Homework Help is Here – Start Your Trial Now!
Business
Accounting
Exercise 17-34 (Algo) Materials Mix and Yield Variances (LO 17-5) Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. The company has the following direct materials data for its product: Standard costs for one unit of output 68 units of input at $1.00 12 units of input at $4.60 The following results were reported for January: X-1 Y-7 Units of output produced Materials purchased X-1 Y-7 Proctor has a policy of holding no inventories of any kind. Required: a. Compute materials price and efficiency variances. b. Compute materials mix and yield variances. Complete this question by entering your answers in the tabs below. Required A Required B 18,125 units 1,202,500 units at $1.02 222,500 units at $4.55 Compute materials price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Materials price variance Materials efficiency variance X-1 < Required A Y-7 Required B > Total

Exercise 17-34 (Algo) Materials Mix and Yield Variances (LO 17-5) Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. The company has the following direct materials data for its product: Standard costs for one unit of output 68 units of input at $1.00 12 units of input at $4.60 The following results were reported for January: X-1 Y-7 Units of output produced Materials purchased X-1 Y-7 Proctor has a policy of holding no inventories of any kind. Required: a. Compute materials price and efficiency variances. b. Compute materials mix and yield variances. Complete this question by entering your answers in the tabs below. Required A Required B 18,125 units 1,202,500 units at $1.02 222,500 units at $4.55 Compute materials price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Materials price variance Materials efficiency variance X-1 < Required A Y-7 Required B > Total

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 4P: Calculation of materials and labor variances Fritz Corp. manufactures and sells a single product....
See similar textbooks
icon
Related questions
Topic Video
Question

Please help me with part a and part b.....do not give solution in image format thanku 

Exercise 17-34 (Algo) Materials Mix and Yield Variances (LO 17-5) Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. The company has the following direct materials data for its product: Standard costs for one unit of output 68 units of input at $1.00 12 units of input at $4.60 The following results were reported for January: X-1 Y-7 Units of output produced Materials purchased X-1 Y-7 Proctor has a policy of holding no inventories of any kind. Required: a. Compute materials price and efficiency variances. b. Compute materials mix and yield variances. Required A Required B 18,125 units Complete this question by entering your answers in the tabs below. 1,202,500 units at $1.02 222,500 units at $4.55 Materials price variance Materials efficiency variance Compute materials price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. X-1 < Required A Y-7 Required B > Total
Transcribed Image Text:Exercise 17-34 (Algo) Materials Mix and Yield Variances (LO 17-5) Proctor Cleaning Products manufactures a product using a process that allows for substitution between two materials, X-1 and Y-7. The company has the following direct materials data for its product: Standard costs for one unit of output 68 units of input at $1.00 12 units of input at $4.60 The following results were reported for January: X-1 Y-7 Units of output produced Materials purchased X-1 Y-7 Proctor has a policy of holding no inventories of any kind. Required: a. Compute materials price and efficiency variances. b. Compute materials mix and yield variances. Required A Required B 18,125 units Complete this question by entering your answers in the tabs below. 1,202,500 units at $1.02 222,500 units at $4.55 Materials price variance Materials efficiency variance Compute materials price and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. X-1 < Required A Y-7 Required B > Total
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS