HomeworkLib
Question

The following data relate to the direct materials and direct labor costs for the production of...

The following data relate to the direct materials and direct labor costs for the production of 10,000 units of product: Direct Materials Actual: 77,000 pounds at $1.82 $ 140,140 Standard: 75,000 pounds at $1.80 135,000 Direct Labor Actual: 42,500 hours at $19.75 $ 839,375 Standard: 42,000 hours at $20.00 840,000 Determine the: (a) price variance (b) quantity variance (c) DM cost variance (d) rate variance (e) time variance (f) DL cost variance

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
The following data relate to the direct materials and direct labor costs for the production of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Chrisman Corporation makes a product with the following standard costs: Inputs Direct materials Direct labor Variable...

    Chrisman Corporation makes a product with the following standard costs: Inputs Direct materials Direct labor Variable overhead Standard Quantity or Hours 8.8 pounds 1.4 hours 1.4 hours Standard Price or Rate $2.00 per pound $20.00 per hour $10.00 per hour The company reported the following results concerning this product in August. Actual output Raw materials used in production Raw materials purchased Actual direct labor hours Actual cost of raw materials purchased Actual cost of direct labor Actual cost of variable...

  • Situation C: Evaluating Variances The following data relate to the direct materials for the the Golden...

    Situation C: Evaluating Variances The following data relate to the direct materials for the the Golden Rams Production Company. the Golden R e late to the direct material for the production of production of 15.000 units of product for Actual: Standard: 36,000 pounds at $4.00 37,500 pounds at $3.75 (1) Compute the direct materials price variance. The following data relate to the direct labor for the production of 15,000 units of product for the Golden Rams Production Company. Actual: Standard:...

  • Direct Materials Variances The following data relate to the direct materials cost for the production of...

    Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 53,200 lbs. at $1.85 per lb. Standard: 54,800 lbs. at $1.80 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Direct Materials Price Variance Unfavorable Favorable Direct Materials Quantity Variance...

  • The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.98;...

    The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.98; actual, $2.04 Standard yards per unit: standard, 4.63 yards; actual, 4.91 yards Units of production: 9,100 Calculate the direct materials quantity variance. a.$5,045.04 favorable b.$5,045.04 unfavorable c.$5,197.92 unfavorable d.$5,197.92 favorable Flapjack Corporation had 7,768 actual direct labor hours at an actual rate of $12.40 per hour. Original production had been budgeted for 1,100 units, but only 971 units were actually produced. Labor standards were...

  • Use this information to answer the question that follow. The following data relate to direct materials...

    Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.98; actual, $2.03 Standard yards per unit: standard, 4.62 yards; actual, 5.06 yards Units of production: 9,100 Calculate the direct materials quantity variance. a.$8,128.12 favorable b.$7,927.92 unfavorable c.$7,927.92 favorable d.$8,128.12 unfavorable Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,600 pounds of material, $5.00 and standard costs for...

  • Direct Materials Variances The following data relate to the direct materials cost for the production of...

    Direct Materials Variances The following data relate to the direct materials cost for the production of 2,400 automobile tires: Actual: 62,200 lbs. at $1.8 per lb. Standard: 61,000 lbs. at $1.75 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct...

  • Direct Materials Variances The following data relate to the direct materials cost for the production of...

    Direct Materials Variances The following data relate to the direct materials cost for the production of 2,500 automobile tires: Actual: 53,500 lbs. at $1.85 per lb. Standard: 55,100 lbs. at $1.8 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance $ 2,675 Unfavorable Direct Materials Quantity...

  • Morro Bay SUP, LLC manufactures fiberglass paddleboards. The standard cost of direct materials and direct manufacturing...

    Morro Bay SUP, LLC manufactures fiberglass paddleboards. The standard cost of direct materials and direct manufacturing labor is $100 per board. This includes 20 pounds of direct materials, at the budgeted price of $2 per pound, and five hours of direct manufacturing labor, at the budgeted rate of $12 per hour. Following are additional data for the month of March: Units completed 6,000 units Direct materials purchased 150,000 pounds Cost of direct materials purchased $292,500 Actual direct labor hour logged...

  • Direct Materials Variances The following data relate to the direct materials cost for the production of...

    Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 59,300 lbs. at $2.05 $121,565 Standard: 58,100 lbs. at $2.1 $122,010 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance $ Quantity variance $ Total direct materials cost variance $...

  • Direct Materials Variances The following data relate to the direct materials cost for the production of...

    Direct Materials Variances The following data relate to the direct materials cost for the production of 2,400 automobile tires: Actual: 61,700 lb. at $2.05 Standard: 62,900 lb. at $2.00 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance $ Unfavorable Quantity variance $ Favorable Total direct materials cost variance $...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT