Homework Answers
| Type | Quantity Purchased | Actual Price | Standard Price | Price variance | ||
| Rogue11 | 5.2 | 4.95 | 6700 | Unfavorable | Price Increase | |
| Storm17 | 7800 | 3.22 | 1404 | Unfavorable | Rush Order | |
| Beast29 | 22100 | 0.35 | 884 | Favorable | Larger Quantity | |
| Material Price variance = (Standard Price - Actual Price)*Actual quantity purchased | ||||||
| Rogue11 | ||||||
| -6700 = (4.95-5.2)*Quantity purchased | ||||||
| Quantity Purchased = 26,800 lbs | ||||||
| Storm17 | ||||||
| -1404 = (3.22 - Actual Price)*7800 | ||||||
| Actual Price = $3.4 | ||||||
| Beast29 | ||||||
| 884 = (Standard Price - 0.35)*22100 | ||||||
| Standard Price = $0.39 | ||||||
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CALCULATOR PRINTER VERSION BACKENDE Exercise 23-15 Urban Corporation prepared the following variance report. Fill in the...
Exercise 23-15 Urban Corporation prepared the following variance report. Fill in the missing amounts or letters...
Exercise 23-15
Urban Corporation prepared the following variance report.
Fill in the missing amounts or letters in the report.
(Round actual and standard price answers to 2 decimal
places, e.g. 2.75.)
URBAN CORPORATION
Variance Report—Purchasing Department
For Week Ended January 9, 2017
Type of
Materials
Quantity
Purchased
Actual
Price
Standard
Price
Price
Variance
Explanation
Rogue11
lbs.
$5.15
$5.05
$2,870
Neither favorable nor unfavorableUnfavorableFavorable
Price increase
Storm17
7,000
oz.
$
$3.22
$910
Unfavorable
Rush order
Beast29
21,700
units
$0.35
$
$434...
Exercise 23-15 Your answer is partially correct. Try again. Urban Corporation prepared the following variance report....
Exercise 23-15 Your answer is partially correct. Try again. Urban Corporation prepared the following variance report. Fill in the missing amounts or letters in the report. (Round actual and standard price answers to 2 decimal places, e.g. 2.75.) URBAN CORPORATION Variance Report-Purchasing Department For Week Ended January 9, 2017 Type of Materials Quantity Purchased Actual Price Standard Price Price Variance Explanation Rogue11 955 lbs. $5.15 $4.95 $4,920 Favorable Price increase Storm17 6,700 oz. 5.56 $3.27 $1,206 Unfavorable Rush order Beast29...
Exercise 223 Fill in the appropriate amounts in the following Adam Corporation variance report. Exercise 223 Fill in the appropriate amounts in the following Adam Corporation variance report. (Round...
Exercise 223
Fill in the appropriate amounts in the following Adam
Corporation variance report.
Exercise 223 Fill in the appropriate amounts in the following Adam Corporation variance report. (Round actual and standard price to 2 decimal places, e.g. 52.75.) ADAM CORPORATION for Week Ended January 9, 2016 Type of Materials Actual Price Standard Price Quantity Purchased Price Variance Explanation $5.00 $6,000 Brown $5.25 Price increase Rush order Bought larger quantity lbs. 8,000 oz. 22,000 units 1,600 Unfavorable Green 3.25 White...
CALCULATOR PRINTER VERSION BLACK roblem 23-5A (Part Level Submission) art Labs, Inc. provides mad cow disease...
CALCULATOR PRINTER VERSION BLACK roblem 23-5A (Part Level Submission) art Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental gencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes $1.70 per tube) Direct labor (1 hour $32 per hour) Variable overhead (1 hour $7.00 per hour) Fixed...
u Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Do It! Review 23-3 The standard cost...
u Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Do It! Review 23-3 The standard cost of product 5252 includes 1.90 hours of direct labor at $10.90 per hour. The predetermined overhead rate is $22.00 per direct labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $11.20 per hour and $81,800 of manufacturing overhead costs. It produced 2,000 units. (a) Compute the total, price, and quantity variances for labor Total labor variance...
CALCULATOR PRINTER VERSION BACK Problem 23-4A (Part Level Submission) Kansas Company uses a standard cost accounting...
CALCULATOR PRINTER VERSION BACK Problem 23-4A (Part Level Submission) Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,900 direct labor hours. During the year, 131,300 pounds of raw materials were purchased at $0.91 per pound. All materials purchased were used during the year. (a) x Your answer is...
CALCULATOR PRIE Problem 23-2A (Part Level Submission) Ayala Corporation accumulates the following data relative to jobs...
CALCULATOR PRIE Problem 23-2A (Part Level Submission) Ayala Corporation accumulates the following data relative to jobs started and finished during the month of Jun 2017 Costs and Production Data Actual $2.20 11,200 $175,820 14,900 $202,750 Standard $2.00 10,300 $169,830 15,300 Raw materials unit cost Raw materials units used Direct labor payroll Direct labor hours worked Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine...
CALCULATOR PRINTER VERSION Exercise 11-4 (Video) Monte Services, Inc. is trying to establish the standard labor...
