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![> Standard Cost of direct material per pound $0.50 per ounce . >Standard Price-SP > Standards quantity of direct material required to make a single unit of hinge - 40 ounces Actual number of units (hinges) produced - 65,000 Units Dircct matcrial quantity that should have been consumcd to producc 65,000 Units Standard quantity 65,000 Units x Standard quantity of dircct matcrial pcr Unit 65,000 Units x 40 ounces -2,600,000 Ounces →Standard Quantity-SQ **Actual Quantity of direct material used to produce 65,000 Units AQ>Direct material used **Material Quantity Variance-$50,000 (Unfavorable) S50,000 [Unfavorable variance means actual quantity used is more than the standard quantity] Material Quantity Variance - (SQ-AQ) x SP Material Quantity variance SP SQ-I Material Quantity variance SP AQ 2,600,000 $50,0 - 2,600,000100,000] -2,600,000100,000 -2,700,000 $0.50 AQ- Direct material used-2,700,000 ounces](http://img.homeworklib.com/questions/f8050a70-73fa-11ea-ab3f-2507f1fbd529.png?x-oss-process=image/resize,w_560)
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During the past period, 65,000 units of hinges were made and the materials quantity variance was...
During the past period, 65,000 units of hinges were made and the materials quantity variance was...
During the past period, 65,000 units of hinges were made and the materials quantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at $0.50 per ounce. What is the number of ounces of direct material used during this period?
During the past period, 65,000 units of hinges were made and the materials quantity variance was...
During the past period, 65,000 units of hinges were made and the materials quantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at $0.50 used during this period? per ounce. What is the number of ounces of direct material
During the past period, 65,000 units of hinges were made and the materialsquantity variance was $50,000,...
During the past period, 65,000 units of hinges were made and the materialsquantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at 0.50 per ounce. What is the number of ounces of direct material used during this period?
a. Calculate the direct materials price variance. b. Calculate the direct materials usage variance. c. Calculate...
a. Calculate the direct materials price variance.
b. Calculate the direct materials usage variance.
c. Calculate the direct labor rate variance.
d. Calculate the direct labor efficiency variance.
e. Calculate the variable overhead rate variance.
f. Calculate the variable overhead efficiency variance.
g. Calculate the Sales Price variance
h. Calculate the Sales Quantity Variance
Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are...
The following company information is available. The direct materials quantity variance is: Direct materials used for...
The following company information is available. The direct materials quantity variance is: Direct materials used for prodution Standard quantity for units produced Standard cost per gallon of direct material Actual cost per gallon of direct material 35,000 gallons 33,400 gallons $11.00 $11.20 Multiple Choice $17600 unfavorable. $17200 favorable $24,600 unfavorable Multiple Choice $17,600 unfavorable. $17.200 favorable. $24,600 unfavorable. $24,600 favorable. $17,200 unfavorable Use the following data to find the direct labor rate variance if the company produced 3,500 units during...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 305,000 cans were produced using 1,250,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.14 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
What's the material quantity variance? Huron Company produces a commercial cleaning compound known as Zoom. The...
What's the material quantity variance?
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 6.00 pounds 0.40 hours Standard Price or Rate $3.00 per pound $9.00 per hour Standard Cost $18.00 $ 3.60 Direct materials Direct labor During the most recent month, the following activity was recorded: a. Eleven thousand six hundred pounds of material were purchased at a cost...
Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing...
Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hour $15 Standard labor time per unit 15 min 4 1.6 lbs Standard number of Ibs. of brass $12.25 Standard price per lb. of brass Actual price per lb. of brass 512.5...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.4 ounces of aluminum per can. During the month of April, 298,000 cans were produced using 1,253,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.13 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 300,000 cans were produced using 1,257,000 ounces of aluminum. The actual cost of aluminum was $0.19 per ounce and the standard price was $0.11 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
During the past period, 65,000 units of hinges were made and the materials quantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at $0.50 per ounce. What is the number of ounces of direct material used during this period?
During the past period, 65,000 units of hinges were made and the materials quantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at $0.50 used during this period? per ounce. What is the number of ounces of direct material
During the past period, 65,000 units of hinges were made and the materialsquantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at 0.50 per ounce. What is the number of ounces of direct material used during this period?
a. Calculate the direct materials price variance.
b. Calculate the direct materials usage variance.
c. Calculate the direct labor rate variance.
d. Calculate the direct labor efficiency variance.
e. Calculate the variable overhead rate variance.
f. Calculate the variable overhead efficiency variance.
g. Calculate the Sales Price variance
h. Calculate the Sales Quantity Variance
Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are...
The following company information is available. The direct materials quantity variance is: Direct materials used for prodution Standard quantity for units produced Standard cost per gallon of direct material Actual cost per gallon of direct material 35,000 gallons 33,400 gallons $11.00 $11.20 Multiple Choice $17600 unfavorable. $17200 favorable $24,600 unfavorable Multiple Choice $17,600 unfavorable. $17.200 favorable. $24,600 unfavorable. $24,600 favorable. $17,200 unfavorable Use the following data to find the direct labor rate variance if the company produced 3,500 units during...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 305,000 cans were produced using 1,250,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.14 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
What's the material quantity variance?
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 6.00 pounds 0.40 hours Standard Price or Rate $3.00 per pound $9.00 per hour Standard Cost $18.00 $ 3.60 Direct materials Direct labor During the most recent month, the following activity was recorded: a. Eleven thousand six hundred pounds of material were purchased at a cost...
Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hour $15 Standard labor time per unit 15 min 4 1.6 lbs Standard number of Ibs. of brass $12.25 Standard price per lb. of brass Actual price per lb. of brass 512.5...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.4 ounces of aluminum per can. During the month of April, 298,000 cans were produced using 1,253,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.13 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 300,000 cans were produced using 1,257,000 ounces of aluminum. The actual cost of aluminum was $0.19 per ounce and the standard price was $0.11 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
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