The direct material price variance can be found using which of the following formulas
The direct material price variance can be found using which of the following formulas:
A.(Actual price - Standard price) * Actual quantity purchased
B.(Actual price - Standard price) * Actual quantity used
C.(Actual quantity used - Standard quantity) * Actual price
D.(Actual quantity used - Standard quantity) * Standard price
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The direct material price variance can be found using which of the following formulas
Assume when you calculated direct material price variance, you found that actual costs of direct material...
Assume when you calculated direct material price variance, you found that actual costs of direct material used is greater than the material budgeted costs based on actual units purchased and used. In this case the material price variance is: a. Favorable b. Unfavorable c. Significant d. Positive Given: Actual labor costs: $200.00 Flexible budget allowed for actual units used: $180.00 based on budgeted units: $189.00 Labor rate variance is: a. $20 Favorable b. $20 Unfavorable c. $9 Favorable d. $9...
Question 41 (4 points) To calculate the direct materials usage variance, you should do which of...
Question 41 (4 points) To calculate the direct materials usage variance, you should do which of the following? 1) Compare the actual quantity used with the direct material that should be used for the actual output. 2) Subtract the budgeted price from the actual price and multiply by the budgeted quantity of materials. 3) Compare the actual amount spent on direct materials with the direct materials shown on the master budget 4) Compare the standard price with the actual price...
Based on the following information below: 1. Calculate the direct materials price and quantity variance. Please...
Based on the following information below:
1. Calculate the direct materials price and quantity variance.
Please note that the materials price variance is based on actual
material purchased and the quantity variance is based on material
used.
2. Calculate the direct labor rate and efficiency variances.
3. Calculate the variable overhead spending and efficiency
variances.
4. Calculate the fixed overhead budget variance.
Gourmet, Inc. prDduces containers of frozen food Duing October the company had the following actual production and costs...
Consider the following information: Direct material purchased and used, 94,000 gallons Standard quantity of direct material...
Consider the following information: Direct material purchased and used, 94,000 gallons Standard quantity of direct material allowed for May production, 91,600 gallons Actual cost of direct materials purchased and used, $233,000 Unfavorable direct-material quantity variance, $6,240 The direct-material price variance is: Multiple Choice Ο $11,400 Ε. Ο $7,440 F. Ο $11,400 U. Ο $7,440 U.
24. Standard costing can be used to apply costs for which of the following? Select one...
24. Standard costing can be used to apply costs for which of the following? Select one Direct Materials b. Direct Labor Indirect Materials and Indirect Labor c d. Factory Utilities All of the above can be applied using standard costing a. Tab e 25. Reasons for using standard costing include their usefulness in: Select one: Caps L a. Preparing flexible budgets b. Preparing master budgets c Establishing selling prices d. Preparing performance reports e All of the above Shift 1...
During June, Danby Company’s material purchases amounted to 8,000 pounds at a price of $6.20 per...
During June, Danby Company’s material purchases amounted to 8,000 pounds at a price of $6.20 per pound. Actual costs incurred in the production of 2,500 units were as follows: Direct labor: $ 121,506 ($15.40 per hour) Direct material: $ 32,798 ($6.20 per pound) The standards for one unit of Danby Company’s product are as follows: Direct Labor: Direct Material: Quantity, 3 hours per unit Quantity, 2 pounds per unit Rate, $15.00 per hour Price, $5.90 per pound Required: Fill...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is les...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is less than the standard quantity B. when the actual quantity used is greater than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price A flexible budget A. gives actual figures for selling price B. gives actual figures for variable and fixed overhead C. is not...
Riley Company provides the following information for Material A: Actual quantity purchased and used 6,500 lbs....
Riley Company provides the following information for Material A: Actual quantity purchased and used 6,500 lbs. Standard quantity allowed 6,000 lbs. Actual price $3.80 Standard price $4.00 A. What was the direct material quantity variance for Material A? B. What was the direct material price variance for Material A?
Which of the following is likely to be related to an unfavourable direct materials price variance?...
Which of the following is likely to be related to an unfavourable direct materials price variance? unexpected price decreases in direct materials. Materials were purchased based on a competitive bid. Standard costs were determined correctly. Actual direct material purchases were in larger quantities than normal, resulting in receiving volume discounts. the negotiating skills of the marketing manager.
Need help on large speed bump. How to calculate standard pounds per unit and direct materials quantity variance? Last mo...
Need help on large speed bump. How to calculate standard pounds
per unit and direct materials quantity variance?
Last month, Banner Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control. (Click the icon to view the table.) Complete the following table (Round your answers to two decimal places.) Large speed bump Data Table $ Medium speed bump Large speed bump 13 Direct materials information Standard pounds per unit Standard price per...
Question 41 (4 points) To calculate the direct materials usage variance, you should do which of the following? 1) Compare the actual quantity used with the direct material that should be used for the actual output. 2) Subtract the budgeted price from the actual price and multiply by the budgeted quantity of materials. 3) Compare the actual amount spent on direct materials with the direct materials shown on the master budget 4) Compare the standard price with the actual price...
Based on the following information below:
1. Calculate the direct materials price and quantity variance.
Please note that the materials price variance is based on actual
material purchased and the quantity variance is based on material
used.
2. Calculate the direct labor rate and efficiency variances.
3. Calculate the variable overhead spending and efficiency
variances.
4. Calculate the fixed overhead budget variance.
Gourmet, Inc. prDduces containers of frozen food Duing October the company had the following actual production and costs...
Consider the following information: Direct material purchased and used, 94,000 gallons Standard quantity of direct material allowed for May production, 91,600 gallons Actual cost of direct materials purchased and used, $233,000 Unfavorable direct-material quantity variance, $6,240 The direct-material price variance is: Multiple Choice Ο $11,400 Ε. Ο $7,440 F. Ο $11,400 U. Ο $7,440 U.
24. Standard costing can be used to apply costs for which of the following? Select one Direct Materials b. Direct Labor Indirect Materials and Indirect Labor c d. Factory Utilities All of the above can be applied using standard costing a. Tab e 25. Reasons for using standard costing include their usefulness in: Select one: Caps L a. Preparing flexible budgets b. Preparing master budgets c Establishing selling prices d. Preparing performance reports e All of the above Shift 1...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is less than the standard quantity B. when the actual quantity used is greater than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price A flexible budget A. gives actual figures for selling price B. gives actual figures for variable and fixed overhead C. is not...
Which of the following is likely to be related to an unfavourable direct materials price variance? unexpected price decreases in direct materials. Materials were purchased based on a competitive bid. Standard costs were determined correctly. Actual direct material purchases were in larger quantities than normal, resulting in receiving volume discounts. the negotiating skills of the marketing manager.
Need help on large speed bump. How to calculate standard pounds
per unit and direct materials quantity variance?
Last month, Banner Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control. (Click the icon to view the table.) Complete the following table (Round your answers to two decimal places.) Large speed bump Data Table $ Medium speed bump Large speed bump 13 Direct materials information Standard pounds per unit Standard price per...
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