Duval inc budgets direct materials at $1/liter and requires 4 liters per unit of finished product....
Duval inc budgets direct materials at $1/liter and requires 4 liters per unit of finished product. April’s activities show usage of 832 liters to complete 196 units at a cost of $798.72. Calculate the direct materials price and quantity variances and indicate favorable or unfavorable results.
Homework Answers
1) Material Price variance is the difference between Standard Price and the Actual Price for Actual Quantity purchased.
2)Material Quantity Variance is the Dirrerence between the Standard quantity specified for actual productiion and the actual quantity used, at standard price
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Duval inc budgets direct materials at $1/liter and requires 4
liters per unit of finished product....
Direct Materials Variances Bellingham Company produces a product that requires six standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires six standard pounds per unit. The standard price is $10 per pound. If 2,200 units used 12,800 pounds, which were purchased at $10.4 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance Unfavorable b. Direct materials quantity...
Direct Materials Variances Tip Top Corp. produces a product that requires eight standard gallons per unit....
Direct Materials Variances Tip Top Corp. produces a product that requires eight standard gallons per unit. The standard price is $6 per gallon. If 6,400 units required 52,200 gallons, which were purchased at $5.76 per gallon, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ Favorable b. Direct...
Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds per unit. The standard price is $8.5 per pound. If 5,800 units required 65,100 pounds, which were purchased at $8.16 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) 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. a. Direct materials price variance $ 22,134...
Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds per unit. The standard price is $6 per pound. If 2,000 units required 21,100 pounds, which were purchased at $6.18 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) 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. a. Direct materials price variance Unfavorable X...
Direct Materials Variances Bellingham Company produces a product that requires 15 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 15 standard pounds per unit. The standard price is $5 per pound. If 5,000 units used 76,500 pounds, which were purchased at $4.9 per pound, what is the direct materials (n) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number a. Direct materials price variance b. Direct materials quantity variance...
Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds per unit. The standard price is $7.5 per pound. If 3,300 units used 37,800 pounds, which were purchased at $7.12 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ b. Direct materials quantity...
Direct Materials Variances Bellingham Company produces a product that requires 14 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 14 standard pounds per unit. The standard price is $11.5 per pound. If 5,000 units used 72,100 pounds, which were purchased at $11.27 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ b. Direct materials quantity...
Direct Materials Variances Bellingham Company produces a product that requires 6 standard pounds per unit. The standard...
Direct Materials Variances Bellingham Company produces a product that requires 6 standard pounds per unit. The standard price is $10 per pound. If 6,300 units required 36,300 pounds, which were purchased at $10.3 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as negative number using a minus sign and an unfavorable variance as a positive number. 10,890 Unfavorable a. Direct materials price variance b....
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it man...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. $5 per lb.) Direct labor (3 hrs. $15 per hr.) During June the company incurred the following actual costs to produce 8,300 units. Direct materials (127,200 lbs. 54.80 per lb.) Direct labor (28.900 hrs. $15.20 per hr.). 5610,560 439.289 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH...
The standard cost of product 777 includes 2.7 units of direct materials at $5.50 per unit....
The standard cost of product 777 includes 2.7 units of direct
materials at $5.50 per unit. During August, the company bought
29,200 units of materials at $5.55 and used those materials to
produce 11,100 units.
Compute the total, price, and quantity variances for
materials.
Total materials variance
$
Unfavorable or Favorable
Materials price variance
$
unfavorable
or Favorable
Materials quantity variance
$
unfavorable or Favorable
Direct Materials Variances Bellingham Company produces a product that requires six standard pounds per unit. The standard price is $10 per pound. If 2,200 units used 12,800 pounds, which were purchased at $10.4 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance Unfavorable b. Direct materials quantity...
Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds per unit. The standard price is $8.5 per pound. If 5,800 units required 65,100 pounds, which were purchased at $8.16 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) 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. a. Direct materials price variance $ 22,134...
Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds per unit. The standard price is $6 per pound. If 2,000 units required 21,100 pounds, which were purchased at $6.18 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) 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. a. Direct materials price variance Unfavorable X...
Direct Materials Variances Bellingham Company produces a product that requires 15 standard pounds per unit. The standard price is $5 per pound. If 5,000 units used 76,500 pounds, which were purchased at $4.9 per pound, what is the direct materials (n) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number a. Direct materials price variance b. Direct materials quantity variance...
Direct Materials Variances Bellingham Company produces a product that requires 6 standard pounds per unit. The standard price is $10 per pound. If 6,300 units required 36,300 pounds, which were purchased at $10.3 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as negative number using a minus sign and an unfavorable variance as a positive number. 10,890 Unfavorable a. Direct materials price variance b....
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (15 lbs. $5 per lb.) Direct labor (3 hrs. $15 per hr.) During June the company incurred the following actual costs to produce 8,300 units. Direct materials (127,200 lbs. 54.80 per lb.) Direct labor (28.900 hrs. $15.20 per hr.). 5610,560 439.289 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH...
The standard cost of product 777 includes 2.7 units of direct
materials at $5.50 per unit. During August, the company bought
29,200 units of materials at $5.55 and used those materials to
produce 11,100 units.
Compute the total, price, and quantity variances for
materials.
Total materials variance
$
Unfavorable or Favorable
Materials price variance
$
unfavorable
or Favorable
Materials quantity variance
$
unfavorable or Favorable
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