Homework Answers
Material Price Variance is the difference between the standard price and actual price for the actual quantity of materials used in the production.
Material Price Variance = (Standard price - Actual price) * Actual Quantity
= (30-34)*18
= 72 Unfavourable
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estion 15 Table Manufacturing Company produce one style of tables. the following data pertain to producing...
Table Manufacturing Company produce one style of tables. The following data pertain to producing one table....
Table Manufacturing Company produce one style of tables. The following data pertain to producing one table. Planned production per month: Units (one table) = 100 Piece of Woods = 20 Estimate M price = $30 Actual production Quantity purchased (QP) = 18 Actual Price (AP) = $34 The calculated material quantity (volume) variance is: a. 72 Favorable b. 72 Unfavorable c. 60 Favorable d. 60 Unfavorable e. 12 Favorable f. 12 Unfavorable
Table Manufacturing Company produces one style of tables. the following data pertain to producing one table...
Table Manufacturing Company produces one style of tables. the following data pertain to producing one table Planned production/month ? units (one table) 50 Piece of woods (M) 20 Estimated M price $20 Actual production ? Quantity purchased (QP) from M 19 Actual price (AP) $21 Material?volume (efficiency)?variance? ? $19, Favorable $19, Unfavorable $20, Favorable $20, Unfavorable Given: Total direct material variance $200 favorable (F), Direct material price variance $900 unfavorable (UF), Standard price $10 Standard quantities 750 Find actual price...
6. Table Manufacturing Company produces one style of tables. The following data pertain to producing one...
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Table Manufacturing Company produces one style of tables. the following data pertain to producing one table...
Table Manufacturing Company produces one style of tables. the following data pertain to producing one table Planned production/month ? units (one table) 50 Piece of woods (M) 20 Estimated M price $20 Actual production ? Quantity purchased (QP) from M 19 Actual price (AP) $21 Material price variance? ? $19, Favorable $19, Unfavorable $20, Favorable $20, Unfavorable Given for XM Company the following data for January 20X1. Direct material purchased and used in production accounted for $100,000 Units purchased 10,000...
Q5: Table Manufacturing Company produces one style of tables. The following data pertain to producing one...
Q5: Table Manufacturing Company produces one style of tables. The following data pertain to producing one table Planned production/month units (one unit = one table) 20 A piece of woods (M) 20 Estimated M price $10 Actual production Quantity purchased (QP) from M 22 Actual price (AP) $9.5 Material variances? Q6: Given the following data to calculate variable overhead variances Actual inputs Actual hours 200 Actual rate $12.00 Standards Standards hours 190 Standard rate $10.00 Find the budget variance and...
> as Moving to another question will save this response. Question 7 Table Manufacturing Company produces...
> as Moving to another question will save this response. Question 7 Table Manufacturing Company produces one style of tables. The following data pertain to producing one table Planned production/month units (one table) Piece of woods (M) Estimated M price Actual production Quantity purchased (QP) Find actual price (AP) 90 20 540 Assuming that the manager wants the total material variance Less than $30 Between $30 and $33 Between $34 and $35 More than $36 à Moving to another question...
Variance means a. difference between standard or applied amount and actual amount b. actual costs less...
Variance means a. difference between standard or applied amount and actual amount b. actual costs less actual rates c. standard costs less standard rates d. square root of standard deviation 2. Table Manufacturing Company produces one style of tables. The following data pertain to producing one table Planned production/month units (one table) 90 Piece of woods (M) 20 Estimated M price $40 Actual production Quantity purchased (QP) 22 Find actual price (AP) x Assuming that the manager wants the total...
Benson Manufacturing Company established the following standard price and cost data: Sales price Variable manufacturing cost...
Benson Manufacturing Company established the following standard price and cost data: Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.50 per unit $ 3.60 per unit $ 2,600 total $ 500 total Benson planned to produce and sell 2,600 units. Actual production and sales amounted to 2,900 units. Required a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). d. Determine the amount of fixed...
Thornton Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost...
Thornton Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.80 per unit $ 3.60 per unit $2,800 total 800 total Thornton planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units. Required a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). d. Determine the amount of fixed cost that...
1 Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on...
1 Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor- hours and its standard cost card per unit is as follows: 2 3 4. 5 6 7 (1) (2) Standard Standard Quantity Price or Hours or Rate 5 pounds $8.00 per pound 2 hours $14 per hour 2 hours $5 per hour 8 Inputs Direct materials Direct labor Variable overhead Total standard cost per unit Standard Cost (1) (2) $40.00 28.00 10.00...
> as Moving to another question will save this response. Question 7 Table Manufacturing Company produces one style of tables. The following data pertain to producing one table Planned production/month units (one table) Piece of woods (M) Estimated M price Actual production Quantity purchased (QP) Find actual price (AP) 90 20 540 Assuming that the manager wants the total material variance Less than $30 Between $30 and $33 Between $34 and $35 More than $36 à Moving to another question...
Benson Manufacturing Company established the following standard price and cost data: Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.50 per unit $ 3.60 per unit $ 2,600 total $ 500 total Benson planned to produce and sell 2,600 units. Actual production and sales amounted to 2,900 units. Required a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). d. Determine the amount of fixed...
Thornton Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.80 per unit $ 3.60 per unit $2,800 total 800 total Thornton planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units. Required a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). d. Determine the amount of fixed cost that...
1 Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor- hours and its standard cost card per unit is as follows: 2 3 4. 5 6 7 (1) (2) Standard Standard Quantity Price or Hours or Rate 5 pounds $8.00 per pound 2 hours $14 per hour 2 hours $5 per hour 8 Inputs Direct materials Direct labor Variable overhead Total standard cost per unit Standard Cost (1) (2) $40.00 28.00 10.00...
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