Homework Answers
Answer : A .
| Direct Material | 30000 | |
| Direct Material Price Variance | 6000 | |
| Accounts payable | 360000 |
Direct Material Price Variance = ( Standard price - Actual Price ) * Actual Quantity.
Direct Material Price Variance = ( $ 6 - $ 5 ) * 6000 = $ 6000.
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Morocco Desk Co. purchases 6,000 feet of lumber at $6.00 per foot. The standard price for...
Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for...
Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for direct materials is $5. The entry to journalize the purchase and unfavorable direct materials price variance is a. Direct Materials 36,000 Direct Materials Price Variance 6,000 Accounts Payable 30,000 b. Direct Materials 30,000 Direct Materials Price Variance 6,000 Accounts Payable 36,000 c. Work in Process 36,000 Direct Materials Price Variance 6,000 Accounts Payable 30,000 d. Direct Materials...
What is the direct labor rate variance? 50 unfavorable 125 unfavorable 125 favorable The following information...
What is the direct labor rate variance? 50 unfavorable 125 unfavorable 125 favorable The following information for Q 7-8 The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead at 100% normal production capacity. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was S3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,800 units. 7. The variable factory...
Acoma, Inc, has determined a standard direct materials cost per unit of $7.00 (2 feet * $3.50 per foot). Last month...
Acoma, Inc, has determined a standard direct materials cost per unit of $7.00 (2 feet * $3.50 per foot). Last month, Acoma purchased and used 4,450 feet of direct materials for which it paid $15,130. The company produced and sold 2,030 units during the month Calculate the direct materials price, quantity, and spending variances. (Indicate the effect of each variance by selecting "F for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Round your intermediate calculations...
During June, Danby Company's material purchases amounted to 6,000 pounds at a price of $7.30 per...
During June, Danby Company's material purchases amounted to 6,000 pounds at a price of $7.30 per pound. Actual costs incurred in the production of 2,000 units were as follows: Direct labor: Direct material: $116,745 ($18.10 per hour) $ 30,660 ($7.30 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $18 per hour Direct Material: Quantity, 2 pounds per unit Price, $7 per pound Required: Fill in the...
During June, Danby Company’s material purchases amounted to 15,190 pounds at a price of $6.00 per...
During June, Danby Company’s material purchases amounted to
15,190 pounds at a price of $6.00 per pound. Actual costs incurred
in the production of 2,450 units were as follows:
Direct labor:
$
78,144
($14.80 per hour)
Direct material:
$
75,180
($6.00 per pound)
The standards for one unit of Danby Company’s product are as
follows:
Direct Labor:
Direct Material:
Quantity, 2 hours per unit
Quantity, 5 pounds per unit
Rate, $14.50 per hour
Price, $5.80 per pound
Required:
Fill in...
Dash Company adopted a standard costing system several years ago. The standard costs for the prime...
Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (.e., direct materials and direct labor) of its single product are: Material Labor (5 kilograms x $6.00 per kilogram) (6 hours x $16.00 per hour) $30.00 96.00 All materials are added at the beginning of processing. The following data were taken from the company's records for November: In-process beginning inventory In-process ending inventory Units completed Budgeted output Purchases of materials Total actual direct...
Cost per Cost per 8 9.12 29.00 Direct materials: standard: 1.90 feet at $4.80 per Foot...
Cost per Cost per 8 9.12 29.00 Direct materials: standard: 1.90 feet at $4.80 per Foot Actual 1.85 foot at 15.20 per foot Direct labor: standard: 1.45 hours at $20.00 per hour Actual 1.50 hours at $19.50 per hour Variable overhead: standard, 1.45 hourRat 10.00 per hour Actual 1.50 hours at $9.60 por hour Total cost per unit ENCORR of actual cost over standard cont per unit 29.25 14.50 14.40 $52.62 $53.27 The production superintendent was pleased when he saw...
Standard Cost per Unit Actual Cost per Unit $ 3.96 $ 4.20 12.60 Direct materials: Standard: 1.80 feet at $2.20 per foot...
Standard Cost per Unit Actual Cost per Unit $ 3.96 $ 4.20 12.60 Direct materials: Standard: 1.80 feet at $2.20 per foot Actual: 1.75 feet at $2.40 per foot Direct labor: Standard: 0.90 hours at $14.00 per hour Actual: 0.95 hours at $13.40 per hour Variable overhead: Standard: 0.90 hours at $5.00 per hour Actual: 0.95 hours at $4.60 per hour Total cost per unit Excess of actual cost over standard cost per unit 12.73 4.50 4.37 $ 21.30 $21.06...
Hart Company made 3,340 bookshelves using 22,340 board feet of wood costing $308,292. The company's direct...
