Using the following information on direct materials, find how many materials were used.
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Using the following information on direct materials, find how
many materials were used.
Shoes produced Standard...
The following company information is available. The direct materials quantity variance is: Direct materials used for...
The following company information is available. The direct materials quantity variance is: Direct materials used for prodution Standard quantity for units produced Standard cost per gallon of direct material Actual cost per gallon of direct material 35,000 gallons 33,400 gallons $11.00 $11.20 Multiple Choice $17600 unfavorable. $17200 favorable $24,600 unfavorable Multiple Choice $17,600 unfavorable. $17.200 favorable. $24,600 unfavorable. $24,600 favorable. $17,200 unfavorable Use the following data to find the direct labor rate variance if the company produced 3,500 units during...
Steel Plastic Product Names Direct materials information Standard pounds per unit Standard Price (SP) per pound...
Steel Plastic Product Names Direct materials information Standard pounds per unit Standard Price (SP) per pound Actual Quantity (AQ) used per unit Actual Price (AP) paid for material Actual Quantity Purchased (AQP) and used Price variance Quantity variance Flexible budget variance Number of units produced 2 lb. $3.25 1.5 lbs. $1.50 2,000 lbs. ? $650 U ? 400 2.5 lb. ? 3.5 lbs. $2.00 1,100 lbs. $1,232 F ? $726 F 575 What is the direct material quantity variance for...
Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $3...
Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $3 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 12 per finished unit 350,000 lbs. 70,000 units $910,000 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable or unfavorable Actual Cost Standard Cost $ 0...
The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used...
The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used 22,000 lbs. at $4.35 per lb. 6,575 hours for a total of Actual direct labor used $128,870 Actual units produced 36,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.30 per pound and 10 minutes of direct labor at $20.60 per hour. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH...
A manufacturer had the following information: Budget Actual Units produced 10,000 11,050 Materials used...
A manufacturer had the following information: Budget Actual Units produced 10,000 11,050 Materials used in production 400 kg ? Material Costs $ 8,000 ? Direct Labour (Hours) 35,000 hrs 41,010 hrs Direct Labour Costs $ 385,000 $450,951 Variable Overhead Costs $ 350,000 $411,441 Fixed Overhead Costs $ 160,000 $136,358 Other Information Overhead is Allocated on Direct Labour Hours During the year, 602 kg of materials were purchased for $12,000 Beginning Direct Material Inventory:...
The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used...
The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used 24,000 lbs. at $4.45 per lb. Actual direct labor used 6,505 hours for a total of $128,799 Actual units produced 36,030 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Budgeted standards for each unit produced are 0.50 pounds of direct...
Jones Company has the following standards for its single product: standard quantity standard price direct materials...
Jones Company has the following standards for its single product: standard quantity standard price direct materials 11 pounds per unit $4.25 per pound direct labor 8 hours per unit $14.00 per hour variable overhead 8 hours per unit ?????? per hour Jones Company reported the following information for the month of October: 1. 9,140 units were produced. 2. The direct material quantity variance was $36,295 favorable. 3. The variable overhead spending variance was $1,520 favorable. 4. The total direct labor...
Information on Bowgie Chemicals direct materials costs follows: Actual quantities of direct materials used 31,400 Actual...
Information on Bowgie Chemicals direct materials costs
follows:
Actual quantities of direct materials used
31,400
Actual costs of direct materials used
$
142,600
Standard price per unit of direct materials
$
4.34
Flexible budget for direct materials
$
122,500
Bowgie Chemicals has no materials inventories.
Required: a. Prepare a short report for management showing Bowgie Chemicals's direct materials price and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is...
Mukecha manufacturing company uses two direct cost categories direct materials and direct labor. Standards were developed...
Mukecha manufacturing company uses two direct cost categories direct materials and direct labor. Standards were developed for each direct cost category and used for exercising control over these costs. The following are standards set by the company on January 1,2015, the first fiscal period of the company: Direct material use 4kg per unit of output Direct materials price per kg $60 Direct labor 2 hours per unit of output Direct labor rate per hour $40 Actual data: Actual...
The following information desaribes production activities of Mercer Manufacturing for the year: Actual direct materials Actual...
The following information desaribes production activities of Mercer Manufacturing for the year: Actual direct materials Actual direct labor used Actual units produced 29,000 lbs. at S5.10 per lb. 8,100 hours for a total of $164,430 48,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at S5.05 per pound and 10 minutes of direct labor at S22.00 per hour (1) Compute the direct materials price and quantity variances. (Do not round intermediate calculations.) Actual Cost Standard Cost...
The following company information is available. The direct materials quantity variance is: Direct materials used for prodution Standard quantity for units produced Standard cost per gallon of direct material Actual cost per gallon of direct material 35,000 gallons 33,400 gallons $11.00 $11.20 Multiple Choice $17600 unfavorable. $17200 favorable $24,600 unfavorable Multiple Choice $17,600 unfavorable. $17.200 favorable. $24,600 unfavorable. $24,600 favorable. $17,200 unfavorable Use the following data to find the direct labor rate variance if the company produced 3,500 units during...
Steel Plastic Product Names Direct materials information Standard pounds per unit Standard Price (SP) per pound Actual Quantity (AQ) used per unit Actual Price (AP) paid for material Actual Quantity Purchased (AQP) and used Price variance Quantity variance Flexible budget variance Number of units produced 2 lb. $3.25 1.5 lbs. $1.50 2,000 lbs. ? $650 U ? 400 2.5 lb. ? 3.5 lbs. $2.00 1,100 lbs. $1,232 F ? $726 F 575 What is the direct material quantity variance for...
Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $3 per lb.) Actual direct materials used (AQ) Actual finished units produced Actual cost of direct materials used $ 12 per finished unit 350,000 lbs. 70,000 units $910,000 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable or unfavorable Actual Cost Standard Cost $ 0...
The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used 22,000 lbs. at $4.35 per lb. 6,575 hours for a total of Actual direct labor used $128,870 Actual units produced 36,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.30 per pound and 10 minutes of direct labor at $20.60 per hour. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH...
Information on Bowgie Chemicals direct materials costs
follows:
Actual quantities of direct materials used
31,400
Actual costs of direct materials used
$
142,600
Standard price per unit of direct materials
$
4.34
Flexible budget for direct materials
$
122,500
Bowgie Chemicals has no materials inventories.
Required: a. Prepare a short report for management showing Bowgie Chemicals's direct materials price and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is...
The following information desaribes production activities of Mercer Manufacturing for the year: Actual direct materials Actual direct labor used Actual units produced 29,000 lbs. at S5.10 per lb. 8,100 hours for a total of $164,430 48,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at S5.05 per pound and 10 minutes of direct labor at S22.00 per hour (1) Compute the direct materials price and quantity variances. (Do not round intermediate calculations.) Actual Cost Standard Cost...
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