Tommy's Toys produces two types of toys: trains and dolls. Tommy's uses stainless steel to manufacture...
Tommy's Toys produces two types of toys: trains and dolls. Tommy's uses stainless steel to manufacture the trains and plastic to manufacture the dolls. Information regarding the usage of steel and plastic for the past year follows:
|
Product Names |
Steel |
Plastic |
|
Direct materials information |
||
|
Standard pounds per unit |
1 lb. |
0.5 lb. |
|
Standard Price (SP) per pound |
$2.75 |
? |
|
Actual Quantity (AQ) used per unit |
3.0 lbs. |
1.00 lb. |
|
Actual Price (AP) paid for material |
$1.75 |
$1.75 |
|
Actual Quantity Purchased (AQP) and used |
2,300 lbs. |
800 lbs. |
|
Price variance |
? |
$1,200 F |
|
Quantity variance |
$1,925 U |
? |
|
Flexible budget variance |
? |
$1,141 F |
|
Number of units produced |
350 |
475 |
What is the direct material quantity variance for plastic in the dolls?
A.
$59 unfavorable
B.
$2,341unfavorable
C.
$59 favorable
D.
$2,341 favorable
Homework Answers
answer: A .$ 59 unfavorable
flexible budget variance =price variance + quantity variance
=$1141F=$1200F+ quantity variance
therefore quantity variance for plastic=$1141F - $1200F
=$59 unfavorable
Add Answer to:
Tommy's Toys produces two types of toys: trains and dolls.
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what is the standard direct material price per pound for the plastic in the dolls Tommy's...
what is the standard direct material price per pound for the
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Amber Company produces iron table and chair sets. During October, Amber’s costs were as follows: Actual...
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 3.00
per lb.
Actual direct labor rate
$ 8.20
per hour
Standard purchase price
$ 2.80
per lb.
Standard quantity for sets produced
1,040,000
lbs.
Standard direct labor hours allowed
21,000
Actual quantity purchased in October
1,295,000
lbs.
Actual direct labor hours
17,000
Actual quantity used in October
1,070,000
lbs.
Direct labor rate variance
$6,200
F
3. Calculate the direct materials...
what is the standard direct material price per pound for the
plastic in the dolls
Tommy's Toys produces two types of toys: trains and dolls. Tommy's uses stainless steel to manufacture the trains and plastic to manufacture the dolls. Information regarding the usage of steel and plastic for the past year follows: Product Names Steel Plastic pri Direct materials information ma Standard pounds per unit 3 lb. 1.5 lb. $1 Standard Price (SP) per pound $3.00 Actual Quantity (AQ) used...
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Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 3.00
per lb.
Actual direct labor rate
$ 8.20
per hour
Standard purchase price
$ 2.80
per lb.
Standard quantity for sets produced
1,040,000
lbs.
Standard direct labor hours allowed
21,000
Actual quantity purchased in October
1,295,000
lbs.
Actual direct labor hours
17,000
Actual quantity used in October
1,070,000
lbs.
Direct labor rate variance
$6,200
F
3. Calculate the direct materials...
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