Orion Corporation has established the following standards for the prime costs of one unit of its...

Question

Question

Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. S Direct-material price variance 2. Direct-material quantity variance Direct-material purchase price variance 4. Direct-labor r

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Direct Material Price Variance= (Actual Price * Actual Quantity - Standard Price * Actual Quantity) Actual price is (706420/2

Add a comment

Answer 2

Similar Homework Help Questions

Orion Corporation has established the following standards for the prime costs of one unit of its...

Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Standard Quantity Standard Price or Rate Standard Cost Direct material 6.00 pounds $ 2.20 per pound $ 13.20 Direct labor 1.40 hour $ 7.00 per hour 9.80 Total $ 23.00 During June, Orion purchased 172,000 pounds of direct material at a total cost of $397,320. The total wages for June were $290,700, 90 percent of which were for direct labor. Orion...
Orion Corporation has established the following standards for the prime costs of one unit of its...

Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 7.00 pounds 1.50 hour Standard Price or Rate $2.30 per pound $5.00 per hour Standard Cost $ 16.10 7.50 $ 23.60 During June, Orion purchased 191,000 pounds of direct material at a total cost of $462,220. The total wages for June were $224,352, 75 percent of which were for direct labor. Orion manufactured 24,000...
Orion Corporation has established the following standards for the prime costs of one unit of its...

Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 7.00 pounds 1.50 hour Standard Price or Rate $2.30 per pound $5.00 per hour Standard Cost $16.10 7.50 $23.60 During June, Orion purchased 191,000 pounds of direct material at a total cost of $462,220. The total wages for June were $224,352, 75 percent of which were for direct labor. Orion manufactured 24,000 dartboards during...

Orion Corporation has established the following standards for the prime costs of one unit of its...

Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 1.00 pounds 0.80 hour Standard Price or Rate $1.60 per pound 6.00 per hour Standard Cost $17.60 4.80 22.40 During June, Orion purchased 357,000 pounds of direct material at a total cost of $628,320. The total wages for June were $183,396 75 percent of which were for direct labor. Orion manufactured 31,000 dartboards during...
Orion Corporation has established the following standards for the prime costs of one unit of its...

Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Standard Quantity Standard Price or Rate Standard Cost Direct material 8.00 pounds $ 1.30 per pound $ 10.40 Direct labor 0.50 hour $ 8.00 per hour 4.00 Total $ 14.40 During June, Orion purchased 285,000 pounds of direct material at a total cost of $407,550. The total wages for June were $156,060, 90 percent of which were for direct labor. Orion...
Orion Corporation has established the following standards for the prime costs of one unit of its...

Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Standard Quantity Standard Price or Rate Standard Cost Direct material 6.00pounds $1.10per pound $6.60 Direct labor 0.30hour $6.00per hour 1.80 Total $8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000 dartboards during June, using 205,200 pounds of the direct...

Orion Corporation has established the following standards for the prime costs of one unit of its...

Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 6.00 pounds 0.30 hour Standard Price or Rate $1.10 per pound $6.00 per hour Standard Cost $ 6.60 1.80 $ 8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000...
Hemandez Corporation uses a standard cost system and has established the following standards for one unit...

Hemandez Corporation uses a standard cost system and has established the following standards for one unit of product: Standard Quantity 10 pounds 25 hour Standard Cost $26.00 Price Direct materials Direct labor $2.60 per pound $10.00 per hour2.50 $28.50 During October, the company purchased 240,000 pounds of material at a total cost of $588,000. The total factory wages for October were $49,400. During October, 21,000 units ofproduct were manufactured using 211,000 pounds of material and 5,200 direct labor hours. Material...
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...

t24 Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard...

t24 Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 6.0 pounds $ 5.50 per pound Direct labor 0.8 hours $ 24.00 per hour Variable overhead 0.8 hours $ 11.00 per hour In January the company produced 3,350 units using 13,400 pounds of the direct material and 2,800 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $14,160. The actual...

Orion Corporation has established the following standards for the prime costs of one unit of its...

Homework Answers