Homework Answers
| Plastics |
| Direct material price variance = ( Actual Price - Standard price ) x Actual quantity used |
| - 1,232 = ( 2 - Standard Price ) x ( 575 x 3.5 ) |
| - 1,232 = ( 2 - Standard Price ) x 2,012.50 |
| - 1,232 = 4,025 - 2,012.50 Standard price |
| 2,012.50 Standard price = 4,025 + 1,232 |
| 2,012.50 Standard price = 5,257 |
| Standard price = 5,257 / 2,012.50 |
| Standard price = $ 0.6122 |
| Direct material Quantity Variance = ( Actual Quantity - Standard Quantity ) x Standard price |
| = ( ( 575 x 3.50 ) - ( 575 x 2.50 ) ) x 0.6122 |
| = ( 2,012.50 - 1,437.50 ) x 0.6122 |
| = 575 x 0.6122 |
| = $ 352 Unfavorable |
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Steel Plastic Product Names Direct materials information Standard pounds per unit Standard Price (SP) per pound...
what is the standard direct material price per pound for the plastic in the dolls Tommy's...
what is the standard direct material price per pound for the
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Tommy's Toys produces two types of toys: trains and dolls. Tommy's uses stainless steel to manufacture...
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Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding...
Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding its use of flour and butter (flour is a direct material for cupcakes and butter is a direct material for cookies): Flour (Direct Materials) Cupcakes Butter (Direct Materials) Cookies Standard quantity per batch 44 lbs. 33 lbs. Standard Price (SP) per pound $ 0.40$0.40/lb. ? Actual quantity purchased (AQP) and used per batch (pounds) ? 44 lbs. Actual Price (AP) paid 0.70.7/lb. $ 4.32$4.32/lb....
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
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A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured...
A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $12 per hr. Actual 48,500 lbs. @ $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit"...
Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding...
Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding its use of flour and butter (flour is a direct material for cupcakes and butter is a direct material for cookies): Flour (Direct Butter (Direct Materials) Materials) Cupcakes Cookies Standard quantity per batch 5 bs. 3 lbs. Standard Price (SP) per pound $0.25/b. Actual quantity purchased (AQP) and used per batch (pounds) 5 lbs. Actual Price (AP) paid 0.85/lb. $1.89/b. Price variance $120 U...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufact...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $4 per lb.) Direct labor (3 hrs. @ $16 per hr.) $60 48 During May the company incurred the following actual costs to produce 8,300 units. Direct materials (126,700 lbs. @ $3.80 per lb.) Direct labor (28,500 hrs. @ $16.10 per hr.). $481,460 458,850 AQ = Actual Quantity SQ = Standard Quantity AP = Actual...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.) $80
Direct labor (4 hrs. @ $15 per hr.) $60
During June the company incurred the following actual costs to
produce 9,000 units.
Direct materials (146,700 lbs. @ $4.75 per lb.) $696,825
Direct labor (40,300 hrs. @ $15.10 per hr.). $608,530
AH = Actual Hours
SH = Standard Hours
AR = Actual...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $3 per lb.) $45 Direct labor (3 hrs. @ $14 per hr.) 42 During May the company incurred the following actual costs to produce 8,200 units. Direct materials (126,300 lbs. @ $2.80 per lb.) $ 353,640 Direct labor (29,400 hrs. @ $14.10 per hr.). 414,540 AQ = Actual Quantity SQ = Standard Quantity AP =...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for...
Hutto Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.)
$80
Direct labor (2 hrs. @ $16 per hr.)
32
During May the company incurred the following actual costs to
produce 8,300 units.
Direct materials (135,800 lbs. @ $4.80 per lb.)
$
651,840
Direct labor (21,400 hrs. @ $16.10 per hr.).
344,540
AQ = Actual Quantity
SQ = Standard Quantity
AP =...
what is the standard direct material price per pound for the
plastic in the dolls
Tommy's Toys produces two types of toys: trains and dolls. Tommy's uses stainless steel to manufacture the trains and plastic to manufacture the dolls. Information regarding the usage of steel and plastic for the past year follows: Product Names Steel Plastic pri Direct materials information ma Standard pounds per unit 3 lb. 1.5 lb. $1 Standard Price (SP) per pound $3.00 Actual Quantity (AQ) used...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. @ $3 per lb.) Direct labor (2 hrs. @ $12 per hr.) $30 24 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (92,000 lbs. @ $2.95 per lb.) Direct labor (18,800 hrs. @ $12.05 per hr.) $ 271,400 226,540 AH = Actual Hours SH = Standard Hours AR =...
A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $12 per hr. Actual 48,500 lbs. @ $8.10 per lb. 15,700 hrs. @ $16.50 per hr. $198,000 8,000 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit"...
Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information for the current year regarding its use of flour and butter (flour is a direct material for cupcakes and butter is a direct material for cookies): Flour (Direct Butter (Direct Materials) Materials) Cupcakes Cookies Standard quantity per batch 5 bs. 3 lbs. Standard Price (SP) per pound $0.25/b. Actual quantity purchased (AQP) and used per batch (pounds) 5 lbs. Actual Price (AP) paid 0.85/lb. $1.89/b. Price variance $120 U...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. @ $4 per lb.) Direct labor (3 hrs. @ $16 per hr.) $60 48 During May the company incurred the following actual costs to produce 8,300 units. Direct materials (126,700 lbs. @ $3.80 per lb.) Direct labor (28,500 hrs. @ $16.10 per hr.). $481,460 458,850 AQ = Actual Quantity SQ = Standard Quantity AP = Actual...
Reed Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.) $80
Direct labor (4 hrs. @ $15 per hr.) $60
During June the company incurred the following actual costs to
produce 9,000 units.
Direct materials (146,700 lbs. @ $4.75 per lb.) $696,825
Direct labor (40,300 hrs. @ $15.10 per hr.). $608,530
AH = Actual Hours
SH = Standard Hours
AR = Actual...
Hutto Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.)
$80
Direct labor (2 hrs. @ $16 per hr.)
32
During May the company incurred the following actual costs to
produce 8,300 units.
Direct materials (135,800 lbs. @ $4.80 per lb.)
$
651,840
Direct labor (21,400 hrs. @ $16.10 per hr.).
344,540
AQ = Actual Quantity
SQ = Standard Quantity
AP =...
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