Homework Answers
19)
The correct answer is E) None of the above.
Supporting calculations:
Material quantity variance = (Standard quantity of materials in lbs. to be produced - Actual quantity of materials in lbs. to be produced) * Standard price per lb
= [(6,000 units * 10 lbs) - (8,000 units * 10 lbs.)] * $2 per lb
= (60,000 lbs - 80,000 lbs) * $2 per lb
= 20,000 lbs * $2 per lb
= $40,000 Favorable
The actual units produced (8,000 units) is more than the standard units of 6,000 units, hence, it is produced more than the standard which is favorable.
Therefore, the material quantity variance is $40,000 favorable which is not in any one of the options given, hence, the correct answer is E) None of the above.
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PART 1 SUBJECTIVE SCORE INSTRUCTOR USE ONLY 100000-700 504302010 19 At the beginning of October, the...
19 At the beginning of October, the following was deter determined for a particular product: 10.0...
19 At the beginning of October, the following was deter determined for a particular product: 10.0 lbs. Standard Quantity of material per unit produced $ Standard Price of material 2.00 per lb. 6,000 units Budgeted Units to be produced The following data pertain to operations concerning the product for October: Actual Cost of materials purchased 150,000 Beginning Materials Inventory 1.500 lbs. Ending Materials Inventory 2.500 lbs. Actual Units Produced 8,000 units Materials Purchase Price Variance 15,000 Favorable What was the...
19 At the beginning of October, the following was determined for a particular product Standard unity...
19 At the beginning of October, the following was determined for a particular product Standard unity of material per unit produced Standard Price of material Budgeted Units to be produced The following data pertain to operations concerning the product for October Actual Cost of materials purchased $ 150,000 Beginning Materials aventory Ending Materials Inventory 2.000 6 Actual Units Produced 8.000 units Materials Purchase Price Variance 15.000 Favorable What was the Materials Ouantity Variance for October? $4,000 Unfavorable $5.000 Unfavorable $15,000...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.90 per lb. $7.10 per hour $ 1.70 per lb. 930,000 lbs. 15,000 1,075,000 lbs. 8,000 960,000 lbs. $5,100 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 2.10 per lb $7.30 pe...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 2.10 per lb $7.30 per hour $1.90 per lb. 950,000 lbs. 15,000 1,095,000 lbs 10,000 980.000 lbs. $5,300 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 2.60 per lb. $ 7.80 per hour $ 2.40 per lb. 1,000,000 lbs. 17,000 1,175,000 lbs. 13,000 1,030,000 lbs. $5,800 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price $2.00 per lb. $7.20 per hour $1.80 per lb. 940,000 lbs 15,000 1,085,000 lbs 9,000 970,000 lbs $5,200 F Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases...
Amber Company produces iron table and chair sets. During October, Amber’s costs were as follows: Actual...
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 3.00
per lb.
Actual direct labor rate
$ 8.20
per hour
Standard purchase price
$ 2.80
per lb.
Standard quantity for sets produced
1,040,000
lbs.
Standard direct labor hours allowed
21,000
Actual quantity purchased in October
1,295,000
lbs.
Actual direct labor hours
17,000
Actual quantity used in October
1,070,000
lbs.
Direct labor rate variance
$6,200
F
3. Calculate the direct materials...
Amber Company produces iron table and chair sets. During October, Amber’s costs were as follows: Amber...
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $2.20 per Ib. $7.40 per hour $2.00 per lb. 960,000 ibs 10,000 1,105,000 lbs. 9,000 990,000 lbs $5,400 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity...
19 At the beginning of October, the following was deter determined for a particular product: 10.0 lbs. Standard Quantity of material per unit produced $ Standard Price of material 2.00 per lb. 6,000 units Budgeted Units to be produced The following data pertain to operations concerning the product for October: Actual Cost of materials purchased 150,000 Beginning Materials Inventory 1.500 lbs. Ending Materials Inventory 2.500 lbs. Actual Units Produced 8,000 units Materials Purchase Price Variance 15,000 Favorable What was the...
19 At the beginning of October, the following was determined for a particular product Standard unity of material per unit produced Standard Price of material Budgeted Units to be produced The following data pertain to operations concerning the product for October Actual Cost of materials purchased $ 150,000 Beginning Materials aventory Ending Materials Inventory 2.000 6 Actual Units Produced 8.000 units Materials Purchase Price Variance 15.000 Favorable What was the Materials Ouantity Variance for October? $4,000 Unfavorable $5.000 Unfavorable $15,000...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.90 per lb. $7.10 per hour $ 1.70 per lb. 930,000 lbs. 15,000 1,075,000 lbs. 8,000 960,000 lbs. $5,100 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 2.10 per lb $7.30 per hour $1.90 per lb. 950,000 lbs. 15,000 1,095,000 lbs 10,000 980.000 lbs. $5,300 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 2.60 per lb. $ 7.80 per hour $ 2.40 per lb. 1,000,000 lbs. 17,000 1,175,000 lbs. 13,000 1,030,000 lbs. $5,800 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price $2.00 per lb. $7.20 per hour $1.80 per lb. 940,000 lbs 15,000 1,085,000 lbs 9,000 970,000 lbs $5,200 F Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases...
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 3.00
per lb.
Actual direct labor rate
$ 8.20
per hour
Standard purchase price
$ 2.80
per lb.
Standard quantity for sets produced
1,040,000
lbs.
Standard direct labor hours allowed
21,000
Actual quantity purchased in October
1,295,000
lbs.
Actual direct labor hours
17,000
Actual quantity used in October
1,070,000
lbs.
Direct labor rate variance
$6,200
F
3. Calculate the direct materials...
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $2.20 per Ib. $7.40 per hour $2.00 per lb. 960,000 ibs 10,000 1,105,000 lbs. 9,000 990,000 lbs $5,400 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity...
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