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Consider the following information: Direct material purchased and used, 94,000 gallons Standard quantity of direct material...
The following company information is available. The direct materials quantity variance is: Direct materials used for...
The following company information is available. The direct materials quantity variance is: Direct materials used for prodution Standard quantity for units produced Standard cost per gallon of direct material Actual cost per gallon of direct material 35,000 gallons 33,400 gallons $11.00 $11.20 Multiple Choice $17600 unfavorable. $17200 favorable $24,600 unfavorable Multiple Choice $17,600 unfavorable. $17.200 favorable. $24,600 unfavorable. $24,600 favorable. $17,200 unfavorable Use the following data to find the direct labor rate variance if the company produced 3,500 units during...
Scarlett Company has a direct material standard of 3 gallons of input at a cost of...
Scarlett Company has a direct material standard of 3 gallons of input at a cost of $13 per gallon. During July, Scarlett Company purchased and used 7,540 gallons. The direct material quantity variance was $1,170 unfavorable and the direct material price variance was $3.770 favorable. What price per gallon was paid for the purchases? 1 Multiple Choice 0 $13.40 O $10.40 $12.50 0 0 $13.00 Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10...
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...
Information concerning Johnston Co.'s direct materials costs is as follows: Standard price per pound Actual quantity...
Information concerning Johnston Co.'s direct materials costs is as follows: Standard price per pound Actual quantity purchased Actual quantity used in production Units of product manufactured Materials purchase-price variance-favorable Budget data for the period: Units to manufacture Units of direct materials $ 7.15 3,100 pounds 3,000 pounds 770 $ 925 1,070 4,280 pounds The direct materials usage variance for the period, rounded to two decimal places, is: Ο $437.00 favorable. Ο $572.00 unfavorable. Ο $782.00 favorable. Ο $572.00 favorable. Ο...
Riley Company provides the following information for Material A: Actual quantity purchased and used 6,500 lbs....
Riley Company provides the following information for Material A: Actual quantity purchased and used 6,500 lbs. Standard quantity allowed 6,000 lbs. Actual price $3.80 Standard price $4.00 A. What was the direct material quantity variance for Material A? B. What was the direct material price variance for Material A?
The following materials standards have been established for a particular product: Standard quantity per unit of...
The following materials standards have been established for a particular product: Standard quantity per unit of output 6.0 meters Standard price $ 18.30 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased 9,700 meters Actual cost of materials purchased $ 185,270 Actual materials used in production 9,200 meters Actual output 1,510 units What is the materials price variance for the month? Multiple Choice $2,674 U $10,200 U $7,760 U $15,950 U...
Giant Corporation uses standard costing. The following data are available for May: Actual costs of direct...
Giant Corporation uses standard costing. The following data are available for May: Actual costs of direct materials purchased $10,500 Actual price of direct materials $2.50 per kilogram Materials price variance $2,100 Favorable Materials spending variance $1,500 Favorable The quantity of materials purchased equals the quantity used in production. The standard quantity of material allowed for May production is
Given the following information regarding direct materials: ---Actual quantity purchased = 75,000 pounds -Actual quantity used...
Given the following information regarding direct materials: ---Actual quantity purchased = 75,000 pounds -Actual quantity used = 66,000 pounds Actual price of direct materials = $11 per pound Standard quantity of direct materials = 3 pounds per unit Standard cost of direct materials = $10 per pound Units produced = 21,000 units -What is the direct materials price variance? (AP - SP) x AQ purchased ? -What is the direct materials usage variance? (AQ used - SQ allowed) x SP...
Last month, Brentwood Corporation purchased and used the same quantity of material in producing its product,...
Last month, Brentwood Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control B(Click the icon to view the Click the icon to view the table.) Complete the following table (Round your answers to two decimal places.) Data Table Mediumm speed bump 17 Direct materials information Standard pounds per unit Standard price per pound Actual quantity purchased and used per unit Actual price paid for material per pound Direct materials price variance...
The following materials standards have been established for a particular product: Standard quantity per unit of...
The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 6.3 pounds $15.10 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,650 pounds $64, 780 7,150 pounds 890 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the...
The following company information is available. The direct materials quantity variance is: Direct materials used for prodution Standard quantity for units produced Standard cost per gallon of direct material Actual cost per gallon of direct material 35,000 gallons 33,400 gallons $11.00 $11.20 Multiple Choice $17600 unfavorable. $17200 favorable $24,600 unfavorable Multiple Choice $17,600 unfavorable. $17.200 favorable. $24,600 unfavorable. $24,600 favorable. $17,200 unfavorable Use the following data to find the direct labor rate variance if the company produced 3,500 units during...
Scarlett Company has a direct material standard of 3 gallons of input at a cost of $13 per gallon. During July, Scarlett Company purchased and used 7,540 gallons. The direct material quantity variance was $1,170 unfavorable and the direct material price variance was $3.770 favorable. What price per gallon was paid for the purchases? 1 Multiple Choice 0 $13.40 O $10.40 $12.50 0 0 $13.00 Venus Company applies overhead based on direct labor hours. The variable overhead standard is 10...
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...
Information concerning Johnston Co.'s direct materials costs is as follows: Standard price per pound Actual quantity purchased Actual quantity used in production Units of product manufactured Materials purchase-price variance-favorable Budget data for the period: Units to manufacture Units of direct materials $ 7.15 3,100 pounds 3,000 pounds 770 $ 925 1,070 4,280 pounds The direct materials usage variance for the period, rounded to two decimal places, is: Ο $437.00 favorable. Ο $572.00 unfavorable. Ο $782.00 favorable. Ο $572.00 favorable. Ο...
Last month, Brentwood Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control B(Click the icon to view the Click the icon to view the table.) Complete the following table (Round your answers to two decimal places.) Data Table Mediumm speed bump 17 Direct materials information Standard pounds per unit Standard price per pound Actual quantity purchased and used per unit Actual price paid for material per pound Direct materials price variance...
The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 6.3 pounds $15.10 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,650 pounds $64, 780 7,150 pounds 890 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the...
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