ired: (1) Prepare the journal entries to record the purchase of the tomatoes.* (2) Prepare the journal entries to record the tomatoes entering production.*   *Refer to the Chart of Accounts for exact wording of account titles.

Q: Kilo's standard price per pound of direct materials (SP) is:

A: A standard costing system is a technique used in accounting to prepare budgets, monitor and control…

Q: BQ Inc. is employing standard costing for its product. For the year ended December 31, 20x0, it…

A: Standard units of material for actual production = 200*5 = 1000 units Material usage variance = P700…

Q: A manufacturer of radios purchases components from subcontractors for assembly into complete radios.…

A:

Q: McDaniel Company manufactures 100-pound bags of fertilizer that have the following unit standard…

A: Material price variance  =  Actual quantity ×(standard rate - Actual rate)

Q: Olympic Foods Company uses a standard cost system to collect costs related to the production of its…

A: Material cost variance in business means that when there is a difference between standard cost and…

Q: The Bright Lamp Company has budgeted its conversion cost for the small lamp production as $85,000…

A: Answer

Q: Swifty produces 5-foot USB cables. During the past year, the company purchased 180,000 feet of…

A: The direct material quantity variance (DMQV) is based on the difference of standard quantity and…

Q: If 10,000 pounds of direct materials are purchased for $9,300 on account and the standard cost is…

A: Computation of Material Price Variance:

Q: Barbaro Production Company has developed the following standards for one of its products: STANDARD…

A: Direct Labor efficiency variance = (standard hours - actual hours)*standard rate Variable overhead…

Q: Mr. Chan purchased 60,000 lbs. of chemical X for P210,000. During May 2020, Mr. Chan, manufactured…

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

Q: Sheridan WaterWorks manufactures snorkel gear. During the past month, Washington purchased 2,600…

A: Direct material price variance = ( Standard Price - Actual Price ) x Actual Quantity Purchased

Q: Company S purchased 1,000 units raw materials amounting to $5,000 and used $4,500 worth for the…

A: Material purchase price variance means when there is a difference between actual cost of material…

Q: 1. A quantity of a particular raw material was purchased for $43,250. The standard cost of the…

A: Material Price variance: (AQ X AP) – (AQ X SP)   if actual cost is less than standard cost, then…

Q: Right Size Corporation manufactures faucets. Several weeks ago, the company received a special-order…

A: a.Calculate contribution margin per unit:

Q: Ivanhoe Creations purchased 7100 feet of copper tubing at a price of $2.50 per foot and used 7240…

A: Material price variance = Actual quantity × (Standard cost per unit - Actual cost per unit)

Q: Washington WaterWorks manufactures snorkel gear. During the past month, Washington purchased 4,000…

A: Direct Material Price Variance: Direct material price variance in the difference between the…

Q: Robin Company records standard costs and variances in its accounts. Robin Company purchased and used…

A: Standard costing is a technique used in cost accounting to compare budgeted or standard costs with…

Q: Popcorn Ltd uses a batch production method to produce its single product by combining two materials…

A: Answer a (i):-  Material price variance corn = £102.6 Material price variance salt  = -£197.8…

Q: Martin Company manufactures a powerful cleaning solvent. The main ingredient in the solvent is a…

A: For 1 quart computation of Standard Price as follows: Reference:

Q: Maricol Company uses a standard costing system in connection with the manufacturer of their product…

A: Answer -  Part 1 -  Price Variance Formula - (Actual price per yards - Standard price per yards…

Q: At Elkhardt, the standard price for the M640 electrical relay (a component used in the production of…

A: The term "material price variation" refers to the difference between the actual price paid for…

Q: Titus Company purchased and used 650 pounds of tomatoes (direct materials) to produce a taco sauce…

A: Materials price variance is defined as the difference among the actual and the budgeted cost for…

Q: Courtney purchased and consumed 50,000 gallons of direct material that was used in the production of…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The Talbot Company has received an order (F324 for 100 widgets. On January 20 tme shop supervisor…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Prepare a direct materials purchasing plan for January, February, and March, based on the following…

A: Direct material purchase budget shows for how much cost needs to be purchased for direct materials.

Q: Vanessa Corporation manufactures faucets.  Several weeks ago, the firm received a special-order…

A: 1) Note: The fixed administrative cost is irrelevant to the decision. No, the conclusion is…

Q: dppy Inc. manufactures a fuel additive, Surge, which has a stable selling price of $44 per drum. The…

A: 1) Material quantity variance is the difference between the actual amount of material used and the…

Q: Waterway, Inc. makes high-quality swimsuits. During the year, the company produced 801 suits, using…

A: Direct materials quantity variance also known as material efficiency or usage variance used measure…

Q: GB Corporation uses a standard cost system to collect costs related to the production of its…

A: Solution:- calculation of material quantity variance as follows under:-

Q: Zanda Drug Corporation buys three chemicals that are processed to produce two types ofanalgesics…

A: When business has more than one alternative to choose, then alternative which has maximum profit and…

Q: Bright Lamp Company has budgeted its conversion cost for small lamp production as $85,000 for 1,300…

A: Please find the answers to the above questions below:

Q: 'Paper Pulp Company purchases trees form Manila seedling and processes them up to the split-off…

A: Total joint cost at split- off point isP15000 Sales value for 30000* sheets of paper = 30000*0.40…

Q: Magno Cereal Corporation uses a standard cost system to collect costs related to the production of…

A: Given the following information: Standard material per unit: 1.4 pounds Standard cost per pound: $3…

Q: For the raw materials used to make its stoves, Kleslia, SRL has a standard price of $10.92 per gram…

A: Materials price variance = (Standard price x Materials purchased) - Actual cost

Q: Kardash Cosmetics purchases flowers in bulk and processes them into perfume. From a certain mix of…

A: Step 1 “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: The T-Rex Company produces screen-printed T-shirts. To produce the shirts, T-Rex uses a standard…

A: Formula: Direct Material price variance = (Actual price per yard - Standard price per yard)*Actual…

Q: The Tee Shirt Enterprise uses a standard costing system. The company established the following…

A: Standard rate = Php5 Actual rate = Php128,750 / 25,000 grams = Php5.15

Q: The Company is to submit a bid on the production of 10,000 ceramic salad bowls. It is estimated that…

A: Estimated costs to produce includes all direct costs and indirect costs incurred for the production.…

Q: Kardash Cosmetics purchases flowers in bulk and processes them into perfume. From a certain mix of…

A: 5. Allocation of joint cost by uszing NRV method:

Q: The company made and sold 450 of the Valentine's Day arrangements. Based on this information the…

A: Materials price variance: Materials price variance refers to the portion of the total material…

Q: Bismite Corporation purchases trees from Cheney lumber and processes them up to the split-off point…

A:

Q: The quality assurance personnel inspect the cookies before they are packaged for sale. Any cookie…

A:

Q: MARICOL Company uses a standard costing system in connection with the manufacture of their product…

A: SOLUTION WORKING - STANDARD QUANTITY REQUIRED PER UNIT = QUANTITY CONTAINED IN FINISHED PRODUCTS /…

Q: Bright Lamp Company has budgeted its conversion cost for small lamp production as $85,000 for 1,300…

A: (a).       Particulars Debit Credit   Raw and in process inventory 72000   =4000*18…

Q: Cory purchased and consumed 50,000 gallons of direct material that was used in the production of…

A: Material Qty variance: = Std price (Std quantity allowed-Actual quantity used)        Material…

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.