Absolute Manipulation Manufacturing's (AMM) standards anticipate that there will be 55 pounds of raw material used...
Absolute Manipulation Manufacturing's (AMM) standards anticipate that there will be 55 pounds of raw material used for every unit of finished goods produced. AMM began the month of MayMay with 4,000 pounds of raw material, purchased 27,500 pounds for $19,250 and ended the month with 3,300 pounds on hand. The company produced 5,400 units of finished goods. The company estimates standard costs at $1.10 per pound. The materials price and efficiency variances for the month of May were:
Homework Answers
Material price variance = (1.1 - 19250/27500)*27500 = $11000 favorable
Material efficiency variance = (5400*55 - (4000+27500-3300)}*1.1 = $1320 unfavorable
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Absolute Manipulation Manufacturing's (AMM) standards
anticipate that there will be 55 pounds of raw material used...
Awesome Manipulation Manufacturing's (AMM) standards anticipate that there will be 6 pounds of raw material used...
Awesome Manipulation Manufacturing's (AMM) standards anticipate that there will be 6 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 3,000 pounds of raw material, purchased 29,000 pounds for $34,800 and ended the month with 2,200 pounds on hand. The company produced 4,800 units of finished goods. The company estimates standard costs at $1.30 per pound. The materials price and efficiency variances for the month of May were: Efficiency Variance...
4 of 10 (0 complete) This Quiz: 10 pts possible This Question: 1 pt Amber Manipulation...
4 of 10 (0 complete) This Quiz: 10 pts possible This Question: 1 pt Amber Manipulation Manufacturing's (AMM) standards anticipate that there will be 7 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 6,000 pounds of raw material, purchased 33,100 pounds for $19,860 and ended the month with 4,800 pounds on hand. The company produced 4,700 units of fr shed goods. The company estimates standard costs at $1.10 per...
2. The standards for product V28 call for 7.6 pounds of a raw material that costs...
2.
The standards for product V28 call for 7.6 pounds of a raw material that costs $18.00 per pound. Last month, 1,500 pounds of the raw material were purchased for $26,700. The actual output of the month was 170 units of product V28. A total of 1,400 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the...
Calculate the number of pounds of raw material to be purchased in June.
ABC Company's budgeted sales for June, July, and August are 14,400, 18,400, and 16,400 units, respectively. ABC requires 30% of the next month's budgeted unit sales as finished goods inventory each month. Budgeted ending finished goods inventory for May is 4,320 units. Each unit that ABC Company produces uses 3 pounds of raw material. ABC requires 25%, of the next month's budgeted production as raw material inventory each month.Calculate the number of pounds of raw material to be purchased in...
$ 7.50 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds...
$ 7.50 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds at $2.50 per pound Direct labor 5 hours at $7.50 per hour Actual results: Units produced 7,800 units Direct material purchased 26,000 pounds at $2.70 Direct material used 23,100 pounds at $2.70 Direct labor 40,100 hours at $7.30 $ 70,200 62,370 292,730 Assume that the company computes variances at the earliest point in time. The direct-labor rate variance is: Multiple Choice 0 $7,800F. 0...
$ 8.40 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds...
$ 8.40 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds at $2.80 per pound Direct labor 5 hours at $7.50 per hour Actual results: Units produced 8,200 units Direct material purchased 27, 200 pounds at $3.00 Direct material used 24,300 pounds at $3.00 Direct labor 41,300 hours at $7.30 8 04:25:44 $ 81,600 72,900 301,490 Print Assume that the company computes variances at the earliest point in time. The direct-labor efficiency variance is: Multiple...
1) The standards for a product call for 2.5 pounds of a raw material that costs...
1) The standards for a product call for 2.5 pounds of a raw material that costs $6.10 per pound. Last month, 30,000 pounds of the raw material were purchased for $187,500. The actual output of the month was 9,000 units of the product. A total of 22,200 pounds of the raw material were used to produce this output. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? 2)...
The following standards have been established for a raw material used to make product N04: Standard...
