variance
If the materials price variance is favorable but the materials quantity variance is unfavorable, what might this indicate?
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Knowledge Check 04 Calculate the direct materials spending variance when the direct materials price variance is...
Knowledge Check 04 Calculate the direct materials spending variance when the direct materials price variance is $5,500 favorable and the direct materials quantity variance is $660 unfavorable. $4,840 unfavorable $6,160 unfavorable $4,840 favorable $6,160 favorable M9-9 (Algo) Calculating Direct Materials Cost Variances (LO 9. 3] Acoma, Inc., has determined a standard direct materials cost per unit of $7.60 (2 feet * $3.80 per foot). Last month, Acoma purchased and used 4,520 feet of direct materials for which it paid $16,724....
1. How does a standard cost accounting system work, and why is it valuable to management?...
1. How does a standard cost accounting system work, and why is it valuable to management? (2) 2. What is a variance? 3. What might cause the following materials variances? i. An unfavorable materials price variance. ii. A favorable materials price variance. iii. An unfavorable materials quantity variance. iv. A favorable materials quantity variance. 4. What might cause the following labor variances? i. An unfavorable labor rate variance. ii. A favorable labor rate variance. iii. An unfavorable labor efficiency variance....
1. If the materials price variance is $2,600 Favorable and the materials quantity and labor variances...
1. If the materials price variance is $2,600 Favorable and the materials quantity and labor variances are each $5,700 Unfavorable, what is the total materials variance (Favorable or Unfavorable)?
Exercise 8-12B Responsibility for materials price variance Wayne Pittman Inc. makes ice cream that it sells...
Exercise 8-12B Responsibility for
materials price variance
Wayne Pittman Inc. makes ice cream that it sells in 5-gallon
containers to retail ice cream parlors. During Year 2, the company
planned to make 100,000 containers of ice cream. It actually
produced 97,000 containers. The actual and standard quantity and
cost of sugar per container follow.
Required
Determine the materials price variance and indicate whether the
variance is favorable (F) or unfavorable (U).
Determine the materials usage variance and indicate whether the...
High End Crockery Corp set the following standards for their pottery bowls: Std Qty or Hrs...
High End Crockery Corp set the following standards for their pottery bowls: Std Qty or Hrs Std Rate or Price Direct materials 5.5 lbs per bowl $6.50 per lb Direct labor .4 hrs per bowl $22.50 per hour Variable Overhead .4 hrs per bowl $2.50 per hour The actual results ae as follows: Actual output 8,250 units Raw materials purchased 45,900 lbs Raw materials used in production 44,750 lbs Actual price raw materials $6.25 per lb Actual direct labor hours...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.) $80
Direct labor (4 hrs. @ $15 per hr.) $60
During June the company incurred the following actual costs to
produce 9,000 units.
Direct materials (146,700 lbs. @ $4.75 per lb.) $696,825
Direct labor (40,300 hrs. @ $15.10 per hr.). $608,530
AH = Actual Hours
SH = Standard Hours
AR = Actual...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Standard Costs Actual Costs Direct materials 120,000 lbs. at $3.20 per lb. 118,500 lbs. at $3.25 per ib. Direct labor 12,000 hrs. at $24.40 per hr. 11,700 hrs. at $25.00 per hr. Factory overhead Rates per direct...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. @ $3 per lb.) Direct labor (2 hrs. @ $12 per hr.) $30 24 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (92,000 lbs. @ $2.95 per lb.) Direct labor (18,800 hrs. @ $12.05 per hr.) $ 271,400 226,540 AH = Actual Hours SH = Standard Hours AR =...
Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period...
Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: Chapter 10: Applying Excel M Data Exhibit 10-1: Standard Cost Card Inputs Direct materials Direct labor Variable manufacturing overhead 6 Standard Quantity 3.0 pounds 0.50 hours 0.50 hours $ $ $ Standard Price 4.00 per pound 22.00 per hour 6.00 per hour 8 10 Actual results: Actual output Actual variable manufacturing overhead cost 12 $ 13 14 2,050 units 6,526.50 Actual...
Exercise 08-15 Direct materials and direct labor variances LO P3 The following describes production activities of...
