Flowers for All Occasions (FLO) produced a special Mother's Day arrangement that included eight roses. The standard and actual costs of the roses used in each arrangement follow: Standard Actual 8.2 Average number of 8.0 roses per arrangement 0.35 2.80 Price per rose 0.30 2.46 Cost of roses per arrangement Flow planned to make 350 arrangements but actually made 420. What is materials price variance?

Flowers for All Occasions (FLO) produced a special Mother's Day arrangement that included eight roses. The standard and actual costs of the roses used in each arrangement follow: Standard Actual 8.2 Average number of 8.0 roses per arrangement 0.35 2.80 Price per rose 0.30 2.46 Cost of roses per arrangement Flow planned to make 350 arrangements but actually made 420. What is materials price variance?

Name: Multiple Choice$29.40 Unfavorable$53.20 Unfavorable$172.20 Favorable$
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Description: Multiple Choice$29.40 Unfavorable$53.20 Unfavorable$172.20 Favorable$168.00 Favorable Flowers for All Occasions (FLO) produced a special Mother's Day arrangement that included eight roses. Thestandard and actual costs of the roses used in each arran

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 10PB: Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual...

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Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All materials used were bought during the current period. A. Compute the material and labor variances. B. comment on the results and possible causes of the variances.
Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. A. Compute the material and labor variances. B. Comment on the results and possible causes of the variances.
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. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. 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? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?
Buenolorl Company produces a well-known cologne. The standard manufacturing cost of the cologne is described by the following standard cost sheet: Management has decided to investigate only those variances that exceed the lesser of 10% of the standard cost for each category or 20,000. During the past quarter, 250,000 four-ounce bottles of cologne were produced. Descriptions of actual activity for the quarter follow: a. A total of 1.35 million ounces of liquids was purchased, mixed, and processed. Evaporation was higher than expected. (No inventories of liquids are maintained.) The price paid per ounce averaged 0.42. b. Exactly 250,000 bottles were used. The price paid for each bottle was 0.048. c. Direct labor hours totaled 48,250, with a total cost of 733,000. Normal production volume for Buenolorl is 250,000 bottles per quarter. The standard overhead rates are computed by using normal volume. All overhead costs are incurred uniformly throughout the year. (Note: Round unit costs to the nearest cent and total amounts to the nearest dollar.) Required: 1. Calculate the upper and lower control limits for materials and labor. 2. Compute the total materials variance, and break it into price and usage variances. Would these variances be investigated? 3. Compute the total labor variance, and break it into rate and efficiency variances. Would these variances be investigated?
Roses, Incorporated made a batch of flower arrangements that were sold to grocery stores for Valentine's Day. The standard and actual costs of the roses used in each arrangement are as follows: (Do not round intermediate calculations.) Standard Actual Number of roses per arrangement 23 23.1 Price per rose $ 2.30 $ 2.28 The company made and sold 150 of the Valentine's Day arrangements. Based on this information the materials price variance was Multiple Choice $69 Favorable. $69 Unfavorable. $34.5 Favorable. $34.5 Unfavorable.
Roses, Incorporated made a batch of flower arrangements that were sold to grocery stores for Valentine's Day. The standard and actual costs of the roses used in each arrangement are as follows: (Do not round intermediate calculations.) Standard Actual Number of roses per arrangement 23 23.1 Price per rose $ 2.30 $ 2.28 The company made and sold 150 of the Valentine's Day arrangements. Based on this information the materials usage variance was Multiple Choice $69 Favorable. $69 Unfavorable. $34.5 Favorable. $34.5 Unfavorable.
Grace Company manufactures tables with glass tops. The standard material cost for the glass used per Style-R table is P7.80 based on 6 square feet of vinyl at a cost of P1.30 per square foot. A production run of 1,000 tables in January resulted in usage of 6,400 square feet of vinyl at a cost of P1.20 per square foot, a total cost of P7,680. The usage variance resulting from the above production run was: Group of answer choices 520 unfavorable 640 favorable 120 favorable 480 unfavorable
Ruby company produces a chair that requires 6 yds. of material per unit. The standard price of one yard material is $7.25. During the month, 6,000 chairs were manufactured, using 37,500 yards at a cost of $7.45. Determind (a) price variance, (b) quantity variance, and (c) cost variance.
The Whizbang Company makes a special type of toy. Each top takes 6 ounces of a special material that costs $2 per ounce. Whizbang bought 3,000 ounces of the material at a cost of $5,300. They used 3,399 ounces to make 534 toys. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance. Enter all amounts as positive numbers. 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
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 1.55 feet of leather and predicts leather will cost $2.60 per foot. Suppose Perfect Pet made 50 collars during February. For these 50 collars, the company actually averaged 1.85 feet of leather per collar and paid $2.10 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Required 1: Calculate the standard direct materials cost per unit. (Round your answer to 2 decimal places.) Standard Direct Materials : _________________ per collar Required 2 & 3 : 2. Without performing any calculations, determine whether…
Domose Inc. planned to use $150 of material per unit but actually used $147 of material per unit, and planned to make 1,100 units but actually made 900 units The sales-volume variance for materials is ________. Select one: a. zero b. $30,000 favorable c. $30,000 Unfavorable d. $29,400 unfavorable e. $2,700 unfavorable
Perfect Builders makes all sorts of moldings. Its standard quantity of material allowed is 1 foot of wood per 1 foot of molding at a standard price of $2.00 per foot. During August, it purchased 500,000 feet of wood at a cost of $1.90 per foot, which produced only 499,000 feet of molding. Calculate the materials price variance and the materials usage variance, respectively. $50,000 F and $2,000 U $49,900 U and $2,000 F $49,900 F and $1,900 U $50,000 F and $1,900 U