Wallace Corporation has the following standards for its direct materials: Standard cost: $3.70 per pound Standard...
Wallace Corporation has the following standards for its direct materials: Standard cost: $3.70 per pound Standard quantity: 5.80 pounds per product During the most recent month, the company purchased and used 32,300 pounds of material in manufacturing 5,500 products, at a total cost of $123,000. Compute the total materials variance.
$4,970 Favorable
$1,480 Unfavorable
$4,970 Unfavorable
$1,480 Favorable
Homework Answers
Answer
- Correct Answer = Option #3: $ 4,970 Unfavourable
|
Total Material Variance |
||||||
|
( |
Standard Cost = 5500 units x 5.8 pounds x $ 3.70 |
- |
Actual Cost |
) |
||
|
( |
$ 118,030.00 |
- |
$ 123,000.00 |
) |
||
|
-4970 |
||||||
|
Variance |
$ 4,970.00 |
Unfavourable-U |
||||
Add Answer to:
Wallace Corporation has the following standards for its direct
materials: Standard cost: $3.70 per pound Standard...
Quantile Corporation has the following standards for its direct materials: Standard cost: $3.70 per pound Standard...
Quantile Corporation has the following standards for its direct materials: Standard cost: $3.70 per pound Standard quantity: 7.20 pounds per product During the most recent month, the company purchased and used 43,500 pounds of material in manufacturing 6,200 products, at a total cost of $163,400. Compute the materials quantity variance. $2,450 Unfavorable $4,218 Unfavorable $4,218 Favorable $2,450 Favorable
Carmen Corporation has the following standards for its direct materials: Standard cost: $8.90 per pound Standard...
Carmen Corporation has the following standards for its direct materials: Standard cost: $8.90 per pound Standard quantity: 3.00 pounds per product During the most recent month, the company purchased and used 2,100 pounds of materials costing $17,300 in making 680 products. Compute the materials quantity variance. $534 Favorable $1,390 Unfavorable $534 Unfavorable $1,390 Favorable
Exeter has a material standard of 1 pound per unit of output. Each pound has a standard price of $27 per pound. During J...
Exeter has a material standard of 1 pound per unit of output. Each pound has a standard price of $27 per pound. During July, Exeter paid $141,000 for 4,970 pounds, which they used to produce 4,760 units. What is the direct materials quantity variance? $5,910 favorable $6,810 unfavorable $8,270 unfavorable $5,670 unfavorable
Any help Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials...
Any help
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 2,200 lbs. $ 0.50 per lb. Vinegar 120 gal. $ 3.10 per gal. Corn syrup 10 gal. $ 11.10 per gal. Salt 48 lbs. $ 2.80 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,200 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 3,700 lbs. $ 0.51 per lb. Vinegar 200 gal. $ 3.10 per gal. Corn syrup 17 gal. $ 11.30 per gal. Salt 80 lbs. $ 2.80 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,000 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 1,700 lbs. Vinegar $ 0.45 per Ib. $ 2.70 per gal. $ 10.00 per gal. $ 2.50 per lb. 90 gal. 8 gal. 36 lbs. Corn syrup Salt The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,100 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 1,800 lbs. $ 0.53 per lb. Vinegar 100 gal. $ 3.20 per gal. Corn syrup 9 gal. $ 11.80 per gal. Salt 40 lbs. $ 2.90 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual...
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...
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...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assu...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards: 2. Standard Quantity Standard Price 3. Whole tomatoes 2,200 lbs 0.40 per Ib. $2.40 per gal 120 gal Vinegar 4. Corn syrup 8.90 per gal 10 gal 5. 2.20 per Ib Salt 48 bs The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual...
Any help
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 2,200 lbs. $ 0.50 per lb. Vinegar 120 gal. $ 3.10 per gal. Corn syrup 10 gal. $ 11.10 per gal. Salt 48 lbs. $ 2.80 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,000 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 1,700 lbs. Vinegar $ 0.45 per Ib. $ 2.70 per gal. $ 10.00 per gal. $ 2.50 per lb. 90 gal. 8 gal. 36 lbs. Corn syrup Salt The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual...
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...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (1,300 pounds) has the following standards: 2. Standard Quantity Standard Price 3. Whole tomatoes 2,200 lbs 0.40 per Ib. $2.40 per gal 120 gal Vinegar 4. Corn syrup 8.90 per gal 10 gal 5. 2.20 per Ib Salt 48 bs The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago