Homework Answers
Direct Materials Quantity Variance = (AQ - SQ)SP
1,200 = (5,700 - 4,600)SP
1,200 = 1,100 SP
SP = 1,200/1,100
SP = 1.09
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Exam 3 Practice in Class 15. The Southside Corporation budgeted 4.600 pounds of direct materials to...
1.A company produces widgets with budgeted standard direct materials of 2 pounds per widget at $5...
1.A company produces widgets with budgeted standard direct materials of 2 pounds per widget at $5 per pound. Standard direct labor was budgeted at 0.5 hour per widget at $15 per hour. The actual usage in the current year was 25,000 pounds (an actual cost of $4.75 per pound) and 3,000 hours (an actual rate of $17 per pound )to produce 10,000 widgets. What was the direct labor usage variance? A. $30,000 favorable. B. $25,000 favorable. C. $25,000 unfavorable. D....
Myers Corporation has the following data related to direct materials costs for November: actual costs for...
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,670 pounds of material, $5.00; and standard costs for 4,460 pounds of material at $6.40 per pound. What is the direct materials price variance? Oa. $1,344 unfavorable ob. $6,538 unfavorable OC. $6,538 favorable Od. $1,344 favorable
Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The...
Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The company actually used 4,600 pounds that cost $6.10 per pound to produce 2,000 units. What is the direct materials quantity variance? Multiple Choice 0 $3,050 unfavorable. 0 $460 unfavorable. 0 $3,460 unfavorable. 0 $3,000 unfavorable. 0 $410 unfavorable. Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The company actually used 4,600 pounds that cost $6.10 per pound...
Myers Corporation has the following data related to direct materials costs for November: actual costs for...
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,630 pounds of material, $5.30; and standard costs for 4,410 pounds of material at $6.40 per pound. What is the direct materials price variance? Oa. $5,093 unfavorable Ob. $1,408 favorable c. $1,408 unfavorable Od. $5,093 favorable
Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities...
Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 27,000 lbs. at $4.75 per lb. 8,600 hours for a total of $172,860 51,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.70 per pound and 10 minutes of direct labor at $21.00 per hour. AQ = Actual Quantity SQ = Standard...
BASE DATA: Budgeted (Std) Quantity of Direct Materials for Production 960 Budgeted (Std) Price of Direct...
BASE DATA: Budgeted (Std) Quantity of Direct Materials for Production 960 Budgeted (Std) Price of Direct Materials per Pound 1,955.00 Budgeted (Std) Quantity of Direct Labor Hours Used for Production 829 Budgeted (Std) Price of Direct Labor per Hour 849.00 Budgeted (std) Units Produced and Sold 20,133 Actual Quantity of Direct Materials Used for Production 944 Actual Price of Direct Materials per Pound 1,812.00 Actual Quantity of Direct Labor Hours Used for Production 832 Actual Price of Direct Labor per...
Multiple Choice Question 115 The per-unit standards for direct materials are 2 pounds at $5 per...
Multiple Choice Question 115 The per-unit standards for direct materials are 2 pounds at $5 per pound. Last month, 9800 pounds of direct materials that actually cost $47200 were used to produce 5400 units of product. The direct materials quantity variance for last month was $6800 unfavorable. $5000 favorable. $2700 favorable. $5000 unfavorable. NOISEA H BACK NE Multiple Choice Question 116 The per-unit standards for direct labor are 1.5 direct labor hours at $15 per hour. If in producing 3000...
A company uses the following standard costs to produce a single unit of output. Direct materials...
A company uses the following standard costs to produce a single unit of output. Direct materials 6 pounds at $0.90 per pound = $ 5.40 Direct labor 0.5 hour at $12.00 per hour = $ 6.00 Manufacturing overhead 0.5 hour at $4.80 per hour = $ 2.40 During the latest month, the company purchased and used 58,000 pounds of direct materials at a price of $1.00 per pound to produce 10,000 units of output. Direct labor costs for the month...
3) The following information is available for Maher Manufacturing Company. - Direct materials price standard is...
3) The following information is available for Maher Manufacturing Company. - Direct materials price standard is $3.25 per pound. - Direct materials quantity standard is six pounds per finished unit. - Budgeted production is 25,000 finished units. - 175,000 pounds of direct materials were purchased for $525,000. - 175,000 pounds of direct materials were used in production. - 25,600 finished units of product were produced. What is the direct materials quantity variance? A) $21,400 Favorable C) $69,550 Favorable B) $69,550...
Direct Materials Variances Bellingham Company produces a product that requires 15 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 15 standard pounds per unit. The standard price is $5 per pound. If 5,000 units used 76,500 pounds, which were purchased at $4.9 per pound, what is the direct materials (n) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number a. Direct materials price variance b. Direct materials quantity variance...
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,670 pounds of material, $5.00; and standard costs for 4,460 pounds of material at $6.40 per pound. What is the direct materials price variance? Oa. $1,344 unfavorable ob. $6,538 unfavorable OC. $6,538 favorable Od. $1,344 favorable
Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The company actually used 4,600 pounds that cost $6.10 per pound to produce 2,000 units. What is the direct materials quantity variance? Multiple Choice 0 $3,050 unfavorable. 0 $460 unfavorable. 0 $3,460 unfavorable. 0 $3,000 unfavorable. 0 $410 unfavorable. Summerlin Company budgeted 4,100 pounds of material costing $6.00 per pound to produce 2,000 units. The company actually used 4,600 pounds that cost $6.10 per pound...
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,630 pounds of material, $5.30; and standard costs for 4,410 pounds of material at $6.40 per pound. What is the direct materials price variance? Oa. $5,093 unfavorable Ob. $1,408 favorable c. $1,408 unfavorable Od. $5,093 favorable
Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced 27,000 lbs. at $4.75 per lb. 8,600 hours for a total of $172,860 51,000 Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.70 per pound and 10 minutes of direct labor at $21.00 per hour. AQ = Actual Quantity SQ = Standard...
BASE DATA: Budgeted (Std) Quantity of Direct Materials for Production 960 Budgeted (Std) Price of Direct Materials per Pound 1,955.00 Budgeted (Std) Quantity of Direct Labor Hours Used for Production 829 Budgeted (Std) Price of Direct Labor per Hour 849.00 Budgeted (std) Units Produced and Sold 20,133 Actual Quantity of Direct Materials Used for Production 944 Actual Price of Direct Materials per Pound 1,812.00 Actual Quantity of Direct Labor Hours Used for Production 832 Actual Price of Direct Labor per...
Multiple Choice Question 115 The per-unit standards for direct materials are 2 pounds at $5 per pound. Last month, 9800 pounds of direct materials that actually cost $47200 were used to produce 5400 units of product. The direct materials quantity variance for last month was $6800 unfavorable. $5000 favorable. $2700 favorable. $5000 unfavorable. NOISEA H BACK NE Multiple Choice Question 116 The per-unit standards for direct labor are 1.5 direct labor hours at $15 per hour. If in producing 3000...
3) The following information is available for Maher Manufacturing Company. - Direct materials price standard is $3.25 per pound. - Direct materials quantity standard is six pounds per finished unit. - Budgeted production is 25,000 finished units. - 175,000 pounds of direct materials were purchased for $525,000. - 175,000 pounds of direct materials were used in production. - 25,600 finished units of product were produced. What is the direct materials quantity variance? A) $21,400 Favorable C) $69,550 Favorable B) $69,550...
Direct Materials Variances Bellingham Company produces a product that requires 15 standard pounds per unit. The standard price is $5 per pound. If 5,000 units used 76,500 pounds, which were purchased at $4.9 per pound, what is the direct materials (n) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number a. Direct materials price variance b. Direct materials quantity variance...
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