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Business
AccountingManagerial Accounting: The Cornerstone of Business Decision-Making7th Edition

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Chapter 10, Problem 70P
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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Problem 2DQ
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Problem 6DQ
Problem 7DQ
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Problem 11DQ
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Problem 13DQ
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Problem 15DQ
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Problem 18DQ
Problem 19DQ
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Problem 53E
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Problem 57E
Problem 58E
Problem 59E
Problem 60E
Problem 61E
Problem 62P
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Problem 64P
Problem 65P
Problem 67P
Problem 68P
Problem 69P
Problem 70P
Problem 71P
Problem 72P
Problem 73P
Problem 74P
Problem 75P
Problem 76P
Problem 77C
Problem 79C
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Problem 3MTC
Problem 4MTC
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Problem 6MTC
Problem 7MTC
Problem 8MTC
Problem 9MTC
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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
308 views

Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The following standards for producing one case of bottles have been established:

Chapter 10, Problem 70P, Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The , example 1

During December, 78,000 pounds of materials were purchased and used in production. There were 15,000 cases produced, with the following actual prime costs:

Chapter 10, Problem 70P, Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The , example 2

Required:

  1. 1. Compute the materials variances.
  2. 2. Compute the labor variances.
  3. 3. CONCEPTUAL CONNECTION What are the advantages and disadvantages that can result from the use of a standard costing system?

1.

To determine

Calculate the value of material price variance and material usage variance.

Explanation

Variance:

The amount obtained when actual cost is deducted from budgeted cost is known as variance. Variance is calculated to find whether the cost is over applied or under applied.

Use the following formula to calculate material price variance:

Material Price Variance=[Actual Cost−(Standard Price×Actual Quantity)]

Substitute $74,000 for actual cost, 78,000 units for actual quantity and $0.95 for standard price in the above formula.

Material Price Variance=$74,000−($0.95×78,000)=$100(F)

Therefore, the material price variance is $100(F).

Use the following formula to calculate material usage variance:

Material Usage Variance=(Standard Price×Actual Quantity)−(Standard Price×Standard Quantity)

Substitute $0

2.

To determine

Calculate the value of labor rate variance and labor efficiency variance.

3.

To determine

Explain the advantages and disadvantages of the use of standard costing.

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Ch-10 P-1DQCh-10 P-2DQCh-10 P-3DQCh-10 P-4DQCh-10 P-5DQCh-10 P-6DQCh-10 P-7DQCh-10 P-8DQCh-10 P-9DQCh-10 P-10DQ
Ch-10 P-11DQCh-10 P-12DQCh-10 P-13DQCh-10 P-14DQCh-10 P-15DQCh-10 P-16DQCh-10 P-17DQCh-10 P-18DQCh-10 P-19DQCh-10 P-20DQCh-10 P-21DQCh-10 P-22DQCh-10 P-23DQCh-10 P-1MCQCh-10 P-2MCQCh-10 P-3MCQCh-10 P-4MCQCh-10 P-5MCQCh-10 P-6MCQCh-10 P-7MCQCh-10 P-8MCQCh-10 P-9MCQCh-10 P-10MCQCh-10 P-11MCQCh-10 P-12MCQCh-10 P-13MCQCh-10 P-14MCQCh-10 P-15MCQCh-10 P-16MCQCh-10 P-17MCQCh-10 P-18MCQCh-10 P-19MCQCh-10 P-20MCQCh-10 P-21BEACh-10 P-22BEACh-10 P-23BEACh-10 P-24BEACh-10 P-25BEACh-10 P-26BEACh-10 P-27BEACh-10 P-28BEACh-10 P-29BEACh-10 P-30BEACh-10 P-31BEACh-10 P-32BEBCh-10 P-33BEBCh-10 P-34BEBCh-10 P-35BEBCh-10 P-36BEBCh-10 P-37BEBCh-10 P-38BEBCh-10 P-39BEBCh-10 P-40BEBCh-10 P-41BEBCh-10 P-42BEBCh-10 P-43ECh-10 P-44ECh-10 P-45ECh-10 P-46ECh-10 P-47ECh-10 P-48ECh-10 P-49ECh-10 P-50ECh-10 P-51ECh-10 P-52ECh-10 P-53ECh-10 P-54ECh-10 P-55ECh-10 P-56ECh-10 P-57ECh-10 P-58ECh-10 P-59ECh-10 P-60ECh-10 P-61ECh-10 P-62PCh-10 P-63PCh-10 P-64PCh-10 P-65PCh-10 P-67PCh-10 P-68PCh-10 P-69PCh-10 P-70PCh-10 P-71PCh-10 P-72PCh-10 P-73PCh-10 P-74PCh-10 P-75PCh-10 P-76PCh-10 P-77CCh-10 P-79CCh-10 P-1MTCCh-10 P-2MTCCh-10 P-3MTCCh-10 P-4MTCCh-10 P-5MTCCh-10 P-6MTCCh-10 P-7MTCCh-10 P-8MTCCh-10 P-9MTCCh-10 P-10MTC

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