Homework Answers
1.
Materials Price Variance = (SP-AP) * AQ
= (18 - 26700/1500) * 1500
= 300 F
Materials Quantity Variance = (SQ-AQ) * SP
= (170*7.6 - 1400) * 18
= 1944 U
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2.
The standards for product V28 call for 7.6 pounds of a raw material that costs...
2. Irving Corporation makes a product with the following standards for direct labor and variable overhead:...
2.
Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours 0.20 hours 0.20 hours Standard Price or Standard Cost Per Rate Unit $30.00 per hour $6.00 $ 6.60 per hour $1.32 Direct labor Variable overhead In November the company's budgeted production was 6,900 units, but the actual production was 6,700 units. The company used 1,520 direct labor-hours to produce this output. The actual variable overhead cost was $9,424. The company...
need this asap please PROBLEMIL 2. The standards for product J35 call for 1.0 pounds of...
need this asap please
PROBLEMIL 2. The standards for product J35 call for 1.0 pounds of a raw material that costs $15.60 per pound. Last month, 5,700 pounds of the raw material were purchased for $90,345. The actual output of the month was 5,280 units of product J35. A total of 5,200 pounds of the raw material were used to produce this output. Required: a. Calculate the materials price variance for the month b. Calculate the materials quantity variance for...
1) The standards for a product call for 2.5 pounds of a raw material that costs...
1) The standards for a product call for 2.5 pounds of a raw material that costs $6.10 per pound. Last month, 30,000 pounds of the raw material were purchased for $187,500. The actual output of the month was 9,000 units of the product. A total of 22,200 pounds of the raw material were used to produce this output. Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? 2)...
The standards for product K17 call for 5 meters of a raw material that costs $10.40...
The standards for product K17 call for 5 meters of a raw material that costs $10.40 per meter Last month 2640 meters of the raw material were purchased for $27.324 The actual output of the month was 430 units of product K17 A total of 2,260 meters of the raw material were used to produce this output The direct materials purchases variance is computed when the materials are purchased a What is the materials price variance for the month? b....
2. Puvo, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of stan...
2.
Puvo, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Standard Price or Standard Standard Quantity 6.70 pounds Rate Cost $ 3.35 Direct materials $ .50 per pound $42.50 per hour $ 9.40 per hour Direct labor 0.40 hours $17.00 $ 3.76 Variable manufacturing overhead 0.40 hours During March, the following...
Gilder Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price...
Gilder Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.10 grams $ 5.00 per gram $ 30.50 Direct labor 0.20 hours $ 11.00 per hour $ 2.20 Variable overhead 0.20 hours $ 4.00 per hour $ 0.80 The company reported the following results concerning this product in June: Originally budgeted output 3,100 units Actual output 3,180 units Raw materials used in production 18,508 grams Purchases...
The following standards have been established for a raw material used to make product N04: Standard...
The following standards have been established for a raw material used to make product N04: Standard quantity of the material per unit of output 2.7 pounds Standard price of the material ........ $15.50 per pound The following data pertain to a recent month's operations: Actual material purchased.... 5,200 pounds Actual cost of material purchased......... $82,680 Actual material used in production....... 4,600 pounds Actual output.... 1,760 units of product N04 a. What is the materials price variance for the month? b....
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...
Gilder Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price...
Gilder Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 7.00 grams $14.00 per gram $98.00 Direct labor 0.20 hours $20.00 per hour $ 4.00 Variable overhead 0.20 hours $ 7.00 per hour $ 1.40 The company reported the following results concerning this product in June: Originally budgeted output 4,000 units Actual output 4,080 units Raw materials used in production 25,996 grams Purchases of raw materials...
idd Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price...
idd Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 4.4 grams $2.00 per gram $8.80 Direct labor 0.5 hours $15.00 per hour $7.50 Variable overhead 0.5 hours $2.00 per hour $1.00 The company reported the following results concerning this product in November. Originally budgeted output 9,200 units Actual output 9,300 units Raw materials used in production 44,760 grams Purchases of raw materials...
2.
Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours 0.20 hours 0.20 hours Standard Price or Standard Cost Per Rate Unit $30.00 per hour $6.00 $ 6.60 per hour $1.32 Direct labor Variable overhead In November the company's budgeted production was 6,900 units, but the actual production was 6,700 units. The company used 1,520 direct labor-hours to produce this output. The actual variable overhead cost was $9,424. The company...
need this asap please
PROBLEMIL 2. The standards for product J35 call for 1.0 pounds of a raw material that costs $15.60 per pound. Last month, 5,700 pounds of the raw material were purchased for $90,345. The actual output of the month was 5,280 units of product J35. A total of 5,200 pounds of the raw material were used to produce this output. Required: a. Calculate the materials price variance for the month b. Calculate the materials quantity variance for...
The standards for product K17 call for 5 meters of a raw material that costs $10.40 per meter Last month 2640 meters of the raw material were purchased for $27.324 The actual output of the month was 430 units of product K17 A total of 2,260 meters of the raw material were used to produce this output The direct materials purchases variance is computed when the materials are purchased a What is the materials price variance for the month? b....
2.
Puvo, Inc., manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Standard Price or Standard Standard Quantity 6.70 pounds Rate Cost $ 3.35 Direct materials $ .50 per pound $42.50 per hour $ 9.40 per hour Direct labor 0.40 hours $17.00 $ 3.76 Variable manufacturing overhead 0.40 hours During March, the following...
The following standards have been established for a raw material used to make product N04: Standard quantity of the material per unit of output 2.7 pounds Standard price of the material ........ $15.50 per pound The following data pertain to a recent month's operations: Actual material purchased.... 5,200 pounds Actual cost of material purchased......... $82,680 Actual material used in production....... 4,600 pounds Actual output.... 1,760 units of product N04 a. What is the materials price variance for the month? b....
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