Homework Answers
Answer : $ 4.20
>> Material Price Variance = ( Standard price - Actual price ) * Actual quantity
>> -7000 = ( $ 4 - Actual price ) * 35000
>> Actual price of direct material purchased in June = $ 4.2
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Ron Swanson Corporation has a standard costing system. The following data are available for June: Actual...
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity...
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quantity variance 70,000 pounds $ 8.00 per pound $ 7,000 Unfavorable $ 7,500 Favorable The actual price per pound of direct materials purchased in June was: Multiple Choice O $8.00 per pound O $7.88 per pound The actual price per pound of direct materials purchased in June was: Multiple Choice $8.00...
Suver Corporation has a standard costing system. The following data are available for June Actual quantity...
Suver Corporation has a standard costing system. The following data are available for June Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quantity variance 70,000 pounds $ 8.00 per pound $ 3,500 Unfavorable $ 2,500 Favorable The actual price per pound of direct materials purchased in June was:
help Suver Corporation has a standard costing system. The following data are available for June: Actual...
help
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials purchased 80,000 pounds Standard price of direct materials $9.00 per pound Material price variance $8,000 Unfavorable Material quantity variance $6,000 Favorable The actual price per pound of direct materials purchased in June was: .8.88 per pound 9.00 per pound 9.10 per pound The following materials standards have been established for a particular product: Standard quantity per unit of output 5.5...
Sarah Lee Corporation has a standard costing system. The following data are available for June: 23,000pounds...
Sarah Lee Corporation has a standard costing system. The following data are available for June: 23,000pounds Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quant variance 6.30per pound $ 2,400Unfavorable 2,300Favorable The actual price per pound of direct materials purchased in June was (rounded):
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Pato Company produces leather sandals. The company employs a standard costing system and has the following standards for direct materials in order to produce one pair of sandals: standard quantity standard price direct materials 26 pounds $19 per pound During May, Pato purchased 33,900 pounds of direct materials and produced 9,000 pairs of sandals, using 31,000 pounds of direct materials to do so. Pato Company reported the following variances for May: Direct material price variance ........ $23,730 favorable Direct material...
Giant Corporation uses standard costing. The following data are available for May: Actual costs of direct...
Giant Corporation uses standard costing. The following data are available for May: Actual costs of direct materials purchased $10,500 Actual price of direct materials $2.50 per kilogram Materials price variance $2,100 Favorable Materials spending variance $1,500 Favorable The quantity of materials purchased equals the quantity used in production. The standard quantity of material allowed for May production is
During June, Danby Company's material purchases amounted to 6,000 pounds at a price of $7.30 per...
During June, Danby Company's material purchases amounted to 6,000 pounds at a price of $7.30 per pound. Actual costs incurred in the production of 2,000 units were as follows: Direct labor: Direct material: $116,745 ($18.10 per hour) $ 30,660 ($7.30 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $18 per hour Direct Material: Quantity, 2 pounds per unit Price, $7 per pound Required: Fill in the...
4. STANDARD COST SYSTEMS VARIANCE COMPUTATIONS Livingston Corporation recently implemented a standard cost system. The company's...
4. STANDARD COST SYSTEMS VARIANCE COMPUTATIONS Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May Standard Cost Information Direct Material Standard Price $12 per pound Standard Quantity Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit Fixed Overhead Budgeted Normal Level of Production Variable Overhead Application Rate Fixed Overhead Application Rate ($24,000/12,000 units) Total Overhead Application Rate 4 pounds per unit $7...
Myers Corporation has the following data related to direct materials costs for November: actual costs for...
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Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quantity variance 70,000 pounds $ 8.00 per pound $ 7,000 Unfavorable $ 7,500 Favorable The actual price per pound of direct materials purchased in June was: Multiple Choice O $8.00 per pound O $7.88 per pound The actual price per pound of direct materials purchased in June was: Multiple Choice $8.00...
Suver Corporation has a standard costing system. The following data are available for June Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quantity variance 70,000 pounds $ 8.00 per pound $ 3,500 Unfavorable $ 2,500 Favorable The actual price per pound of direct materials purchased in June was:
help
Suver Corporation has a standard costing system. The following data are available for June: Actual quantity of direct materials purchased 80,000 pounds Standard price of direct materials $9.00 per pound Material price variance $8,000 Unfavorable Material quantity variance $6,000 Favorable The actual price per pound of direct materials purchased in June was: .8.88 per pound 9.00 per pound 9.10 per pound The following materials standards have been established for a particular product: Standard quantity per unit of output 5.5...
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7. The break -even in units sold will decrease if there is an increase in: b. Total fixed expenses e. Unit variable expenses d. Selling price e. None of the above Givens the following, the contributicn margin per unit is. , Sales (s6.000 unts) Variable Net operating income 8. the following, the contribution margin per unit is. $256,000 $160.000 a. $16 С.$2 prodacts on the basis of standard direct labor hours. If the labor 9. Variable manufacturing overhead is applied...
During June, Danby Company's material purchases amounted to 6,000 pounds at a price of $7.30 per pound. Actual costs incurred in the production of 2,000 units were as follows: Direct labor: Direct material: $116,745 ($18.10 per hour) $ 30,660 ($7.30 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $18 per hour Direct Material: Quantity, 2 pounds per unit Price, $7 per pound Required: Fill in the...
4. STANDARD COST SYSTEMS VARIANCE COMPUTATIONS Livingston Corporation recently implemented a standard cost system. The company's cost accountant has provided the following data to perform a variance analysis for May Standard Cost Information Direct Material Standard Price $12 per pound Standard Quantity Allowed Per Unit Direct Labor Standard Rate Standard Hours Allowed Per Unit Fixed Overhead Budgeted Normal Level of Production Variable Overhead Application Rate Fixed Overhead Application Rate ($24,000/12,000 units) Total Overhead Application Rate 4 pounds per unit $7...
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