The following standards have been established for a raw material used to make product N04: Standard quantity of the material per unit of output 2.7 pounds Standard price of the material ........ $15.50 per pound The following data pertain to a recent month's operations: Actual material purchased.... 5,200 pounds Actual cost of material purchased......... $82,680 Actual material used in production....... 4,600 pounds Actual output.... 1,760 units of product N04 a. What is the materials price variance for the month? b....
36 $ 7.50 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds at $2.50 per pound Direct lab...
36 $ 7.50 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds at $2.50 per pound Direct labor 5 hours at $7.50 per hour Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $2.70 Direct material used 24,000 pounds at $2.70 Direct labor 41,100 hours at $7.30 (8 04:26:11 $ 71,820 64,800 300,030 Print Assume that the company computes variances at the earliest point in time. The direct-material price variance is: Multiple...
Each unit requires five pounds of material X37. Roberts is planning raw materials needs for the...
Each unit requires five pounds of material X37. Roberts is planning raw materials needs for the second quarter. Inventory requirements are as follows: a. The finished goods inventory on hand at the end of each month must be equal to 4,000 units plus 31% of the next month’s sales. The finished goods inventory on March 31 is budgeted based on this requirement. b. The raw materials inventory on hand at the end of each month must be equal to one-half...
Awesome Manipulation Manufacturing's (AMM) standards anticipate that there will be 6 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 3,000 pounds of raw material, purchased 29,000 pounds for $34,800 and ended the month with 2,200 pounds on hand. The company produced 4,800 units of finished goods. The company estimates standard costs at $1.30 per pound. The materials price and efficiency variances for the month of May were: Efficiency Variance...
4 of 10 (0 complete) This Quiz: 10 pts possible This Question: 1 pt Amber Manipulation Manufacturing's (AMM) standards anticipate that there will be 7 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 6,000 pounds of raw material, purchased 33,100 pounds for $19,860 and ended the month with 4,800 pounds on hand. The company produced 4,700 units of fr shed goods. The company estimates standard costs at $1.10 per...
2.
The standards for product V28 call for 7.6 pounds of a raw material that costs $18.00 per pound. Last month, 1,500 pounds of the raw material were purchased for $26,700. The actual output of the month was 170 units of product V28. A total of 1,400 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the...
$ 7.50 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds at $2.50 per pound Direct labor 5 hours at $7.50 per hour Actual results: Units produced 7,800 units Direct material purchased 26,000 pounds at $2.70 Direct material used 23,100 pounds at $2.70 Direct labor 40,100 hours at $7.30 $ 70,200 62,370 292,730 Assume that the company computes variances at the earliest point in time. The direct-labor rate variance is: Multiple Choice 0 $7,800F. 0...
$ 8.40 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds at $2.80 per pound Direct labor 5 hours at $7.50 per hour Actual results: Units produced 8,200 units Direct material purchased 27, 200 pounds at $3.00 Direct material used 24,300 pounds at $3.00 Direct labor 41,300 hours at $7.30 8 04:25:44 $ 81,600 72,900 301,490 Print Assume that the company computes variances at the earliest point in time. The direct-labor efficiency variance is: Multiple...
The following standards have been established for a raw material used to make product N04: Standard quantity of the material per unit of output 2.7 pounds Standard price of the material ........ $15.50 per pound The following data pertain to a recent month's operations: Actual material purchased.... 5,200 pounds Actual cost of material purchased......... $82,680 Actual material used in production....... 4,600 pounds Actual output.... 1,760 units of product N04 a. What is the materials price variance for the month? b....
36 $ 7.50 37.50 Cost standards for one unit of product no. 077: Direct material 3 pounds at $2.50 per pound Direct labor 5 hours at $7.50 per hour Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $2.70 Direct material used 24,000 pounds at $2.70 Direct labor 41,100 hours at $7.30 (8 04:26:11 $ 71,820 64,800 300,030 Print Assume that the company computes variances at the earliest point in time. The direct-material price variance is: Multiple...
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