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Question 41 (4 points) To calculate the direct materials usage variance, you should do which of...
a. Calculate the direct materials price variance. b. Calculate the direct materials usage variance. c. Calculate...
a. Calculate the direct materials price variance.
b. Calculate the direct materials usage variance.
c. Calculate the direct labor rate variance.
d. Calculate the direct labor efficiency variance.
e. Calculate the variable overhead rate variance.
f. Calculate the variable overhead efficiency variance.
g. Calculate the Sales Price variance
h. Calculate the Sales Quantity Variance
Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are...
Based on the following information below: 1. Calculate the direct materials price and quantity variance. Please...
Based on the following information below:
1. Calculate the direct materials price and quantity variance.
Please note that the materials price variance is based on actual
material purchased and the quantity variance is based on material
used.
2. Calculate the direct labor rate and efficiency variances.
3. Calculate the variable overhead spending and efficiency
variances.
4. Calculate the fixed overhead budget variance.
Gourmet, Inc. prDduces containers of frozen food Duing October the company had the following actual production and costs...
Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube...
Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oil change takes 25 minutes and 6.2 quarts of oil are used. In June, Guillermo's Oil and Lube had 1,000 oil changes. Guillermo's Oil and Lube Company provided the following information for the production of oil changes during the month...
Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube...
Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oil change takes 22 minutes and 6.2 quarts of oil are used. In June, Guillermo's Oil and Lube had 900 oil changes. Guillermo's Oil and Lube Company provided the following information for the production of oil changes during the month...
Cornerstone Exercise 9.2 (Algorithmic) Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance...
Cornerstone Exercise 9.2 (Algorithmic) Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oil change takes 29 minutes and 6.2 quarts of oil are used. In June, Guillermo's Oil and Lube had 920 oil changes. Guillermo's Oil and Lube Company provided the following information for the production of oil...
Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube...
Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oil change takes 29 minutes and 6.2 quarts of oil are used. In June, Guillermo's Oil and Lube had 900 oil changes. Guillermo's Oil and Lube Company provided the following information for the production of oil changes during the month...
Direct Materials and Direct Labor Variances Zoller Company produces a dark chocolate candy bar. Recently, the...
Direct Materials and Direct Labor Variances Zoller Company produces a dark chocolate candy bar. Recently, the company adopted the following standards for one bar of the candy: Direct materials (6.30 oz. @ $0.20) $1.26 Direct labor (0.08 hr. @ $18.00) 1.44 Standard prime cost $2.70 During the first week of operation, the company experienced the following actual results: Bars produced: 145,000. Ounces of direct materials purchased: 913,800 ounces at $0.21 per ounce. There are no beginning or ending inventories of...
Based on the following information below: 1.Calculate the direct materials price and quantity variance. 2. Calculate...
Based on the following information below:
1.Calculate the direct materials price and quantity
variance.
2. Calculate the direct labor rate and efficiency variances.
3. Calculate the variable overhead spending and efficiency
variances.
4. Calculate the fixed overhead budget variance.
5. Pick out the two variances that you computed above that you
think should be further investigated. Explain why you picked these
2 variances and what might be the possible cause of the
variances.
Gourmet, Inc. produces containers of frozen food...
EXERCISE 3: Flexible budget variances can be further analyzed to determine whether the variance was due...
EXERCISE 3: Flexible budget variances can be further analyzed to determine whether the variance was due to an unexpected fluctuation in price or usage. Use the following data to determine a price and usage variance for Direct Materials: Budget (Std) Actual Price-Direct Materials per gallon $1.475 $2.00 10 ga lons 8 galans Materials Used per unit (barrel) DM Cost per unit (barrel) X $14.75 $16.00 How many gallons per unit did Bettis originally plan for in its budget (standard)? 8...
\ QUESTION 6 The following information describes a company's usage of direct labor in a recent...
\ QUESTION 6 The following information describes a company's usage of direct labor in a recent period: Actual direct labor hours used: 34,000 Actual rate per hour: $23 Standard rate per hour: $14.75 Standard hours per units produced: 30,000 How much is the direct labor efficiency variance? a. $59,000 (Favorable) b. $92,000 (Unfavorable) c. $92,000 (Favorable) d. $59,000 (Unfavorable) 2.5 points QUESTION 7 Victoria Corp. manufactures quality vases. Budgeted production data for the vases are as follows: January budgeted...
a. Calculate the direct materials price variance.
b. Calculate the direct materials usage variance.
c. Calculate the direct labor rate variance.
d. Calculate the direct labor efficiency variance.
e. Calculate the variable overhead rate variance.
f. Calculate the variable overhead efficiency variance.
g. Calculate the Sales Price variance
h. Calculate the Sales Quantity Variance
Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are...
Based on the following information below:
1. Calculate the direct materials price and quantity variance.
Please note that the materials price variance is based on actual
material purchased and the quantity variance is based on material
used.
2. Calculate the direct labor rate and efficiency variances.
3. Calculate the variable overhead spending and efficiency
variances.
4. Calculate the fixed overhead budget variance.
Gourmet, Inc. prDduces containers of frozen food Duing October the company had the following actual production and costs...
Based on the following information below:
1.Calculate the direct materials price and quantity
variance.
2. Calculate the direct labor rate and efficiency variances.
3. Calculate the variable overhead spending and efficiency
variances.
4. Calculate the fixed overhead budget variance.
5. Pick out the two variances that you computed above that you
think should be further investigated. Explain why you picked these
2 variances and what might be the possible cause of the
variances.
Gourmet, Inc. produces containers of frozen food...
EXERCISE 3: Flexible budget variances can be further analyzed to determine whether the variance was due to an unexpected fluctuation in price or usage. Use the following data to determine a price and usage variance for Direct Materials: Budget (Std) Actual Price-Direct Materials per gallon $1.475 $2.00 10 ga lons 8 galans Materials Used per unit (barrel) DM Cost per unit (barrel) X $14.75 $16.00 How many gallons per unit did Bettis originally plan for in its budget (standard)? 8...
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