Homework Answers
| Material Cost Variance = Standard Cost - Actual cost | |
| Standard cost = Standard quantity for actual production * Standard price(SQ*SP) | |
| Actual cost = Actual quantity * Actual price (AQ*AP) | |
| Standard quantity for actual production (80*25) | 2000 |
| Standard price | 2 |
| Actual quantity used (3000-500) | 2500 |
| Actual Price (9000/3000) | 3 |
| Material Cost Variance = (SQ*SP) -(AQ*AP) | |
| Material Cost Variance = (2000*2) -(2500*3) | |
| Material Cost Variance = 4000 -7500 | |
| Material Cost Variance = 3500(A) | |
Answer II)
| Material Price Variance = (SP -AP)AQ |
| Material Price Variance = (2 -3)2500 |
| Material Price Variance = 2500(A) |
Answer III)
| Material Usage Variance = (SQ -AQ)SP |
| Material Usage Variance = (2000 -2500)2 |
| Material Usage Variance = 1000(A) |
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From the following information calculate i material cost variance (ii) material price variance (iii) Material Usage...
From the following information calculate (i) material cost variance (i) material price variance 2. (ii) Material...
From the following information calculate (i) material cost variance (i) material price variance 2. (ii) Material Usage variance Quantity of material purchased 3000 units Value of material purchased AED. 9000 St. quantity of raw material req. p.u. 25 units Standard rate of material unit AED 2 per Nil Opening stock of material Closing stock of material 500 units Finished production during the period 80 units
1. A furniture company uses sunmica tops for tables. It provides the following data: St. Quantity...
1. A furniture company uses sunmica tops for tables. It provides the following data: St. Quantity for sunmica per table 4 sq.ft St. price per sq. ft of sunmica AED 5 Actual prod. Of tables 1000 Sunmica actually used 4,300 sq.ft Actual purchase price per sq. ft AED 5.50. You are required to calculate Material variances. 2. From the following information calculate (i) material cost variance (ii) material price variance (iii) Material Usage variance Quantity of material purchased 3000 units...
A company produces a product which has a standard variable production cost of $8 per unit made up as follows: ...
A company produces a product which has a standard variable production cost of $8 per unit made up as follows: $ Per Unit Direct material $4.60 (2kg X $2.30 per kg) Direct labour $2.10 (0.7 hours x $3.00 per hour) Variable overhead $1.3 Fixed manufacturing costs are treated as period costs. The following information is available for the period just ended, Variable manufacturing cost of sales (at standard cost) $263,520 Opening stock of finished goods (at standard cost) $120,800 Closing...
All I need is the Materials Price Variance for Material A & B... thanks! Standard cost...
All I need is the Materials Price Variance for Material A
& B... thanks!
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Williams uses a standard cost accounting system and reported the following results with respect to direct...
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hoemaker Perkins Company uses a standard cost system and had 590 pounds of raw material X15...
hoemaker Perkins Company uses a standard cost system and had 590 pounds of raw material X15 on hand on September 1. The standard cost of X15 is $20 per pound. The production standard calls for 2 pounds of material X15 for each unit of product manufactured. The company manufactured 790 units of the product in September, and had 880 pounds of material X-15 in stock on September 30. The actual price for material X-15 purchased during the month was $1...
Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity...
Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity for Tyler Company for September: Standard cost per unit 4 units of material A x $2.00 per unit Direct materials 1 unit of material B x $3.000 per unit 3 hours x $8.00 per hour Direct labor Activity for September Materials purchased Material A 3,400 units x $2.05 per unit 800 units x $3.10 per unit Material B Materials used Material A 3,050 units...
Question 5 R Ltd. manufactures three products, A, B and C. The following information is given...
Question 5 R Ltd. manufactures three products, A, B and C. The following information is given below. Sales Forecast Product Quantity Price Per Unit A 1000 Rs.100 B 2000 Rs.120 C 1500 Rs.140 Materials Used in Company’s Products Are: Material M1 Rs.4 per unit Quantities used in Product Product M1 M2 M3 A 4 2 – B 3 3 2 C 2 1 1 Finished Stocks: Product A B C Opening Inventory- units 1000 1500 500 Closing Inventory- units 1100...
Question text DIRECT LABOR VARIANCE ANALYSIS ON PRODUCTION OF SHIRTS: Information Standard Actual Direct material price...
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. Q1: The following profit reconciliation statement summari zes t ance of one of SEWs products for March. Budgeted profit Sales volume variance Standard profit on actual sales Selling price variance 4 250 85DA 3 400 4000А (600) Adverse Favourable Cost variances: 1 000 Direct material price Direct material usage Direct labour rate Direct labour efficiency Variable overhead expenditure Variable overhead efficiency Fixed overhead expenditure Fixed overhead volume Actual profit 150 200 150 600 75 2 500 150 1175 36502475F...
From the following information calculate (i) material cost variance (i) material price variance 2. (ii) Material Usage variance Quantity of material purchased 3000 units Value of material purchased AED. 9000 St. quantity of raw material req. p.u. 25 units Standard rate of material unit AED 2 per Nil Opening stock of material Closing stock of material 500 units Finished production during the period 80 units
1. A furniture company uses sunmica tops for tables. It provides the following data: St. Quantity for sunmica per table 4 sq.ft St. price per sq. ft of sunmica AED 5 Actual prod. Of tables 1000 Sunmica actually used 4,300 sq.ft Actual purchase price per sq. ft AED 5.50. You are required to calculate Material variances. 2. From the following information calculate (i) material cost variance (ii) material price variance (iii) Material Usage variance Quantity of material purchased 3000 units...
All I need is the Materials Price Variance for Material A
& B... thanks!
Standard cost per unit 4 units of material Ax $ 6.00 per unit Direct materials 1 unit of material B x $ 8.00 per unit 3 hours x $ 18.00 per hour Direct labor Activity for September Materials purchased 6,750 units x $ 6.20 per unit Material A Material B 1,650 units x $ 8.50 per unit Materials used Material A 6,225 units Material B 1,508...
Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity for Tyler Company for September: Standard cost per unit 4 units of material A x $2.00 per unit Direct materials 1 unit of material B x $3.000 per unit 3 hours x $8.00 per hour Direct labor Activity for September Materials purchased Material A 3,400 units x $2.05 per unit 800 units x $3.10 per unit Material B Materials used Material A 3,050 units...
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