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Materials and Labour Variances At the beginning of the year, Shults Company had the following standard...
Materials and Labor Variances At the beginning of the year, Craig Company had the following standard...
Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 500,000. Materials purchased: 3,500,000 pounds @ $5.35. Materials used: 3,000,000 pounds. Direct labor: 950,000 hours @ $12.96. Required: 1. Compute price and usage variances for...
At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for th
At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:Direct materials (5 lbs. @ $4.00)$20.00Direct labor (2 hrs. @ $15.00)30.00Standard prime cost per unit$50.00The actual results for the year are as follows:Units produced: 400,000.Materials purchased: 2,060,000 pounds @ $3.95.Materials used: 2,100,000 pounds.Direct labor: 825,000 hours @ $14.85.Required:1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.Material price variance$fill in the blank 1Favorable Material...
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...
Talia Company produces a single product. The company has set standards as follows for materials and...
Talia Company produces a single product. The company has set
standards as follows for materials and labour:
Direct Materials
Direct Labour
Standard quantity or hours per unit
? kilograms
1.25 hours
Standard price or rate.
? per kilogram
$
10 per hour
Standard cost per unit
?
$
11.25
During the past month, the company purchased 3,000 kilograms of
direct materials at a cost of $8,250. All of this material was used
in the production of 700 units of product....
Talia Company produces a single product. The company has set standards as follows for materials and...
Talia Company produces a single product. The company has set
standards as follows for materials and labour:
Direct Materials
Direct Labour
Standard quantity or hours per unit
? kilograms
1.25 hours
Standard price or rate.
? per kilogram
$
10 per hour
Standard cost per unit
?
$
11.25
During the past month, the company purchased 3,000 kilograms of
direct materials at a cost of $8,250. All of this material was used
in the production of 700 units of product....
Standard Costing Botella Company produces plastic bottles. The unit for costing purposes is a case of...
Standard Costing Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles. The following standards for producing one case of bottles have been established: Direct materials (4 lbs. @ $0.95) $ 3.80 Direct labor (1.25 hours @ $15.00) 18.75 Standard prime cost 22.55 During December, 78,000 pounds of material were purchased and used in production. There were 15,000 cases produced, with the following actual prime costs: Direct materials $ 74,000 Direct labor $315,000 (for...
STANDARD COSTING, PLANNED VARIANCES Bytown Container Company manufactures a plastic container. The following standards have been...
STANDARD COSTING, PLANNED VARIANCES Bytown Container Company manufactures a plastic container. The following standards have been established for the container's materials and labour inputs: Standard Standard Price Standard Quantity (rate in $) Cost ($) Direct materials 0.5 kg 1 0.50 Direct labour 0.1 hr. 10 1.00 During the first week of July, the company had the following results: Units produced 40,000 Actual labour costs $42,000 Actual labour hours 4,100 Materials purchased and used 19,500 kg @ $1.05 per kg Other information: The purchasing agent located a new source of slightly higher quality plastic, and...
A manufacturer had the following information: Budget Actual Units produced 10,000 11,050 Materials used...
A manufacturer had the following information: Budget Actual Units produced 10,000 11,050 Materials used in production 400 kg ? Material Costs $ 8,000 ? Direct Labour (Hours) 35,000 hrs 41,010 hrs Direct Labour Costs $ 385,000 $450,951 Variable Overhead Costs $ 350,000 $411,441 Fixed Overhead Costs $ 160,000 $136,358 Other Information Overhead is Allocated on Direct Labour Hours During the year, 602 kg of materials were purchased for $12,000 Beginning Direct Material Inventory:...
can you please help with E10.27 Q1 0.27 -10.5 Direct material and direct labour variances: service...
can
you please help with E10.27 Q1
0.27 -10.5 Direct material and direct labour variances: service firm Stephen Ltd is engaged in aerial spraying of vegetables, Operating costs are difficult to control, so standara costs and standard cost variances are reported. The following standards were developed for the "maxiprotect' spraying service. This is one of the company's major products. Direct material (insecticide) Direct labour Total Standard quantity 8 kilograms 2 hours Standard price or rate $3.50 per kilogram S40 per...
Direct Labor and Direct Materials Variances, Journal Entries Jameson Company produces paper towels. The company has...
Direct Labor and Direct Materials Variances, Journal Entries Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: Paper pulp (3 lbs. @ $0.40) $ 1.20 Labor (2 hrs. @ $12) 24.00 Total prime cost $25.20 During the first quarter of the year, Jameson produced 50,000 cases of paper towels. The company purchased and used 150,700 pounds of paper pulp at $0.38 per pound. Actual direct labor...
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...
Talia Company produces a single product. The company has set
standards as follows for materials and labour:
Direct Materials
Direct Labour
Standard quantity or hours per unit
? kilograms
1.25 hours
Standard price or rate.
? per kilogram
$
10 per hour
Standard cost per unit
?
$
11.25
During the past month, the company purchased 3,000 kilograms of
direct materials at a cost of $8,250. All of this material was used
in the production of 700 units of product....
Talia Company produces a single product. The company has set
standards as follows for materials and labour:
Direct Materials
Direct Labour
Standard quantity or hours per unit
? kilograms
1.25 hours
Standard price or rate.
? per kilogram
$
10 per hour
Standard cost per unit
?
$
11.25
During the past month, the company purchased 3,000 kilograms of
direct materials at a cost of $8,250. All of this material was used
in the production of 700 units of product....
can
you please help with E10.27 Q1
0.27 -10.5 Direct material and direct labour variances: service firm Stephen Ltd is engaged in aerial spraying of vegetables, Operating costs are difficult to control, so standara costs and standard cost variances are reported. The following standards were developed for the "maxiprotect' spraying service. This is one of the company's major products. Direct material (insecticide) Direct labour Total Standard quantity 8 kilograms 2 hours Standard price or rate $3.50 per kilogram S40 per...
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