The drop down boxes ask if favorable,
unfavorable or unapplicable
Homework Answers
Solution
| Material Price Variance | $ 2,117.50 | Favourable-F |
| Material quantity variance | $ 4,416.50 | Unfavourable-U |
Material price variance is calculated on all quantity purchased.
Working
| Material Price Variance | ||||||
| ( | Standard Rate | - | Actual Rate | ) | x | Actual Quantity |
| ( | $ 8.03 | - | $ 7.68 | ) | x | 6050 |
| 2117.5 | ||||||
| Variance | $ 2,117.50 | Favourable-F | ||||
| Material Quantity Variance | ||||||
| ( | Standard Quantity | - | Actual Quantity | ) | x | Standard Rate |
| ( | 4215 | - | 4765 | ) | x | $ 8.03 |
| -4416.5 | ||||||
| Variance | $ 4,416.50 | Unfavourable-U | ||||
.
| Standard DATA for | 2810 | Boxes | |
| Quantity (SQ) | Rate (SR) | Standard Cost | |
| [A] | [B] | [A x B] | |
| Direct Material | ( 1.5 Pounds x 2810 Boxes)=4215 Pounds | $ 8.03 | $ 33,846.45 |
.
| 2810 | Boxes | ||
| Quantity (AQ) | Rate (AR) | Actual Cost | |
| Direct Material | 6050 | $ 7.68 | $ 46,464.00 |
Add Answer to:
The drop down boxes ask if favorable,
unfavorable or unapplicable
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.
1. Prepare the following variance analyses for
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a. Direct materials price
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variance.
b. Direct labor rate variance,
direct labor time variance, and total 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
$
Direct materials...
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Identify if favorable, unfavorable or neither for all of
them.
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. $15.00 $65.00 Direct materials (10 pounds at $1.50 per pound) Direct labor (5 hours at $13.00 per hour) During the month of April, the company manufactures 180 units and incurs the following actual costs. Direct materials purchased and used (2,500 pounds) $4,250 $11,904 Direct labor (930 hours) Compute the total,...
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I love my chocolate company makes dark chcolate and light
chocolate. both products require coca and sugar. the following
planning has been ,ade available. this is all i can figure
out.
1. A Cocoa Sugar Total $ Direct Materials Variance Price variance: Actual price Standard price Variance Actual quantity (lbs.) Direct materials price variance 7.33 7.25 0.08 140,300 11,224 $ 1.35 1.40 0.05 188,000 9,400) (favorable) unfavorable $ $ $ 1,824 140,300 140,000 188,000 190,000 Quantity variance: Actual quantity used...
Remember all variances must be designated as "Favorable" or "Unfavorable" The Cat's Meow manufactures gourmet cat food. During the month, it manufactured 5,000 cans of tuna, using 0.10 hour of direct labor per can at a rate of $8.00 per hour. The materials and labor standards for manufacturing the cans of tuna are as follows: UNIT SQ Direct Materials (1 pound of tuna @ $0.50 per pound) Direct Materials (1 can @ $0.35) Direct Labor (0.20 hour@ $7.00) $0.50 $0.35...
.
1. Prepare the following variance analyses for
both chocolates and the total, based on the actual results and
production levels at the end of the budget year:
a. Direct materials price
variance, direct materials quantity variance, and total
variance.
b. Direct labor rate variance,
direct labor time variance, and total 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
$
Direct materials...
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