Homework Answers
| Option B | |
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Materials Price Variance tends to be Unfavorable when the actual price paid for materials is higher than what is allowed as per standard. If materials are purchased based on competitive bid, the actual price paid may be higher than standard. |
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Which of the following is likely to be related to an unfavourable direct materials price variance?...
Which of the following does not result in a favorable direct materials price variance? 0 A....
Which of the following does not result in a favorable direct materials price variance? 0 A. The purchasing manager changed to a lower-price supplier. O B. The price of direct materials decreased as a result of Industry oversupply ° C. Budgeted purchase prices of direct materials were set too low without careful analysis of market conditions. 0 D. The purchasing manager negotiated the direct materials prices more skillfully than was planned for the budget O E. The purchasing manager ordered...
Which of the following variances exists only under absorption costing? options: production-volume variance efficiency variances spending...
Which of the following variances exists only under absorption costing? options: production-volume variance efficiency variances spending variance sales-volume variance Question 2 (0.33333333 points) General Media manufactures cassettes and CDs in separate divisions utilizing one plant location. The following data have been prepared for review. Fixed operation costs $900,000 Practical capacity 2,500 hours Budgeted usage: Cassette Division 2,000 hours CD Division 350 hours Budgeted variable cost per hour $400 per hour What is the fixed cost per year and the variable...
ks 1& 2 pending * FNSACC613 05-6.pdf Als/FNSACC613%20Q5-6.pdf Direct Materials: Direct Labour: Factory Overhead: 2 metres...
ks 1& 2 pending * FNSACC613 05-6.pdf Als/FNSACC613%20Q5-6.pdf Direct Materials: Direct Labour: Factory Overhead: 2 metres @$1.80 per metre 40 minutes $12 per hour 40 minutes $6 per hour $3.60 $8.00 $4.00 The factory overhead rate was arrived at using the following annual budgets: Variable factory overhead Fixed factory overhead $80,000 160,000 240,000 Estimated production for the year is 60,000 shirts (spread evenly over 12 months). Management keeps cost records and calculates material, labour and overhead variances. Details of actual...
a. Calculate the direct materials price variance. b. Calculate the direct materials usage variance. c. Calculate...
a. Calculate the direct materials price variance.
b. Calculate the direct materials usage variance.
c. Calculate the direct labor rate variance.
d. Calculate the direct labor efficiency variance.
e. Calculate the variable overhead rate variance.
f. Calculate the variable overhead efficiency variance.
g. Calculate the Sales Price variance
h. Calculate the Sales Quantity Variance
Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are...
Based on the following information below: 1. Calculate the direct materials price and quantity variance. Please...
Based on the following information below:
1. Calculate the direct materials price and quantity variance.
Please note that the materials price variance is based on actual
material purchased and the quantity variance is based on material
used.
2. Calculate the direct labor rate and efficiency variances.
3. Calculate the variable overhead spending and efficiency
variances.
4. Calculate the fixed overhead budget variance.
Gourmet, Inc. prDduces containers of frozen food Duing October the company had the following actual production and costs...
Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor...
Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $214 per board. This includes 35 pounds of direct materials, at the budgeted price of $2 per pound, and 10 hours of direct manufacturing labor, at the budgeted rate of $14.40 per hour. Following are additional data for the month of July: Units completed 5,500 units Direct material purchases 230,000 pounds Cost of direct material purchases $782,000 Actual direct manufacturing labor-hours 48,000 hours...
Question 41 (4 points) To calculate the direct materials usage variance, you should do which of...
Question 41 (4 points) To calculate the direct materials usage variance, you should do which of the following? 1) Compare the actual quantity used with the direct material that should be used for the actual output. 2) Subtract the budgeted price from the actual price and multiply by the budgeted quantity of materials. 3) Compare the actual amount spent on direct materials with the direct materials shown on the master budget 4) Compare the standard price with the actual price...
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...
Myers Corporation has the following data related to direct materials costs for November: actual costs for...
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,680 pounds of material, $5.00; and standard costs for 4,450 pounds of material at $6.10 per pound. What is the direct materials price variance? $1,403 unfavorable $5,148 unfavorable $5,148 favorable $1,403 favorable The standard costs and actual costs for direct materials for the manufacture of 2,100 actual units of product are Standard Costs Direct materials (per completed unit) 1,040 kilograms @$8.75 Actual Costs Direct...
A company provided the following direct materials cost information. Compute the direct materials price variance. Standard...
A company provided the following direct materials cost information. Compute the direct materials price variance. Standard costs assigned: Direct materials standard cost (410,000 units @ $3.90/unit) $ 1,599,000 Actual costs: Direct Materials costs incurred (409,250 units @ $4.00/unit) $ 1,637,000 $1,599,000 Favorable. $1,599,000 Unfavorable. $40,925 Unfavorable. $40,925 Favorable. $41,000 Favorable.
Which of the following does not result in a favorable direct materials price variance? 0 A. The purchasing manager changed to a lower-price supplier. O B. The price of direct materials decreased as a result of Industry oversupply ° C. Budgeted purchase prices of direct materials were set too low without careful analysis of market conditions. 0 D. The purchasing manager negotiated the direct materials prices more skillfully than was planned for the budget O E. The purchasing manager ordered...
ks 1& 2 pending * FNSACC613 05-6.pdf Als/FNSACC613%20Q5-6.pdf Direct Materials: Direct Labour: Factory Overhead: 2 metres @$1.80 per metre 40 minutes $12 per hour 40 minutes $6 per hour $3.60 $8.00 $4.00 The factory overhead rate was arrived at using the following annual budgets: Variable factory overhead Fixed factory overhead $80,000 160,000 240,000 Estimated production for the year is 60,000 shirts (spread evenly over 12 months). Management keeps cost records and calculates material, labour and overhead variances. Details of actual...
a. Calculate the direct materials price variance.
b. Calculate the direct materials usage variance.
c. Calculate the direct labor rate variance.
d. Calculate the direct labor efficiency variance.
e. Calculate the variable overhead rate variance.
f. Calculate the variable overhead efficiency variance.
g. Calculate the Sales Price variance
h. Calculate the Sales Quantity Variance
Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are...
Based on the following information below:
1. Calculate the direct materials price and quantity variance.
Please note that the materials price variance is based on actual
material purchased and the quantity variance is based on material
used.
2. Calculate the direct labor rate and efficiency variances.
3. Calculate the variable overhead spending and efficiency
variances.
4. Calculate the fixed overhead budget variance.
Gourmet, Inc. prDduces containers of frozen food Duing October the company had the following actual production and costs...
Question 41 (4 points) To calculate the direct materials usage variance, you should do which of the following? 1) Compare the actual quantity used with the direct material that should be used for the actual output. 2) Subtract the budgeted price from the actual price and multiply by the budgeted quantity of materials. 3) Compare the actual amount spent on direct materials with the direct materials shown on the master budget 4) Compare the standard price with the actual price...
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...
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