Homework Answers
| Surgical Products | |||
| MQV = ( SQ - AQ ) SP | |||
| 1440 unfav. = ( 300000 * 0.85 - AQ ) * 0.8 | |||
| 1800 = 255000 - AQ | |||
| AQ used = 255000 + 1800 = 256800 | |||
| Now, AQ purchased = 256800 + 2500 = 259300 | |||
| MPV = ( SP - AP ) * AQ purchased | |||
| 5186 unfav. = ( 0.8 - AP ) * 259300 | |||
| 0.8 - AP = 0.02 unfav | |||
| AP = 0.8 + 0.02 = $ 0.82 | |||
| Total Labour variance = Standard cost - Actual cost | |||
| ( 300hours * 15 ) - ( 315 hours * AR ) = 288 Unfav. | |||
| 4500 - ( 315 * ar ) = 288 Unfav. | |||
| 4500 + 288 = 315 * AR | |||
| 4788 = 315 * AR | |||
| AR = $ 15.20 | |||
| 300000 pairs / 1000 pairs = 300 hours | |||
| Now, reqd. Answers | Journal entries | ||
| 1) 255000 | Raw materials | 207440 | |
| 2) 256800 | Direct material price variance (U) | 5186 | |
| 3) 259300 | Accounts payable ( 259300 * 0.82 ) | 212626 | |
| 4) 0.82 | |||
| 5) 300 hours | WIP | 206000 | |
| 6) LEV = ( SH - AH ) SR | Direct materials quantity variance | 1440 | |
| ( 300 - 315 ) * 15 = $ 225 unfav. | Raw materials | 207440 | |
| 7) LRV = ( SR - AR ) AH | |||
| ( 15 - 15.2 ) * 315 = $ 63 unfav | WIP | 4500 | |
| 8) $ 15.20 | DLRV | 63 | |
| DLEV | 225 | ||
| Wages payable ( 315 * 15.2 ) | 4788 | ||
Add Answer to:
s) Surgical Products produce Calculate the material and iance should be computed for each type purchased....
Question 28 (1 point) The Lucy Corporation purchased and used 129,000 board feet of lumber in...
Question 28 (1 point) The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units. The materials quantity variance is $63,000 favorable $63,000 unfavorable $59,400 favorable $59.400 unfavorable
what is the favorable unfavorable if statement that should be used for this excel spreadsheet What...
what is the favorable unfavorable if statement that should be
used for this excel spreadsheet
What is the favorable unfavorable if statement that should be used
for this excel spreadsheet
KLM TO DE FONT Leonardo Paint Manufacturer Company Direct Material and Labor Variance Analysis For Period Ended December 31, 2020 STANDARD $3,000 3.000 ACTUAL $3,600 2,500 1.44 1.00 5 Input Area 6 Direct Materials: 7 Total Purchase Price 3 Quantity Placed in Production 9 Cost per unit T1 Direct Labor...
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.
Can you show me how to get each answer? Information on Pruitt Company's direct-material costs for...
Can you show me how to get each answer?
Information on Pruitt Company's direct-material costs for the month of July 2005 was as follows: 30,000 units $2.75 Actual quantity purchased Actual unit purchase price Materials purchase-price variance —unfavorable (based on purchases) Standard quantity allowed for actual production Actual quantity used $1,500 24,000 units 22,000 units For July 2005 there was a favorable direct-materials efficiency variance of sooo $7,950. $5,500. $5,400. $5,600. none of the above ACCT1112_2014S1 Revision Information for Garner...
Lee Company manufactures a product for which the following direct material standards have been set: 3...
Lee Company manufactures a product for which the following direct material standards have been set: 3 feet per unit at a standard unit cost of $15. During October, the company purchased direct materials at a cost of $55,650, all of which were used in the production of 3,200 units of product. In addition, 4,900 hours of direct labor were logged during the month. The cost of labor time was $36,750. For the month, the direct materials quantity variance was an...
Roberts Company has the following information available for the current year: Standard: Material 4.25 feet per...
Roberts Company has the following information available for the current year: Standard: Material 4.25 feet per unit @ $2.75 per foot Labor 7 direct labor hours @9.25 per unit Actual: Material 128000 feet used (130000 feet were purchased costing $364000) Labor 212000 direct labor hours incurred costing $1971600 30000 units were produced A. Refer to Roberts Company. Compute the labor rate variance and labor efficiency variances. Clearly indicate if the variances are favorable or unfavorable. B. Refer to Roberts Company....
Best Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 145,000...
Best Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 145,000 square feet of extruded vinyl purchased at $1.15 per square foot. Production required 460 direct labor hours that cost $13.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.20 per square foot. The labor standard was 0.025 direct labor hour per fender, at a standard cost of $12.50 per hour. Read the requirement....
During June, Danby Company’s material purchases amounted to 15,190 pounds at a price of $6.00 per...
During June, Danby Company’s material purchases amounted to
15,190 pounds at a price of $6.00 per pound. Actual costs incurred
in the production of 2,450 units were as follows:
Direct labor:
$
78,144
($14.80 per hour)
Direct material:
$
75,180
($6.00 per pound)
The standards for one unit of Danby Company’s product are as
follows:
Direct Labor:
Direct Material:
Quantity, 2 hours per unit
Quantity, 5 pounds per unit
Rate, $14.50 per hour
Price, $5.80 per pound
Required:
Fill in...
