Calculate the direct materials price variance.

Q: Consider the following data for Martin Manufacturing during the month of November:…

A: Answer) Calculation of Material Price variance Material price variance = (Standard price per pound…

Q: Standards established for a particular raw material used by Troop Company are as follows: Standard…

A: Material quantity variance is the difference between actual material used in production and expected…

Q: The Claus Company uses standard costing for the single product the company makes and sells. The…

A: Variance is considered as the difference between budgeted value and actual results. The management…

Q: How can I tell if it is favorable or unfavorable?   The standard cost of Product B includes 2…

A: Standard costing means where standard is set for various cost element and actual cost is then…

Q: The standard cost of product 777 includes 2.1 units of direct materials at $6.00 per unit. During…

A: Materials price variance = (Standard price - Actual price) x Actual quantity Materials quantity…

Q: A review of Sunshine’s accounting records at the end of the period disclosed a material usage…

A: Standard quantity = 11,000 units x 5 gallons = 55,000 gallons   Standard price = $0.3   Actual…

Q: The following materials standards have been established for a particular product: Standard quantity…

A: We know that, Material Price variance = (Standard price - actual price) * Actual quantity purchased…

Q: The following materials standards have been established for a particular product: Standard quantity…

A: MATERIAL PRICE VARIANCE : = ACTUAL QUANTITY X ( STANDARD PRICE - ACTUAL PRICE)

Q: Kranberry Networks Ltd had implemented a standard costing system to aid it in assessing the…

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

Q: The following materials standards have been established for a particular product: Standard quantity…

A: Formula: Materials quantity variance=Standard Quantity-Actual Quantity×Standard Price

Q: The Claus Company uses standard costing for the single product the company makes and sells. The…

A: Solution....   (A).  Labor efficiency variance  = (Standard hours - actual hours ) * standard rate…

Q: A company developed the following per-unit standards for its product: 2 pounds of direct materials…

A: Direct material price variance: It refers to a difference between the actual price that is paid by…

Q: The following data relate to direct materials costs for February: Materials cost per yard: standard,…

A: Introduction: Direct materials are materials and supplies available for consumption during the…

Q: Closing the Balances in The Variance Accounts at the End of the Year Yohan Company has the…

A: 1) Journal entries:   Adjusted balance in cost of goods sold: = 1500000 + 25790 - 1970. = $…

Q: The following data relate to direct materials costs for February:Materials cost per yard: standard,…

A: Direct material price variance refers to the difference between the actual price of raw material and…

Q: The standard direct material cost per unit for a product is calculated as follows: 10.5 liters at…

A: The variances are difference between actual usage or cost and standard usage or cost. The variances…

Q: Myers Corporation has the following data related to direct materials costs for November: actual cost…

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

Q: The standard costs and actual costs for direct labor for the manufacture of 2,500 actual units of…

A: Direct Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked

Q: Please help me

A: Variance analysis is one of the important analysis being made in management accounting for the…

Q: Kranberry Networks Ltd had implemented a standard costing system to aid it in assessing the…

A: Actual quantity of direct materials used and purchased = Actual cost of direct materials used and…

Q: The following information relates to the Finishing department of Tom company for the overhead,…

A: Answer with explanation are as follows

Q: The following data relate to direct materials costs for February:Materials cost per yard: standard,…

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

Q: Direct material C   4 kg @ sh. 80 Direct material D   6 kg @ sh. 40 Actual data: Direct material…

A: Material mix variance arises when actual material is not in the ratio of standard quantity mix.…

Q: Kranberry Networks Ltd had implemented a standard costing system to aid it in assessing the…

A: Material Price Variance (MPV): It measures variance arises in material cost due to difference in…

Q: The following data relate to direct materials costs for February: Materials cost per yard:…

A: Material Price Variance measures variance arises in the material cost due to difference in actual…

Q: The direct material quantity variance last month in the production of nail filers by Rudman Pte Ltd.…

A: Standard price = DM quantity variance / (Standard quantity - Actual quantity) = $1,494 / (70,200 -…

Q: direct materials quantity variance

A: Direct materials quantity variance = (Standard Quantity - Actual Quantity) * Standard Price where,…

Q: Information on Vergara Company’s direct material costs for May 2018 is as follows:   Actual…

A: Answer) Calculation of Material Price Variance Material Price Variance = (Standard price per pound…

Q: Quicksand Company has set the following standards for one unit of product: Direct material…

A: Calculation of Material Quantity variance Material Usage variance = (Standard quantity of material…

Q: b) Standard wage rate is Rs.3 per hour and standard time is 10 hours. But actual wage rate is Rs.…

A: Standard output For one unit of output = used 240 units of input for 2460 actual units of input then…

Q: At Laramie, the standard quantity of labor is 26 hours per refrigeration unit. The standard wage…

A: Labor Rate Variance: Calculating the difference between real hours multiplied by the actual rate and…

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

A: A)  Actual Quantity 13,150 Actual Rate $14.00 Actual Quantity Cost $184,100     Price…

Q: A manufactured product has the following information for June. Standard Actual 6 lbs. @ $8 per lb. 3…

A: Direct labor rate variance =  AH X AR - AH X SR Direct labor efficiency variance = AH X SR - SH X…

Q: he following materials standards have been established for a particular product:   Standard quantity…

A: Variance is considered as the difference between budgeted value and actual results. The management…

Q: The following data relate to direct materials costs for February:

A: The variance analysis is an integral part of standard costing in the cost accountancy where…

Q: During December, 6,000 pounds of raw materials were purchased at a cost of $16 per pound. If there…

A: Actual cost incurred = 6,000 pounds x $16 = $96,000   Standard cost = Actual cost - Unfavorable…

Q: The following data relate to the direct materials cost for the production of 30,000 automobile…

A: Direct materials price variance = Actual Quantity x Actual Price - Actual Quantity x Standard Price…

Q: A manufacturing company reports the following for one of its products. Compute the direct materials…

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

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: Myers Corporation has the following data related to direct materials costs for November: actual…

A: Direct materials quantity variance = (Actual quantity - Standard quantity)*Standard price

Q: Use this information to answer the question that follow. The following data relate to direct…

A: Variance is known as a change between the expected value and actual results. It may be labor type,…

Q: The following materials standards have been established for a particular product:     Standard…

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

Q: Kranberry Networks Ltd had implemented a standard costing system to aid it in assessing the…

A: Actual quantity of direct materials used and purchased = Actual cost of direct materials used and…

Q: Standards established for a particular raw material used by Han Company are as follows: Standard…

A: Materials quantity variance = (Actual quantity of material used - Standard quantity of material…

Q: The following materials standards have been established for a particular product:     Standard…

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

Q: The Claus Company uses standard costing for the single product the company makes and sells. The…

A: Solution: Labor efficiency variance = P1,600 F (SH - AH) * SR = P1,600 (SH - 3800) * P8 = P1,600…

Q: Standard Direct Materials Cost Per Unit from Variance Data The following data relating to direct…

A: Standard direct materials cost per unit helps in determining the expected price of per material…

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.