VEGA COMPANY Standard Cost Card Product A Cost Element Standard Quantity Standard Price - Standard Cost...
Hector Company has developed the following standard costs for its product for 2019: HECTOR COMPANY Standard Cost Card Product A Cost Element Standard Quantity × Standard Price = Standard Cost Direct materials 4 pounds $3 $12 Direct labor 3 hours 8 24 Manufacturing overhead 3 hours 4 12 $48 The company expected to produce 30,000 units of Product A in 2020 and work 90,000 direct labor hours. Actual results for 2020 are as follows: • 31,000 units of Product A...
Jones Company has the following standards for its single product: standard quantity standard price direct materials 11 pounds per unit $4.25 per pound direct labor 8 hours per unit $14.00 per hour variable overhead 8 hours per unit ?????? per hour Jones Company reported the following information for the month of October: 1. 9,140 units were produced. 2. The direct material quantity variance was $36,295 favorable. 3. The variable overhead spending variance was $1,520 favorable. 4. The total direct labor...
Prepare a standard cost card for the company's product. (Round your answer Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $5.00 per direct labor-hour and the budgeted fixed manufacturing overhead is $2.295.000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $10.50 per pound. The standard direct labor-hours per...
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....
Bellingham Company produces a product that requires 14 standard pounds per unit. The standard price is $11.5 per pound. If 3,100 units used 44,300 pounds, which were purchased at $11.15 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 $ Favorable b. Direct materials quantity variance $...
Q1. Dart Company developed the following standard costs for its product for 2016: DART COMPANY Standard Cost Card Cost Elements Standard Quantity * Standard Price = Standard Cost Direct materials 4 pounds $5 $20 Direct labor 2 hours 10 20 Variable overhead 2 hours 4 8 Fixed overhead 2 hours 2 4 $52 The company expected to work at the 120,000 direct labor hours level of activity and produce 60,000 units of product. Actual results for 2016 were as follows:...
Whispering Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials—1 pound plastic at $7.00 per pound $ 7.00 Direct labor—2.5 hours at $11.80 per hour 29.50 Variable manufacturing overhead 17.50 Fixed manufacturing overhead 17.50 Total standard cost per unit $71.50 The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($35.00 ÷ 2.5). It was computed from a master manufacturing overhead budget based on normal production of 13,250 direct labor hours...
Problem 5 Sakelaris Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 8.6 kilos $6.00 per kilo Direct labor 0.4 hours $11.00 per hour Variable overhead 0.4 hours $5.00 per hour The company reported the following results concerning this product in August uz Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead...
The standard materials cost to produce 1 unit of Product R is 6 pounds of material at a standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material were used at a cost of $51 per pound. What is the direct materials quantity variance? Multiple Choice $47,000 unfevorable $47000 favorable $50,000 unfavcracle Multiple Choice $47,000 unfavorable. $47,000 favorable. $50,000 unfavorable $50,000 favorable. Prex 1 of 20 Next Fletcher Company collected the following data regarding production of...
Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 12.0 pounds $11.50 per pound Direct labor 0.8 hours $36.00 per pound Variable overhead 0.8 hours $17.00 per pound In January the company produced 3,470 units using 13,880 pounds of the direct material and 2,896 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $14,640. The actual direct labor cost was...