All-Star Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 146,000...
All-Star Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 146,000 square feet of extruded vinyl purchased at $1.10 per square foot. Production required 440 direct labor hours that cost $13.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.15 per square foot. The labor standard was 0.027 direct labor hour per fender, at a standard cost of $12.50 per hour. Read the requirement...
Exercise 10-23 Determination of Variances Using Diagrams (LO 10-3) Exercise 10-23 Determination of Variances Using Diagrams...
Exercise 10-23 Determination of Variances Using Diagrams (LO
10-3)
Exercise 10-23 Determination of Variances Using Diagrams (LO 10-3) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 8.16 hour Rate, $8.00 per hour Direct Material: Quantity, 9 kilograms Price, $0.42 per kilogram Actual material purchases amounted to 233,200 kilograms at $0.47 per kilogram. Actual costs...
Question 28 (1 point) The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units. The materials quantity variance is $63,000 favorable $63,000 unfavorable $59,400 favorable $59.400 unfavorable
what is the favorable unfavorable if statement that should be
used for this excel spreadsheet
What is the favorable unfavorable if statement that should be used
for this excel spreadsheet
KLM TO DE FONT Leonardo Paint Manufacturer Company Direct Material and Labor Variance Analysis For Period Ended December 31, 2020 STANDARD $3,000 3.000 ACTUAL $3,600 2,500 1.44 1.00 5 Input Area 6 Direct Materials: 7 Total Purchase Price 3 Quantity Placed in Production 9 Cost per unit T1 Direct Labor...
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.
Can you show me how to get each answer?
Information on Pruitt Company's direct-material costs for the month of July 2005 was as follows: 30,000 units $2.75 Actual quantity purchased Actual unit purchase price Materials purchase-price variance —unfavorable (based on purchases) Standard quantity allowed for actual production Actual quantity used $1,500 24,000 units 22,000 units For July 2005 there was a favorable direct-materials efficiency variance of sooo $7,950. $5,500. $5,400. $5,600. none of the above ACCT1112_2014S1 Revision Information for Garner...
Best Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 145,000 square feet of extruded vinyl purchased at $1.15 per square foot. Production required 460 direct labor hours that cost $13.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.20 per square foot. The labor standard was 0.025 direct labor hour per fender, at a standard cost of $12.50 per hour. Read the requirement....
During June, Danby Company’s material purchases amounted to
15,190 pounds at a price of $6.00 per pound. Actual costs incurred
in the production of 2,450 units were as follows:
Direct labor:
$
78,144
($14.80 per hour)
Direct material:
$
75,180
($6.00 per pound)
The standards for one unit of Danby Company’s product are as
follows:
Direct Labor:
Direct Material:
Quantity, 2 hours per unit
Quantity, 5 pounds per unit
Rate, $14.50 per hour
Price, $5.80 per pound
Required:
Fill in...
All-Star Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 146,000 square feet of extruded vinyl purchased at $1.10 per square foot. Production required 440 direct labor hours that cost $13.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.15 per square foot. The labor standard was 0.027 direct labor hour per fender, at a standard cost of $12.50 per hour. Read the requirement...
Exercise 10-23 Determination of Variances Using Diagrams (LO
10-3)
Exercise 10-23 Determination of Variances Using Diagrams (LO 10-3) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 8.16 hour Rate, $8.00 per hour Direct Material: Quantity, 9 kilograms Price, $0.42 per kilogram Actual material purchases amounted to 233,200 kilograms at $0.47 per kilogram. Actual costs...
Most questions answered within 3 hours.
-
Let G be an undirected graph and let X be a subset of the
vertices of...
asked 12 minutes ago -
Calculate the effective radiation dosage in rems for a 75 ‑kg
person who is exposed to...
asked 30 minutes ago -
No matter how a company measures the benefits provided
by an online business implementation, it usually...
asked 9 minutes ago -
A circular (0.8 m diameter) footing with q=50 kN/m^2 is placed
on the ground surface. Compute...
asked 28 minutes ago -
Suppose there are 1000 students in a business administration
program. 620 students are in an IT...
asked 12 minutes ago -
An empty truck traveling at 10 km/h has kinetic energy. How much
kinetic energy does it...
asked 10 minutes ago -
Physicians add a special dimension to a governing board. What
are the important things to consider...
asked 25 minutes ago -
Rank the following titrations in order of increasing pH at the
halfway point to equivalence (1...
asked 21 minutes ago -
Mr. Smalley, who had been diagnosed as manic-depressive and had
been in and out of mental...
asked 23 minutes ago -
Determine the heat of combustion (ΔH2) for propane
(C3H8) using the bond energy table. HINT: you’ll...
asked 41 minutes ago -
1 Give the host id in binary for the following IP addresses
(assuming classful):
a) 130.11.6.9...
asked 43 minutes ago -
A concert loudspeaker suspended high off the ground emits 32 W
of sound power. A small...
asked 46 minutes ago