Exercise 08-15 Direct materials and direct labor variances LO P3 The following describes production activities of Mercer Manufacturing for the year. 34,000 lbs. at $5.95 per lb 10,600 hours for a total of $220,480 Actual direct materials used Actual direct labor used Actual units produced 63,300 Budgeted standards for each unit produced are 0.50 pound of direct material at $5.90 per pound and 10 minutes of direct labor at $21.80 per hour. AH Actual Hours SH Standard Hours AR Actual...
Knowledge Check 04 Calculate the direct materials spending variance when the direct materials price variance is $5,500 favorable and the direct materials quantity variance is $660 unfavorable. $4,840 unfavorable $6,160 unfavorable $4,840 favorable $6,160 favorable M9-9 (Algo) Calculating Direct Materials Cost Variances (LO 9. 3] Acoma, Inc., has determined a standard direct materials cost per unit of $7.60 (2 feet * $3.80 per foot). Last month, Acoma purchased and used 4,520 feet of direct materials for which it paid $16,724....
1. How does a standard cost accounting system work, and why is it valuable to management? (2) 2. What is a variance? 3. What might cause the following materials variances? i. An unfavorable materials price variance. ii. A favorable materials price variance. iii. An unfavorable materials quantity variance. iv. A favorable materials quantity variance. 4. What might cause the following labor variances? i. An unfavorable labor rate variance. ii. A favorable labor rate variance. iii. An unfavorable labor efficiency variance....
1. If the materials price variance is $2,600 Favorable and the materials quantity and labor variances are each $5,700 Unfavorable, what is the total materials variance (Favorable or Unfavorable)?
Exercise 8-12B Responsibility for
materials price variance
Wayne Pittman Inc. makes ice cream that it sells in 5-gallon
containers to retail ice cream parlors. During Year 2, the company
planned to make 100,000 containers of ice cream. It actually
produced 97,000 containers. The actual and standard quantity and
cost of sugar per container follow.
Required
Determine the materials price variance and indicate whether the
variance is favorable (F) or unfavorable (U).
Determine the materials usage variance and indicate whether the...
Reed Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.) $80
Direct labor (4 hrs. @ $15 per hr.) $60
During June the company incurred the following actual costs to
produce 9,000 units.
Direct materials (146,700 lbs. @ $4.75 per lb.) $696,825
Direct labor (40,300 hrs. @ $15.10 per hr.). $608,530
AH = Actual Hours
SH = Standard Hours
AR = Actual...
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Standard Costs Actual Costs Direct materials 120,000 lbs. at $3.20 per lb. 118,500 lbs. at $3.25 per ib. Direct labor 12,000 hrs. at $24.40 per hr. 11,700 hrs. at $25.00 per hr. Factory overhead Rates per direct...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. @ $3 per lb.) Direct labor (2 hrs. @ $12 per hr.) $30 24 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (92,000 lbs. @ $2.95 per lb.) Direct labor (18,800 hrs. @ $12.05 per hr.) $ 271,400 226,540 AH = Actual Hours SH = Standard Hours AR =...
Requirement 2: Revise the data in your worksheet to reflect the results for the subsequent period as shown below: Chapter 10: Applying Excel M Data Exhibit 10-1: Standard Cost Card Inputs Direct materials Direct labor Variable manufacturing overhead 6 Standard Quantity 3.0 pounds 0.50 hours 0.50 hours $ $ $ Standard Price 4.00 per pound 22.00 per hour 6.00 per hour 8 10 Actual results: Actual output Actual variable manufacturing overhead cost 12 $ 13 14 2,050 units 6,526.50 Actual...
Exercise 08-15 Direct materials and direct labor variances LO P3 The following describes production activities of Mercer Manufacturing for the year. 34,000 lbs. at $5.95 per lb 10,600 hours for a total of $220,480 Actual direct materials used Actual direct labor used Actual units produced 63,300 Budgeted standards for each unit produced are 0.50 pound of direct material at $5.90 per pound and 10 minutes of direct labor at $21.80 per hour. AH Actual Hours SH Standard Hours AR Actual...
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