Last month, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control.(Click the icon to view the table.)Complete the following table.(Round your answers to two decimal places.)Direct materials informationStandard pounds per unitStandard price per poundActual quantity purchased and used per unitActual price paid for material per poundDirect materials price varianceDirect materials quantity varianceTotal direct material varianceNumber of units producedLargespeed bump speed bumpMedium15$ 1.00$ 1.801416B$ 1.80$ 2.10$ 1,120 U $$ 100 F$ 1,020 U $1001,920 U480 U400C... Data tableDirect materials informationStandard pounds per unit..Standard price per pound.....Actual quantity purchased and used per unitActual price paid for material per pound..Direct materials price variance....Direct materials quantity variance..Total direct material variance..Number of units producedMedium speedbump$Large speedbump151.00 $?1.80 $$1,120 U100 F?100?1.80162.10$1,920 U?$480 U400I

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Description: Last month, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control.(Click the icon to view the table.)Complete the following table.(Round your answers to two decimal places.)Dire

Variances are the difference between the standard set by the company and the company actually…

Answered: Last month, Talley Corporation…

Business

Accounting

Last month, Talley Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control.

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 1BE: Direct materials variances Bellingham Company produces a product that requires 2.5 standard pounds...

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If variances are recorded in the accounts at the time the manufacturing costs are incurred, what does a debit balance in Direct Materials Price Variance represent?
Direct materials and direct labor variance analysis Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Instructions Determine (A) the standard cost per unit for direct materials and direct labor; (B) the price variance, quantity variance, and total direct materials cost variance; and (C) the rate variance, time variance, and total direct labor cost variance.
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Computing materials variances D-List Calendar Co. specializes in manufacturing calendars that depict obscure comedians. The company uses a standard cost system to control its costs. During one month of operations, the direct materials costs and the quantities of paper used showed the following: Calculate the following: 1. Total cost of purchases for the month 2. Materials purchase price variance 3. Materials quantity variance 4. Net materials variance
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