Calculate the material variances from the following data Material A  standard orice per tonne $10                     standard usage per unit  30 tonnes                     actual price per tonne $9                     actual usage per unit 35 tonnes   Material B standard orice per tonne $16                     standard usage per unit  60 tonnes                     actual price per tonne $16                     actual usage per unit 54 tonnes   Material C  standard orice per tonne $34                     standard usage per unit  30 tonnes                     actual price per tonne $28                     actual usage per unit 38 tonnes

Q: 1.a) Material Variances: Standard quantity allowed for actual output Standard price per pound Actual…

A: The difference between the standard figures and the actual results are called variances.

Q: In a period, 11,280 kg of material were used and should have cost (according to the standard cost…

A: Material usage variance is the difference between standard quantity of material for actual output…

Q: SECTION A Actual data Answer ALL the questions in this section. Direct materials 65 000 kg @ R13 per…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The standard composition of material that is used in the production of product ‘Flurry’ is as…

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

Q: Sates Corporation reported the following information concerning its direct materials. Direct…

A: Purchase Computations:           Actual costs = $679,000           Actual inputs at standard…

Q: Help7

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

Q: 10. Volume variance in units and in hours. Consider the following standard cost per unit based on a…

A: Note: As per our guidelines only the first three subparts must be answered.   10. Based on the given…

Q: Use the information provided to answer the questions. Actual price paid per pound of material $14.00…

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

Q: king with variances From the following data, determine the total actual costs incurred for direct…

A: The variance is the difference between standard and actual cost of production for the current…

Q: 2a) the standard material costs of finished product X are as follows 2kg raw material Y @R10 per kg…

A: Calculation of Material Purchase price variance Material Purchase price variance = (Standard price…

Q: DIRECT LABOR DIRECT MATERIAL Standard price or rate per unit of input Standard quantity per unit of…

A: Direct labor defines a kind of labor force which is directly linked with the manufacturing process.…

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: 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: Variances                                      Spending          Efficiency           Volume…

A: The difference between the actual and standard costs is defined as variance. The total cost…

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

A: DM price variance calculates, how much actual price has affected the total cost of direct material.…

Q: Direct labor variances The following data is provided for Bellingham Company: DATA Standard direct…

A: Standard costing: Under this costing method, the expected costs are used in the accounting records…

Q: Use the information provided to answer the questions. Actual price paid per pound of material $13.50…

A: a)Direct material price variance =( Standard price - Actual price )× Actual quantity…

Q: Direct Materials Variances The following data relate to the direct materials cost for the production…

A: DIRECT MATERIAL PRICE VARIANCE :  = ( ACTUAL PRICE - STANDARD PRICE ) X ACTUAL QUANTITY = ( $1.95 -…

Q: Standard and the actual costs for direct materials and direct labor are given as under:   Standard…

A: Material cost and labour cost variance means when there is a difference between standard or budgeted…

Q: lask 2. Calculate Material price variance. Material usage variance and material cost variance from…

A: Material Price Variance  = Standard Cost of Actual Material Used - Actual Cost of Material used…

Q: The standard costs and actual costs for direct materials for the manufacture of 2,600 actual units…

A: Direct materials price variance = ( Standard rate of material - Actual rate of material ) x Actual…

Q: Data Table AC × AQ       SC × AQ         SC × SQ $0.65 per pounds       $0.30 per pounds…

A: The following information is provided :   AC × AQ       SC × AQ         SC × SQ…

Q: Please help me

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

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: Standard and the actual costs for direct materials and direct labor are given as under: Standard…

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

Q: Direct Materials Variances The following data relate to the direct materials cost for the production…

A: Answer a) Calculation of Material Price variance Material price variance = (Standard price per lb.…

Q: NUBD Corporation’s variance report for the purchasing department reports 500 units of material A…

A: Formula: Material Price variance = ( Actual Quantity x Actual price ) - ( Actual quantity x standard…

Q: Based on the following information, calculate the direct materials price variance. Actual costs…

A: Direct Material Price Variance is the difference in cost that results from price being different to…

Q: Use the following information to calculate the materials price variance: Direct material purchased…

A: Material price variance means variance in material cost due to difference in standard price and…

Q: The following data relate to the direct materials cost for the production of 2,500 automobile tires:…

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

Q: The standard costs and actual costs for direct materials for the manufacture of 1,870 actual units…

A: Direct  Material quantity variance = (Actual quantity used - Standard quantity allowed)*Standard…

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: actual price paid for material $1.00 standard price for material $1.20 actual quality purchased and…

A: The assessment of differences between actual and predicted or planned performance appears to be the…

Q: Calculate the direct materials price variance.

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

Q: 1. Compute the standard overhead rate. Hint. Standard allocation base at 80% capacity is 30,000 DLH,…

A: Standard overhead rate refers to the rate which is used by the company to allocated its budgeted…

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 following data relate to the direct materials cost for the production of 2,100 automobile tires:…

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

Q: The following data relate to the direct materials cost for the production of 2,400 automobile tires:…

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

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: Direct Materials Variances The following data relate to the direct materials cost for the production…

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

Q: Direct Materials Variances The following data relate to the direct materials cost for the production…

A: Solution:- a)  Determination of the direct materials price variance, direct materials quantity…

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: Acme Inc. has the following information available: Actual price paid for material $0.900 Standard…

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

Q: Given the following information, calculate the materials price variance:   Direct material…

A: Material price variance is that part of material cost variance which is due to the difference…

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: Assume the following information (the quantity of materials purchased = the quantity used):…

A: Variances are difference between actual cost and standard cost. If actual cost is higher than…

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.