct materials price and…

A: Solution:- a)Calculation material price variance as follows:- material price variance =(Standard…

Q: Edgar, Inc. has a materials price standard of $2.00 per pound. Six thousand pounds of materials were…

A: Formula: Material Quantity variance = (Standard quantity of material allowed for Actual output –…

Q: tity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material…

A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct…

Q: Help7

A: Labor efficiency variance = (standard hours allowed - actual hours worked)*standard rate per hour…

Q: Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material…

A: Labor efficiency variance = (Actual labor hours - Standard labor hours) x Standard labor rate per…

Q: The standard quantity allowed for the units produced was 4,500 pounds, the standard price was P2.50…

A: Standard quantity allowed for actual production  =4500 pounds Standard quantity per unit = 1 pound

Q: The standard price of materials is $3.6 per pound and the standard quantity allowed for actual…

A: Introduction: Direct materials quantity variation is caused by the difference between both the…

Q: Enter a favorable variance as a negative number. Round your answer to the nearest dollar. $…

A: Given information is: Titus Company produced 3,200 units of a product that required 3.243 standard…

Q: The standard and actual cost data of M/s. ABC Company are as follows: Standard Raw Material (DM) is…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: The following information is available for Marigold’s Hot Dogs: Actual production   11,760 packages…

A: Standard costing is used to compare the budgeted data with the actual results for better managerial…

Q: Acme Inc. has the following information available: Actual price paid for material $0.90 Standard…

A: ln cost accounting variance is calculated in order to understand the deviations from the actual, it…

Q: Acme Inc. has the following information available: Actual price paid for material $0.90 Standard…

A: Material Price Variance (MPV) MPV = (SP - AP) x Actual Quantity. Where,  SP = Standard Price = $1 AP…

Q: A company reports the following for one of its products. Direct materials standard (4 pounds @ $3…

A: Lets understand the basics. Material price variance is a variance between the rate at which material…

Q: he standard costs and actual costs for direct materials for the manufacture of 2,800 actual units of…

A: Variance analysis is a type of analysis that is used to distinguish between actual and planned…

Q: The Company has collected the following data for one its line of products: Direct materials…

A: Variance refers to a change between the expected value and the actual result. This term is usually…

Q: ing is the data of a manulacuring con the figures given below, calculate: ) Materials Cost Variance…

A: Material cost variance refers to the variance which evaluates the difference between the estimated…

Q: Acme Inc. has the following information available: Actual price paid for material Standard price for…

A: Material Price Variance = (Standard Price - Actual Price) x Actual Quantity Material Quantity…

Q: Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a…

A: Variance analysis is the analysis between standard and actual results to mainly find out the reason…

Q: Use the following information to prepare a standard cost income statement for Whitmer Company for…

A: Formula: Net profit = Revenues - expenses Deduction of expenses from revenues derives the net…

Q: A company reports the following for one of its products. Direct materials standard (4 pounds @ s2…

A: Variance analysis is the technique used in budgeting to analyze the deviations of the actual…

Q: The standard price of materials is $4.6 per pound and the standard quantity allowed for actual…

A: The variance is the difference between actual data and standard data of production. Direct materials…

Q: Venneman Company produces a product that requires 4 standard hours per unit at a standard hourly…

A: Formula: Direct labor rate variance = Actual hours x ( Standard rate per hour - Actual rate per hour…

Q: Calculate the direct materials price variance.

A: Direct material variances:   The difference between the actual material cost per unit and the…

Q: Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price…

A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

Q: NXE manufacturing concern furnishes the following information: Standards: Material for 70kg finished…

A: Variance analysis is the one that shows the variation between the actual costs incurred and the cost…

Q: Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $3 per…

A:

Q: Acme Inc. has the following information available: Actual price paid for material $1.00 Standard…

A: The variance is the difference between standard and actual costs incurred.

Q: The standard and actual cost data of M/s. ABC Company are as follows:              Standard Raw…

A: Solution: Material Price Variance: Direct materials price variance = (Standard price - Actual price)…

Q: Acme Inc. has the following information available: Actual price paid for material $1.00 Standard…

A: Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

Q: Acme Inc. has the following information available: Actual price paid for material $1.00 Standard…

A: Note: As per the Policy , we can only answer up to 3 sub-parts, we’ll answer the first 3. Please…

Q: Use the information provided to answer the questions. Actual price paid per pound of material $15.00…

A: Direct material price variance = (Actual price per pound - Standard price per pound) * Actual…

Q: Acme Inc. has the following information available: Actual Price paid for material  $1.00 Standard…

A: Material Price Variances : Actual Quantity Usage (Standard price - Actual Price)  = 100 ( $ 0.90 - $…

Q: Acme Inc. has the following information available: Actual price paid for material $1.00 Standard…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: A manufactured product has the following information for June.     Standard Quantity and Cost…

A: The variance is the difference between the actual data and standard output of the production.…

Q: Acme Inc. has the following information available: Actual price paid for material $1.00 Standard…

A: The Numerical has Covered the concept of Variance Analysis. Material price variance The Material…

Q: The following information relates to product A:       Quantity Unit Price Cost Per Unit…

A: In budgeting, variance analysis is the examination of variations between actual and projected or…

Q: Acme Inc. has the following information available: Actual price paid for material $0.90 Standard…

A: Note: As per the policy we are supposed to solve one question at a time. Kindly repost the further…

Q: Use the information that is given below and calculate the Period Cost.…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Assume the following: • The standard price per pound is $2.00. • The standard quantity of pounds…

A: Material Price Variance - It is calculated by using following formula - (Actual Quantity Purchased *…

Q: Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price…

A:

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.