Homework Answers
Day time publishing company:
a. Total cost of purchases for November
= Actual quantity purchased during November x Actual unit purchase price
= 115,000 pages x $0.13 per page
= $14,950
b. Material price variance = (Actual price - Standard price) x Actual quantity purchased
= ($0.13 - $0.14) x 115,000
= $1150 Favorable
c. Material quantity variance = (Actual quantity used - Standard quantity allowed) x Standard unit price
= (100000 - 97900) x 0.14
= $294 Unfavorable
Logen Construction Buildings:
a. Standard hours for July production = Actual frames produced in July x Std. hours required per frame
= 670 frames x 5 hours for each frame
= 3350 hours
b. Actual hourly wage rate = Actual wages paid / Actual direct labour hours
= $60,407.50 / 3310 hours
= $18.25 per hour
c. Direct labor variances:
Direct labor rate variance = (Actual rate - Standard rate) x Actual hours worked
= ($18.25 - $18) x 3310 hours
= 827.5 Unfavorable
Direct labor efficiency variance
= (Actual hours worked - Standard hours allowed for actual output) x Standard rate per hr.
= (3310 hours - 3350 hours) x $18
= $720 Favorable
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Problem In November 2013, DayTime Publishing Company's costs...
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2.
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Triple Star Company's standard and actual costs per unit are provided below for the most recent per During this period, 500 units were actually produced. Product Standard Cost Product Actual Cost Metres $8.00 4 4.1 $7.79 Unit Price Per Metre $2.00 $1.90 Hourly Rate $7.00 $6.50 Hours Materials Standard Actual Direct labour Standard Actual Variable overhead Standard Actual Total unit cost $21.00 3 3.2 $20.80 Hours Hourly Rate $6.00 2 2.2 $3.00 $3.10 $6.82 $35.41 $35.00 Required: Given the information...
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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...
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