Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Large Rubber 3 feet at $0.25 per foot 1.25 feet at $0.25 per foot Connector 1 at $0.03 1 at $0.03 Small At the beginning of the month, Ed Co. bought 26,000 feet of rubber for $7,410. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive numbers. If required round your answers to two decimal places. Direct materials price variance Direct materials quantity variance Total direct materials cost variance B. If they bought 9,000 connectors costing $280, what would the direct materials price variance be for the connectors? Round your intermediate calculations to three decimal places. Direct materials price variance $ C. If there was an unfavorable direct materials price variance of $125, how much did they pay per foot for the rubber? Round your answer to two decimal places. Actual price $

Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Large Rubber 3 feet at $0.25 per foot 1.25 feet at $0.25 per foot Connector 1 at $0.03 1 at $0.03 Small At the beginning of the month, Ed Co. bought 26,000 feet of rubber for $7,410. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive numbers. If required round your answers to two decimal places. Direct materials price variance Direct materials quantity variance Total direct materials cost variance B. If they bought 9,000 connectors costing $280, what would the direct materials price variance be for the connectors? Round your intermediate calculations to three decimal places. Direct materials price variance $ C. If there was an unfavorable direct materials price variance of $125, how much did they pay per foot for the rubber? Round your answer to two decimal places. Actual price $

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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Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Large Small Rubber 3 feet at $0.25 per foot 1.25 feet at $0.25 per foot Connector 1 at $0.02 1 at $0.02 At the beginning of the month, Ed Co. bought 24,000 feet of rubber for $6,720. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive numbers. If required round your answers to two decimal places. Direct materials price variance 2$ Direct materials quantity variance $ Total direct materials cost variance 2$ B. If they bought 10,000 connectors costing $210, what would the direct materials price variance be for the connectors? Round your intermediate calculations to three decimal places. Direct materials price variance…
Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Large Small Rubber 3 feet at $0.25 per foot 1.25 feet at $0.25 per foot Connector 1 at $0.02 1 at $0.02 At the beginning of the month, Ed Co. bought 24,000 feet of rubber for $6,600. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,600 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive numbers. If required round your answers to two decimal places. Direct materials price variance $fill in the blank 1 Direct materials quantity variance $fill in the blank 3 Total direct materials cost variance $fill in the blank 5 B. If they bought 9,000 connectors costing $190, what would the direct materials price variance be for the connectors?…
Cycle USA is in the business of making innertubes for bicycles. They manufacture both large and small innertubes. Both of the tubes use the same material but require different amounts of material. The material usage is as follows: 　 Large Small Rubber 3 feet at $0.25 per foot 1.25 feet at $0.25 per foot Connector 1 at $0.03 1 at $0.03 On June 1, Cycle USA purchased 25,000 feet of rubber for $6,875. During the month of June, Cycle USA used 14,500 feet of rubber to make 3,000 large tubes and 4,000 small tubes. A. Calculate the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Direct Materials Price Variance 　 Direct Material Quantity Variance 　 Total Direct Materials Cost Variance 　 B. If Cycle USA bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? Direct Materials Price…
Hel Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,300 helmets, using 2,475 kilograms of plastic. The plastic cost the company $18,810. According to the standard cost card, each helmet should require 0.68 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,300 helmets? 2. What is the standard materials cost allowed (SQ × SP) to make 3,300 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. Standard quantity of kilograms…
es Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,800 helmets, using 2,888 kilograms of plastic. The plastic cost the company $19,061. According to the standard cost card, each helmet should require 0.70 kilograms of plastic, at a cost of $7.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,800 helmets? 2. What is the standard materials cost allowed (SQ x SP) to make 3,800 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. Standard quantity of kilograms…
Saved Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,600 helmets, using 2,592 kilograms of plastic. The plastic cost the company $17,107. According to the standard cost card, each helmet should require 0.65 kilograms of plastic, at a cost of $7.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,600 helmets? 2. What is the standard materials cost allowed (SQ x SP) to make 3,600 helmets? 3. What is the materials spending variance? 4. What Is the materials price varlance and the materials quantity variance? 1:35 ed ok (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) nt. ences, 1. Standard…
Talbot Industries manufactures two models of wireless headset: TI-12 and TI-28. Each product requires time on a single machine. The machine has a monthly capacity of 540 hours. Total market demand for the two products is limited to 2,000 units of TI-12 and 1,000 units of TI-28 monthly. Talbot is currently producing and selling 1,500 TI-12 models and 780 TI-28 models each month. Cost and machine-usage data for the two products are shown in the following spreadsheet, which analysts at Talbot use for production planning purposes: Price Less variable costs per unit Material Labor Overhead Contribution margin per unit Fixed costs Manufacturing Marketing and administrative Machine hours per unit Machine hours used Machine hours available Quantity produced Maximum demand Profit Required A Required B TI-12 Model TI-28 Model TI-12 $ 80 23 29 8 $ 20 units units 0.1
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Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,200 helmets, using 2,080 kilograms of plastic. The plastic cost the company $15,808. According to the standard cost card, each helmet should require 0.56 kilogram of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,200 helmets? 2. What is the standard materials cost allowed (SQ × SP) to make 3,200 helmets? 3. What is the materials spending variance? 4. What are the materials price variance and the materials quantity variance? Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. 1. Standard quantity of kilograms…
Winter Sports manufactures snowboards. Its cost of making 1,800 bindings is as follows in the data table. Suppose Livingston will sell bindings to Winter Sports for $14 each. Winter Sports would pay $1 per unit to transport the bindings to its manufacturing plant, where it would add its own logo at a cost of $0.60 per binding.
Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,100 helmets, using 2,170 kilograms of plastic. The plasti cost the company $14,322. According to the standard cost card, each helmet should require 0.65 kilograms of plastic, at a cost of $7.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,100 helmets? 2. What is the standard materials cost allowed (SQ x SP) to make 3.100 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. Standard quantity of kilograms allowed…
Bandar Industries manufactures sporting equipment. One of the company’s products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,400 helmets, using 2,550 kilograms of plastic. The plastic cost the company $19,380. According to the standard cost card, each helmet should require 0.68 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,400 helmets? 2. What is the standard materials cost allowed (SQ × SP) to make 3,400 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)