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Information concerning Johnston Co.'s direct materials costs is as follows: Standard price per pound Actual quantity...
Knowledge Check 02 Pastel Papers Inc. produces wrapping paper. The standard direct materials quantity is 0.20 pound per...
Knowledge Check 02 Pastel Papers Inc. produces wrapping paper. The standard direct materials quantity is 0.20 pound per unit and the standard rate is $0.30 per pound. During June, the company actually purchased and used 1,800 pounds of direct materials to produce 7,500 units, at an average cost of $0.40 per pound. Calculate the direct materials price variance. $180 favorable $750 favorable $750 unfavorable $180 unfavorable Pastel Papers Inc. produces wrapping paper. The standard direct materials quantity is 0.20 pound...
10 Direct materials Standard per unit Actual $ 4 per pound Used 15 Materials quantity variance...
10 Direct materials Standard per unit Actual $ 4 per pound Used 15 Materials quantity variance $ 3 2 pounds pounds Produced 10 finished units (AQ used - SQ allowed) SP A B C D 15 20 39 78 2 pt Variance is A favorable B unfavorable SQ allowed Standard per unit actual units 11 FACTORY OVERHEAD Machine Hours Budgeted $50 Standard allowed 16 Actual 180 Actual Variable factory overhead (activity base) rate per machine hour $10 Efficiency variance 10...
Oxford Co. has a materials standard of 21 pounds per unit of output. Each pound has...
Oxford Co. has a materials standard of 21 pounds per unit of output. Each pound has a standard price of $14 per pound. During February. Oxford Co paid $57.200 for 4,870 pounds, which were used to produce 2.470 units. What is the direct materials price variance? Multiple Choice O $10.900 favorable 0 O $11.540 favorable 0 $10.980 unfavorable O $11540 unfavorable Delaware Corp. prepared a master budget that included $24,360 for direct materials, $28.100 for direct labor. $18,270 for variable...
Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The...
Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The company actually used 4,600 pounds that cost $6.10 per pound to produce 2,000 units. What is the direct materials quantity variance? Multiple Choice 0 $3,050 unfavorable. 0 $460 unfavorable. 0 $3,460 unfavorable. 0 $3,000 unfavorable. 0 $410 unfavorable. Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The company actually used 4,600 pounds that cost $6.10 per pound...
Given the following information regarding direct materials: ---Actual quantity purchased = 75,000 pounds -Actual quantity used...
Given the following information regarding direct materials: ---Actual quantity purchased = 75,000 pounds -Actual quantity used = 66,000 pounds Actual price of direct materials = $11 per pound Standard quantity of direct materials = 3 pounds per unit Standard cost of direct materials = $10 per pound Units produced = 21,000 units -What is the direct materials price variance? (AP - SP) x AQ purchased ? -What is the direct materials usage variance? (AQ used - SQ allowed) x SP...
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...
QUESTION 29 Using the standard costs of $5 per pound for a 10 pound bag of...
QUESTION 29 Using the standard costs of $5 per pound for a 10 pound bag of chocolate and the following actual cost and data, compute the direct materials price variance if the standard quantity was 10 pounds per unit. Direct materials purchased and used 99,000 pounds Price paid for direct materials $4.00 per pound Number of good units produced 9000 units $99,000 (Favorable) $54,000 (Favorable) $45,000 (unfavorable) $45,000 (favorable)
The standard costs and actual costs for direct materials for the manufacture of 2,240 actual units...
The standard costs and actual costs for direct materials for the manufacture of 2,240 actual units of product are Standard Costs 2,240 kilograms @$8.70 Direct materials Actual Costs Direct materials 2,300 kilograms @ $8.10 The amount of the direct materials quantity variance is a. $418 favorable Ob. $418 unfavorable Oc. $522 favorable Od. $522 unfavorable
The standard costs and actual costs for direct materials for the manufacture of 2,640 actual units...
The standard costs and actual costs for direct materials for the manufacture of 2,640 actual units of product are as follows: Standard Costs Direct materials 2,640 kilograms at $8.60 Actual Costs Direct materials 2,700 kilograms at $8.10 The direct materials quantity variance is a.$516 unfavorable b.$413 favorable c.$516 favorable d.$413 unfavorable
Post-Lecture Question 02 x Materials Price Variance = (Actual Quantity x Actual Price) - (Actual Quantity...
Post-Lecture Question 02 x Materials Price Variance = (Actual Quantity x Actual Price) - (Actual Quantity X Standard Price) or $3600 (900 x $4.0) - $4500 (900 x $5.0) = $900 favorable. A company developed the following per unit standards for its products: 2.50 pounds of direct materials at $5.0 per pound. Last month, 900 lbs of direct materials were purchased for $3600. The direct materials price variance for last month was X O $900 unfavorable. $3600 favorable. O $900...
10 Direct materials Standard per unit Actual $ 4 per pound Used 15 Materials quantity variance $ 3 2 pounds pounds Produced 10 finished units (AQ used - SQ allowed) SP A B C D 15 20 39 78 2 pt Variance is A favorable B unfavorable SQ allowed Standard per unit actual units 11 FACTORY OVERHEAD Machine Hours Budgeted $50 Standard allowed 16 Actual 180 Actual Variable factory overhead (activity base) rate per machine hour $10 Efficiency variance 10...
Oxford Co. has a materials standard of 21 pounds per unit of output. Each pound has a standard price of $14 per pound. During February. Oxford Co paid $57.200 for 4,870 pounds, which were used to produce 2.470 units. What is the direct materials price variance? Multiple Choice O $10.900 favorable 0 O $11.540 favorable 0 $10.980 unfavorable O $11540 unfavorable Delaware Corp. prepared a master budget that included $24,360 for direct materials, $28.100 for direct labor. $18,270 for variable...
Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The company actually used 4,600 pounds that cost $6.10 per pound to produce 2,000 units. What is the direct materials quantity variance? Multiple Choice 0 $3,050 unfavorable. 0 $460 unfavorable. 0 $3,460 unfavorable. 0 $3,000 unfavorable. 0 $410 unfavorable. Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The company actually used 4,600 pounds that cost $6.10 per pound...
QUESTION 29 Using the standard costs of $5 per pound for a 10 pound bag of chocolate and the following actual cost and data, compute the direct materials price variance if the standard quantity was 10 pounds per unit. Direct materials purchased and used 99,000 pounds Price paid for direct materials $4.00 per pound Number of good units produced 9000 units $99,000 (Favorable) $54,000 (Favorable) $45,000 (unfavorable) $45,000 (favorable)
The standard costs and actual costs for direct materials for the manufacture of 2,240 actual units of product are Standard Costs 2,240 kilograms @$8.70 Direct materials Actual Costs Direct materials 2,300 kilograms @ $8.10 The amount of the direct materials quantity variance is a. $418 favorable Ob. $418 unfavorable Oc. $522 favorable Od. $522 unfavorable
Post-Lecture Question 02 x Materials Price Variance = (Actual Quantity x Actual Price) - (Actual Quantity X Standard Price) or $3600 (900 x $4.0) - $4500 (900 x $5.0) = $900 favorable. A company developed the following per unit standards for its products: 2.50 pounds of direct materials at $5.0 per pound. Last month, 900 lbs of direct materials were purchased for $3600. The direct materials price variance for last month was X O $900 unfavorable. $3600 favorable. O $900...
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