Standard Price per ounce =$1.77 | |
Standard quantity =1061 units*10 =10,610 ounce | |
Actual Price per pound =$2.05 | |
Actual quantity =10,928 pounds | |
Material Price variance = (Standard price - Actual Price)*Actual quantity | |
Material Price variance = ($1.77 - $2.05)*10,928 =$3,059.84(U) | |
So Option A is answer | |
Standard Price per yard =$1.92 | |
Standard quantity =9000 units*4.61 =41,490 yards | |
Actual Price per pound =$2.03 | |
Actual quantity =46,620 yards | |
Material quantity variance = Standard price(Standard Quantity - Actual Quantity) | |
Material quantity variance = $1.92(41,490 yards - 46,620 yards) =$9,849.60(U) | |
So Option D is answer | |
Standard Rate per hour =$19.30 per hour | |
Standard Hours =2.80 hours*3,500 =11,200 hours | |
Actual Rate per hour =$18.90 per hour | |
Actual hours worked =11,420 hours | |
Labor rate variance =Actual hours(Standard rate - Actual rate) | |
Labor efficiency variance =Standard Rate(Actual Hours - Standard Hours) | |
Direct labor variance =(Standard rate*Standard hours) - (Actual Rate*Actual hours) | |
Labor rate variance =11,420 hours*($19.30 - $18.90) =$4,568(F) | |
Labor efficiency variance =$19.30*(11,420 - 11,200) =$4,246(U) | |
Direct labor variance =($19.30*11,200) - ($18.90*11,420) =$322(F) |
Use this information for Stringer Company to answer the question that follow. The following data are...
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 920 units Actual production 1,021 units Materials: Standard price per ounce $1.81 Standard ounces per completed unit 11 Actual ounces purchased and used in production 11,568 Actual price paid for materials $23,714 Labor: Standard hourly labor rate $14.51 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,258.15 Actual total labor costs $80,187 Overhead:...
The following data are given for Stringer Company: Budgeted production 909 units Actual production 1,036 units Materials: Standard price per ounce $1.82 Standard ounces per completed unit 12 Actual ounces purchased and used in production 12,805 Actual price paid for materials $26,250 Labor: Standard hourly labor rate $14.95 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,335.4 Actual total labor costs $81,365 Overhead: Actual and budgeted fixed overhead $1,110,000 Standard variable overhead rate $28.00 per...
Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.98; actual, $2.03 Standard yards per unit: standard, 4.62 yards; actual, 5.06 yards Units of production: 9,100 Calculate the direct materials quantity variance. a.$8,128.12 favorable b.$7,927.92 unfavorable c.$7,927.92 favorable d.$8,128.12 unfavorable Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,600 pounds of material, $5.00 and standard costs for...
22. The following data is given for the Stringer Company: Budgeted production 917 units Actual production 1,002 units Materials: Standard price per ounce $1.75 Standard ounces per completed unit 11 Actual ounces purchased and used in production 11,353 Actual price paid for materials $23,274 Labor: Standard hourly labor rate $14.38 per hour Standard hours allowed per completed unit 5.0 Actual labor hours worked 5,160.3 Actual total labor costs $78,695 Overhead: Actual and budgeted fixed overhead $1,124,000 Standard variable overhead rate...
The following data are given for Harry Company: Budgeted production 1,054 units Actual production 937 units Materials: Standard price per ounce $1.919 Standard ounces per completed unit 11 Actual ounces purchased and used in production 10,616 Actual price paid for materials $21,763 Labor: Standard hourly labor rate $14.76 per hour Standard hours allowed per completed unit 4.3 Actual labor hours worked 4,826 Actual total labor costs $78,423 Overhead: Actual and budgeted fixed overhead $1,025,000 Standard variable overhead rate $24.00 per...
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A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.94; actual, $2.05 Standard yards per unit: standard, 4.60 yards; actual, 5.20 yards Units of production: 9,100 Calculate the direct materials price variance. Oa. $5,205.20 favorable Ob. $4,604.60 favorable Oc. $1,001.00 unfavorable Od. $5,205.20 unfavorable
The following data is given for the Bahia Company: Budgeted production 1,040 units Actual production 906 units Materials: Standard price per pound $1.866 Standard pounds per completed unit 11 Actual pounds purchased and used in production 9,667 Actual price paid for materials $19,817 Labor: Standard hourly labor rate $14.62 per hour Standard hours allowed per completed unit 4.0 Actual labor hours worked 4,665.9 Actual total labor costs $71,155 Overhead: Actual and budgeted fixed overhead $1,181,000 Standard variable overhead rate $26.00...
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The following data have been provided by Lopus Corporation: Budgeted production Standard machine-hours per unit Standard lubricants Standard supplies 4,000 units 4.1 machine-hours 5.60 per machine-hour 4.30 per machine-hour $ $ Actual production Actual machine-hours Actual lubricants (total) Actual supplies (total) 4,300 units 9,480 machine-hours $ 54,833 $40,239 Required: Compute the variable overhead rate variances for lubricants and for supplies. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect...
ABC Company has set the following standards in order to produce one unit of its single product: standard quantity standard price direct materials 2.7 yards ?? per yard direct labor 2 hours $14 per hour variable overhead 2 hours ?? per hour During August, ABC Company spent $133,770 to purchase direct materials and had direct labor totaling $189,440. During August, ABC Company used 16,000 yards of direct materials in the production of units. ABC had 2,500 yards of materials in...