Homework Answers
1. DM Price Variance = (Standard Price - Actual Price) * Units Consumed
DM Price Variance = 1.60 * 31000 * 11 - 556512
DM Price Variance = $10912 Unfavorable
2. DM Quantity Varaince = (standard Quantity - Actual Qty) * Standard Price
DM Quantity Varaince = (11 *31000 - 316200) * 1.60
DM Quantity Varaince = $39680 Favorable
3. DM Purchase price variance = (Standard Price - Actual Price) * Actual Qty Purchased
DM Purchase price variance = (1.60 * 357000 - 628320
DM Purchase price variance = $57120 Unfavorable
4. Labor Rate Variance = (Standard Rate - Actual Rate) * Actual Hours
Labor Rate Variance = 6 * 26970 - $183396*75%
Labor Rate Variance = 161820 - 137547
Labor Rate Variance = $24273 Favorable
5.DL Efficiency Variance= (standard Hours - Actual Hours) * Standard Rate
DL Efficiency Variance= (31000 * 0.8 - 26970) * 6
DL Efficiency Variance= 13020 Unfavouranle
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Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Stall Direct material Direct labor Standard Quantity 11.00 pounds 1.90 hour Standard Price or Rate $ 2.70 per pound $12.00 per hour Standard Cost $29.70 22.80 $ 52.50 Total During June, Orion purchased 247,000 pounds of direct material at a total cost of $706,420. The total wages for June were $511,680, 90 percent of which were for direct labor. Orion manufactured...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for
the prime costs of one unit of its chief product, dartboards.
Standard Quantity
Standard Price or Rate
Standard Cost
Direct material
6.00
pounds
$
2.20
per pound
$
13.20
Direct labor
1.40
hour
$
7.00
per hour
9.80
Total
$
23.00
During June, Orion purchased 172,000 pounds of direct material
at a total cost of $397,320. The total wages for June were
$290,700, 90 percent of which were for direct labor. Orion...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 7.00 pounds 1.50 hour Standard Price or Rate $2.30 per pound $5.00 per hour Standard Cost $ 16.10 7.50 $ 23.60 During June, Orion purchased 191,000 pounds of direct material at a total cost of $462,220. The total wages for June were $224,352, 75 percent of which were for direct labor. Orion manufactured 24,000...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 7.00 pounds 1.50 hour Standard Price or Rate $2.30 per pound $5.00 per hour Standard Cost $16.10 7.50 $23.60 During June, Orion purchased 191,000 pounds of direct material at a total cost of $462,220. The total wages for June were $224,352, 75 percent of which were for direct labor. Orion manufactured 24,000 dartboards during...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Standard Quantity Standard Price or Rate Standard Cost Direct material 8.00 pounds $ 1.30 per pound $ 10.40 Direct labor 0.50 hour $ 8.00 per hour 4.00 Total $ 14.40 During June, Orion purchased 285,000 pounds of direct material at a total cost of $407,550. The total wages for June were $156,060, 90 percent of which were for direct labor. Orion...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Standard Quantity Standard Price or Rate Standard Cost Direct material 6.00pounds $1.10per pound $6.60 Direct labor 0.30hour $6.00per hour 1.80 Total $8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000 dartboards during June, using 205,200 pounds of the direct...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 6.00 pounds 0.30 hour Standard Price or Rate $1.10 per pound $6.00 per hour Standard Cost $ 6.60 1.80 $ 8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000...
Hemandez Corporation uses a standard cost system and has established the following standards for one unit...
Hemandez Corporation uses a standard cost system and has established the following standards for one unit of product: Standard Quantity 10 pounds 25 hour Standard Cost $26.00 Price Direct materials Direct labor $2.60 per pound $10.00 per hour2.50 $28.50 During October, the company purchased 240,000 pounds of material at a total cost of $588,000. The total factory wages for October were $49,400. During October, 21,000 units ofproduct were manufactured using 211,000 pounds of material and 5,200 direct labor hours. Material...
2. The standards for product V28 call for 7.6 pounds of a raw material that costs...
2.
The standards for product V28 call for 7.6 pounds of a raw material that costs $18.00 per pound. Last month, 1,500 pounds of the raw material were purchased for $26,700. The actual output of the month was 170 units of product V28. A total of 1,400 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the...
2. Irving Corporation makes a product with the following standards for direct labor and variable overhead:...
2.
Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours 0.20 hours 0.20 hours Standard Price or Standard Cost Per Rate Unit $30.00 per hour $6.00 $ 6.60 per hour $1.32 Direct labor Variable overhead In November the company's budgeted production was 6,900 units, but the actual production was 6,700 units. The company used 1,520 direct labor-hours to produce this output. The actual variable overhead cost was $9,424. The company...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Stall Direct material Direct labor Standard Quantity 11.00 pounds 1.90 hour Standard Price or Rate $ 2.70 per pound $12.00 per hour Standard Cost $29.70 22.80 $ 52.50 Total During June, Orion purchased 247,000 pounds of direct material at a total cost of $706,420. The total wages for June were $511,680, 90 percent of which were for direct labor. Orion manufactured...
Orion Corporation has established the following standards for
the prime costs of one unit of its chief product, dartboards.
Standard Quantity
Standard Price or Rate
Standard Cost
Direct material
6.00
pounds
$
2.20
per pound
$
13.20
Direct labor
1.40
hour
$
7.00
per hour
9.80
Total
$
23.00
During June, Orion purchased 172,000 pounds of direct material
at a total cost of $397,320. The total wages for June were
$290,700, 90 percent of which were for direct labor. Orion...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 7.00 pounds 1.50 hour Standard Price or Rate $2.30 per pound $5.00 per hour Standard Cost $ 16.10 7.50 $ 23.60 During June, Orion purchased 191,000 pounds of direct material at a total cost of $462,220. The total wages for June were $224,352, 75 percent of which were for direct labor. Orion manufactured 24,000...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 7.00 pounds 1.50 hour Standard Price or Rate $2.30 per pound $5.00 per hour Standard Cost $16.10 7.50 $23.60 During June, Orion purchased 191,000 pounds of direct material at a total cost of $462,220. The total wages for June were $224,352, 75 percent of which were for direct labor. Orion manufactured 24,000 dartboards during...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 6.00 pounds 0.30 hour Standard Price or Rate $1.10 per pound $6.00 per hour Standard Cost $ 6.60 1.80 $ 8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000...
Hemandez Corporation uses a standard cost system and has established the following standards for one unit of product: Standard Quantity 10 pounds 25 hour Standard Cost $26.00 Price Direct materials Direct labor $2.60 per pound $10.00 per hour2.50 $28.50 During October, the company purchased 240,000 pounds of material at a total cost of $588,000. The total factory wages for October were $49,400. During October, 21,000 units ofproduct were manufactured using 211,000 pounds of material and 5,200 direct labor hours. Material...
2.
The standards for product V28 call for 7.6 pounds of a raw material that costs $18.00 per pound. Last month, 1,500 pounds of the raw material were purchased for $26,700. The actual output of the month was 170 units of product V28. A total of 1,400 pounds of the raw material were used to produce this output. The direct materials purchases variance is computed when the materials are purchased. Required: a. What is the materials price variance for the...
2.
Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours 0.20 hours 0.20 hours Standard Price or Standard Cost Per Rate Unit $30.00 per hour $6.00 $ 6.60 per hour $1.32 Direct labor Variable overhead In November the company's budgeted production was 6,900 units, but the actual production was 6,700 units. The company used 1,520 direct labor-hours to produce this output. The actual variable overhead cost was $9,424. The company...
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