Question

Section Alphabetical Narber Werk ll - Chapter Slemenark Assement Problemi (Textbook Referace -1) - Compute materiais variances A product has a wandand materials age and cost of pounds ST.00 per pound. During the month. 2.400 pounds of materials were purchased at 7.30 per pound Production for the month old 350 is requiring 2.100 pounds of materials Required: circle or indir whither the value is w ar www a Compute the materias prie variance: Foru Compute the materials quantity usage variance Compute the total materials arance

Answer 1

Please give positive ratings so I can keep answering. Thanks!

	Finished Units	Input per unit	Input required	Rate per unit	Amount
Direct Material Variance
Standard Price allowed for Actual Output at Standard Price	550.00	4.00	2,200.00	7.00	15,400.00	A
Actual Quantity of Input, at Standard Price			2,100.00	7.00	14,700.00	B
Quantity Variance (C=B-A)					(700.00)	Favorable
Actual Quantity of Purchase, at Standard Price			2,400.00	7.00	16,800.00	D
Actual Quantity of Purchase, at Actual Price			2,400.00	7.30	17,520.00	E
Price Variance (F=E-D)					720.00	Unfavorable
Total Material Variance (G=C+F)					20.00	Unfavorable
Direct Labor Variance
Standard Hours allowed for Actual Output at Standard Rate	200,000.00	1.00	200,000.00	6.00	1,200,000.00	H
Actual Hours of Input, at Standard Rate			208,000.00	6.00	1,248,000.00	I
Actual Hours of Input, at Actual Rate					1,144,000.00	J
Efficiency Variance (I-H)					48,000.00	Unfavorable
Price Variance (J-I)					(104,000.00)	Favorable
Total Labor Variance (F-H)					(56,000.00)	Favorable