CALCULATOR PRINTER VERSION Exercise 11-4 (Video) Monte Services, Inc. is trying to establish the standard labor cost of a typical brake repair. The following data have been collected from time and motion studies conducted over the past month co) Actual time spent on the brake repairs $10 5 hours co) deo) ideo) Hourly wage rate 10% of wage rate Payroll taxes Setup and downtime 11% of actual labor time 27 % of actual labor time Cleanup and rest periods 25%...
Exercise 23-8 Your answer is partially correct. Try again. The following direct materials and direct labor...
Exercise 23-8 Your answer is partially correct. Try again. The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 per hour $220 per ton $12.50 per hour $224 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,200 hours 1,600 tons 4,280...
CALCULATOR PRINTER VERSION RACK Problem 23-5A (Part Level Submission) Hart Labs, Inc. provides mad cow disease...
CALCULATOR PRINTER VERSION RACK Problem 23-5A (Part Level Submission) Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes $1.70 per tube) Direct labor (1 hour $32 per hour) Variable overhead (1 hour $7.00 per hour) Fixed...
Exercise 23-15
Urban Corporation prepared the following variance report.
Fill in the missing amounts or letters in the report.
(Round actual and standard price answers to 2 decimal
places, e.g. 2.75.)
URBAN CORPORATION
Variance Report—Purchasing Department
For Week Ended January 9, 2017
Type of
Materials
Quantity
Purchased
Actual
Price
Standard
Price
Price
Variance
Explanation
Rogue11
lbs.
$5.15
$5.05
$2,870
Neither favorable nor unfavorableUnfavorableFavorable
Price increase
Storm17
7,000
oz.
$
$3.22
$910
Unfavorable
Rush order
Beast29
21,700
units
$0.35
$
$434...
Exercise 23-15 Your answer is partially correct. Try again. Urban Corporation prepared the following variance report. Fill in the missing amounts or letters in the report. (Round actual and standard price answers to 2 decimal places, e.g. 2.75.) URBAN CORPORATION Variance Report-Purchasing Department For Week Ended January 9, 2017 Type of Materials Quantity Purchased Actual Price Standard Price Price Variance Explanation Rogue11 955 lbs. $5.15 $4.95 $4,920 Favorable Price increase Storm17 6,700 oz. 5.56 $3.27 $1,206 Unfavorable Rush order Beast29...
Exercise 223
Fill in the appropriate amounts in the following Adam
Corporation variance report.
Exercise 223 Fill in the appropriate amounts in the following Adam Corporation variance report. (Round actual and standard price to 2 decimal places, e.g. 52.75.) ADAM CORPORATION for Week Ended January 9, 2016 Type of Materials Actual Price Standard Price Quantity Purchased Price Variance Explanation $5.00 $6,000 Brown $5.25 Price increase Rush order Bought larger quantity lbs. 8,000 oz. 22,000 units 1,600 Unfavorable Green 3.25 White...
CALCULATOR PRINTER VERSION BLACK roblem 23-5A (Part Level Submission) art Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental gencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes $1.70 per tube) Direct labor (1 hour $32 per hour) Variable overhead (1 hour $7.00 per hour) Fixed...
u Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Do It! Review 23-3 The standard cost of product 5252 includes 1.90 hours of direct labor at $10.90 per hour. The predetermined overhead rate is $22.00 per direct labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $11.20 per hour and $81,800 of manufacturing overhead costs. It produced 2,000 units. (a) Compute the total, price, and quantity variances for labor Total labor variance...
CALCULATOR PRINTER VERSION BACK Problem 23-4A (Part Level Submission) Kansas Company uses a standard cost accounting system. In 2017, the company produced 28,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $13.00. Normal capacity was 49,900 direct labor hours. During the year, 131,300 pounds of raw materials were purchased at $0.91 per pound. All materials purchased were used during the year. (a) x Your answer is...
CALCULATOR PRIE Problem 23-2A (Part Level Submission) Ayala Corporation accumulates the following data relative to jobs started and finished during the month of Jun 2017 Costs and Production Data Actual $2.20 11,200 $175,820 14,900 $202,750 Standard $2.00 10,300 $169,830 15,300 Raw materials unit cost Raw materials units used Direct labor payroll Direct labor hours worked Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine...
CALCULATOR PRINTER VERSION Exercise 11-4 (Video) Monte Services, Inc. is trying to establish the standard labor cost of a typical brake repair. The following data have been collected from time and motion studies conducted over the past month co) Actual time spent on the brake repairs $10 5 hours co) deo) ideo) Hourly wage rate 10% of wage rate Payroll taxes Setup and downtime 11% of actual labor time 27 % of actual labor time Cleanup and rest periods 25%...
Exercise 23-8 Your answer is partially correct. Try again. The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 per hour $220 per ton $12.50 per hour $224 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,200 hours 1,600 tons 4,280...
CALCULATOR PRINTER VERSION RACK Problem 23-5A (Part Level Submission) Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes $1.70 per tube) Direct labor (1 hour $32 per hour) Variable overhead (1 hour $7.00 per hour) Fixed...
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