Hart Company made 3,340 bookshelves using 22,340 board feet of wood costing $308,292. The company's direct materials standards for one bookshelf are 8 board feet of wood at $13.70 per board foot. Hart Company uses a standard costing system. (1) Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the materials variances. (2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare...
Information concerning Johnston Co.'s direct materials costs is as follows: Standard price per pound Actual quantity...
Information concerning Johnston Co.'s direct materials costs is as follows: Standard price per pound Actual quantity purchased Actual quantity used in production Units of product manufactured Materials purchase-price variance-favorable Budget data for the period: Units to manufacture Units of direct materials $ 7.15 3,100 pounds 3,000 pounds 770 $ 925 1,070 4,280 pounds The direct materials usage variance for the period, rounded to two decimal places, is: Ο $437.00 favorable. Ο $572.00 unfavorable. Ο $782.00 favorable. Ο $572.00 favorable. Ο...
What is the direct labor rate variance? 50 unfavorable 125 unfavorable 125 favorable The following information for Q 7-8 The St. Augustine Corporation originally budgeted for $360,000 of fixed overhead at 100% normal production capacity. Production was budgeted to be 12,000 units. The standard hours for production were 5 hours per unit. The variable overhead rate was S3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,800 units. 7. The variable factory...
Acoma, Inc, has determined a standard direct materials cost per unit of $7.00 (2 feet * $3.50 per foot). Last month, Acoma purchased and used 4,450 feet of direct materials for which it paid $15,130. The company produced and sold 2,030 units during the month Calculate the direct materials price, quantity, and spending variances. (Indicate the effect of each variance by selecting "F for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Round your intermediate calculations...
During June, Danby Company's material purchases amounted to 6,000 pounds at a price of $7.30 per pound. Actual costs incurred in the production of 2,000 units were as follows: Direct labor: Direct material: $116,745 ($18.10 per hour) $ 30,660 ($7.30 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $18 per hour Direct Material: Quantity, 2 pounds per unit Price, $7 per pound Required: Fill in the...
During June, Danby Company’s material purchases amounted to
15,190 pounds at a price of $6.00 per pound. Actual costs incurred
in the production of 2,450 units were as follows:
Direct labor:
$
78,144
($14.80 per hour)
Direct material:
$
75,180
($6.00 per pound)
The standards for one unit of Danby Company’s product are as
follows:
Direct Labor:
Direct Material:
Quantity, 2 hours per unit
Quantity, 5 pounds per unit
Rate, $14.50 per hour
Price, $5.80 per pound
Required:
Fill in...
Dash Company adopted a standard costing system several years ago. The standard costs for the prime costs (.e., direct materials and direct labor) of its single product are: Material Labor (5 kilograms x $6.00 per kilogram) (6 hours x $16.00 per hour) $30.00 96.00 All materials are added at the beginning of processing. The following data were taken from the company's records for November: In-process beginning inventory In-process ending inventory Units completed Budgeted output Purchases of materials Total actual direct...
Cost per Cost per 8 9.12 29.00 Direct materials: standard: 1.90 feet at $4.80 per Foot Actual 1.85 foot at 15.20 per foot Direct labor: standard: 1.45 hours at $20.00 per hour Actual 1.50 hours at $19.50 per hour Variable overhead: standard, 1.45 hourRat 10.00 per hour Actual 1.50 hours at $9.60 por hour Total cost per unit ENCORR of actual cost over standard cont per unit 29.25 14.50 14.40 $52.62 $53.27 The production superintendent was pleased when he saw...
Standard Cost per Unit Actual Cost per Unit $ 3.96 $ 4.20 12.60 Direct materials: Standard: 1.80 feet at $2.20 per foot Actual: 1.75 feet at $2.40 per foot Direct labor: Standard: 0.90 hours at $14.00 per hour Actual: 0.95 hours at $13.40 per hour Variable overhead: Standard: 0.90 hours at $5.00 per hour Actual: 0.95 hours at $4.60 per hour Total cost per unit Excess of actual cost over standard cost per unit 12.73 4.50 4.37 $ 21.30 $21.06...
Information concerning Johnston Co.'s direct materials costs is as follows: Standard price per pound Actual quantity purchased Actual quantity used in production Units of product manufactured Materials purchase-price variance-favorable Budget data for the period: Units to manufacture Units of direct materials $ 7.15 3,100 pounds 3,000 pounds 770 $ 925 1,070 4,280 pounds The direct materials usage variance for the period, rounded to two decimal places, is: Ο $437.00 favorable. Ο $572.00 unfavorable. Ο $782.00 favorable. Ο $572.00 favorable. Ο...
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