Help answer both of these questions please 3 Final Examm/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=falseFlapjack Corporation had 7,712 actual direct labor hours at an actual rate of $12.30 per hour. Original production had been budgeted for 1,100 units, but only 958 units were actually produced. Labor standards were 7.5 hours percompleted unit at a standard rate of $12.95 per hour.The direct labor rate variance isOa. $5,012.80 unfavorableOb. $5,012.80 favorableOc. $6,700.59 unfavorableOd. $6,700.59 favorablePreviousEmail InstructorNextSubmit Test for Grading om/ilrn/takeAssignment/takeAssignThe standard costs and actual costs for direct materials for the manufacture of 2,910 actual units of product are as follows:Standard CostsDirect materialsDirect materials2,910 kilograms at $8.50Actual Costs3,000 kilograms at $8.40The direct materials quantity variance isOa. $765 favorableOb. $612 favorableOc. $612 unfavorableOd. $765 unfavorable

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Description: Help answer both of these questions please 3 Final Examm/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=falseFlapjack Corporation had 7,712 actual direct labor hours at an actual rate of $12.30 per hour.

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Flapjack Corporation had 7,712 actual direct labor hours at an actual rate of $12.30 pe completed unit at a standard rate of $12.95 per hour.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 3PA: Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes...

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H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows: a.Determine the standard unit materials cost per pound for a standard batch. b.Determine the direct materials quantity variance for batch 08-99.
Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Each unit requires 0.3 hour of direct labor. Instructions Determine (A) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; (B) the direct labor rate variance, direct labor time variance, and total direct labor cost variance; and (C) the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.
Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Unadjusted Cost of Goods Sold equals 1,500,000, unadjusted Work in Process equals 236,000, and unadjusted Finished Goods equals 180,000. Required: 1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. What is the adjusted balance in Cost of Goods Sold after closing out the variances? 2. What if any ending balance in a variance account that exceeds 10,000 is considered material? Close the immaterial variance accounts to Cost of Goods Sold and prorate the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is 1,050,000, the prime cost in Work in Process is 165,200, and the prime cost in Finished Goods is 126,000. What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances? (Round ratios to four significant digits. Round journal entries to the nearest dollar.)
Materials and labor variances Fausto Fabricators Inc. uses a standard cost system to account for its single product. The standards established for the product include the following: The following operating data came from the records for the month: In process, beginning inventory, none. In process, ending inventory, 800 units, 80% complete as to labor; material is issued at the beginning of processing. Completed during the month, 5,600 units. Materials issued to production were 51,680 lb @ .55 per pound. Direct labor was 384,000 for 40,000 hours worked. Required: Calculate the following variances, using the diagram format in Figure 8-4. 1. Materials price. 2. Materials quantity. 3. Net materials variance. 4. Labor rate. 5. Labor efficiency. 6. Net labor variance. (Hint: Before determining the standard quantity for materials and labor, you must first compute the equivalent units of production for materials and labor.)
Solve Sub parts: Direct labor efficiency (quantity) var.$________U F and all journals STANDARD COST SYSTEM: VARIANCES AND ENTRIES: Company B uses a standard cost system to control manufacturing costs. All expenditures were on account. Standards to produce one unit of finished product: Direct materials: 2 lbs. @ $8.00 per lb. Direct labor: 6 hours at $20.00 per hour Actual results: Actual production: 62,000 units Actual materials purchased: 130,000 lbs. @ $8.20 per lb. Actual materials used: 125,000 lbs Actual direct labor usage: 370,000 hours Actual direct labor costs: $ 7,585,000 REQUIRED: COMPUTE (must show calculations) and indicate whether favorable (F) or unfavorable…
The standard costs and actual costs for direct materials for the manufacture of 2,800 actual units of product are as follows: Standard CostsDirect materials 1,040 kilograms at $8.51 Actual CostsDirect materials 2,800 kilograms at $8.05 The direct materials price variance is a. $478 favorable b. $478 unfavorable c. $1,288 favorable d. $1,288 unfavorable
The standard costs and actual costs for direct materials for the manufacture of 2,800 actual units of product are Standard Costs Direct materials (per completed unit) 1,040 kilograms @$8.82 Actual Costs Direct materials 2,800 kilograms @ $8.40 Round your final answer to the nearest dollar. The amount of direct materials price variance is a.$437 unfavorable b.$1,176 unfavorable c.$1,176 favorable d.$437 favorable
The standard costs and actual costs for direct materials for the manufacture of 2,590 actual units of product are as follows: Standard CostsDirect materials 2,590 kilograms at $8.50 Actual CostsDirect materials 2,700 kilograms at $8.10 The direct materials quantity variance is a. $748 favorable b. $748 unfavorable c. $935 favorable d. $935 unfavorable
A company provided the following direct materials cost information. Compute the direct materials quantity variance. Standard costs assigned: Direct materials standard cost (405,000 units @ $4.00/unit) $ 1,620,000 Actual costs: Direct materials costs incurred (403,120 units @ $4.30/unit) $ 1,733,416 Multiple Choice $113,416 Favorable. $8,084 Unfavorable $8,084 Favorable. $7,520 Favorable. $7,520 Unfavorable.
Use the information provided to answer the questions. Actual price paid per pound of material $14.00 Total standard pounds for units produced this period 12,400 Pounds of material used 13,150 Direct materials price variance favorable $3,945.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $fill in the blank 1 B. What is the direct materials quantity variance? Direct materials quantity variance $fill in the blank 2 C. What is the total direct materials cost variance? Total direct materials cost variance $fill in the blank 4 D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $fill in the blank 6
nformation about direct materials cost follows for a local company: Standard price per materials gram $ 20 Actual quantity used 2,760 grams Standard quantity allowed for production 2,900 grams Price variance $ 19,320 F Required: What was the actual purchase price per gram?
3. Smith Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): Standard Quantity X Standard Price = Standard Cost Direct materials 5 pounds $2.60 $18.00 Direct Labor 1.25 hours $12.00 per hour $15.00 Total prime cost X X $33.00 NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. Smith Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. Smith Industries paid $39,370 for the 15,500 pounds of material. Complete the following table of variances and their conditions: Variance Variance Amount Favorable (F) or Unfavorable (U) Material Price ? ? Material Quantity ? ? Total DM Cost Variance ? ?