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?
Homework Answers
Materials Quantity Variance = (SQ-AQ) * SP
= (6000 - 6500) * 4
= 2000 Unfavorable
Materials Price Variance = (SP-AP) * AQ
= (4 - 3.80) * 6500
= 1300 Favourable
Add Answer to:
Riley Company provides the following information for Material
A:
Actual quantity purchased and used 6,500 lbs....
Consider the following information: Direct material purchased and used, 94,000 gallons Standard quantity of direct material...
Consider the following information: Direct material purchased and used, 94,000 gallons Standard quantity of direct material allowed for May production, 91,600 gallons Actual cost of direct materials purchased and used, $233,000 Unfavorable direct-material quantity variance, $6,240 The direct-material price variance is: Multiple Choice Ο $11,400 Ε. Ο $7,440 F. Ο $11,400 U. Ο $7,440 U.
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...
Pericloud Company uses a standard costing system. The following information pertains to direct materials for July:...
Pericloud Company uses a standard costing system. The following information pertains to direct materials for July: Standard price per lb. $20.00 Actual purchase price per lb. $18.00 Quantity purchased 2,000 lbs. Quantity used 1,400 lbs. Standard quantity allowed for actual output 1,450 lbs. Actual output 500 units Pericloud Company reports its material price variances at the time of purchase. What is the material usage variance for Pericloud Company? a. $1,000 F b. $2,450 F c. $7,850 U d....
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...
Information on OCP's direct materials costs for the current month is as follows: actual quantity of...
Information on OCP's direct materials costs for the current month is as follows: actual quantity of direct materials purchased and used, 30,000 pounds; actual cost of direct materials, $84,000; direct materials efficiency variance, $3,000 U; standard quantity of direct materials allowed for the current month's production, 29,000 pounds. Based on the presented information, OCP's direct materials price variance for the month is closest to a. $2,800 F b. $2,800 U c. $6,000 U d. $6,000 F
E11-20A (similar to) Question Help Last month, Bridle Corporation purchased and used the same quantity of...
E11-20A (similar to) Question Help Last month, Bridle Corporation purchased and used the same quantity of material in produ (Click the icon to view the table.) Х Data Table Complete the following table. Round your answers to two decimal places.) Direct materials information Medium speed bump Large speed bump Medium Large 16 ? speed bump speed bump 3.50 EA 4.00 16 ? 19 3.50 4.00 $ 4.20 4.70 15 19 Standard pounds per unit. Standard price per pound.. Actual quantity...
A manufactured product has the following information for June. Standard Actual Direct materials (5 lbs. @...
A manufactured product has the following information for
June.
Standard
Actual
Direct materials
(5 lbs. @ $8 per lb.)
42,900
lbs. @ $8.10 per lb.
Direct labor
(3 hrs. @ $16 per hr.)
25,200
hrs. @ $16.50 per hr.
Overhead
(3 hrs. @ $11 per hr.)
$
287,400
Units manufactured
8,500
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
Compute the direct materials price variance and the direct
materials quantity variance. Indicate...
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 Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
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 Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.90 per lb. $7.10 per hour $ 1.70 per lb. 930,000 lbs. 15,000 1,075,000 lbs. 8,000 960,000 lbs. $5,100 F Required: 1. Calculate the total cost...
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 Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Consider the following information: Direct material purchased and used, 94,000 gallons Standard quantity of direct material allowed for May production, 91,600 gallons Actual cost of direct materials purchased and used, $233,000 Unfavorable direct-material quantity variance, $6,240 The direct-material price variance is: Multiple Choice Ο $11,400 Ε. Ο $7,440 F. Ο $11,400 U. Ο $7,440 U.
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...
E11-20A (similar to) Question Help Last month, Bridle Corporation purchased and used the same quantity of material in produ (Click the icon to view the table.) Х Data Table Complete the following table. Round your answers to two decimal places.) Direct materials information Medium speed bump Large speed bump Medium Large 16 ? speed bump speed bump 3.50 EA 4.00 16 ? 19 3.50 4.00 $ 4.20 4.70 15 19 Standard pounds per unit. Standard price per pound.. Actual quantity...
A manufactured product has the following information for
June.
Standard
Actual
Direct materials
(5 lbs. @ $8 per lb.)
42,900
lbs. @ $8.10 per lb.
Direct labor
(3 hrs. @ $16 per hr.)
25,200
hrs. @ $16.50 per hr.
Overhead
(3 hrs. @ $11 per hr.)
$
287,400
Units manufactured
8,500
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
Compute the direct materials price variance and the direct
materials quantity variance. Indicate...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.90 per lb. $7.10 per hour $ 1.70 per lb. 930,000 lbs. 15,000 1,075,000 lbs. 8,000 960,000 lbs. $5,100 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Most questions answered within 3 hours.
-
What specific indicators can point to lack of progress for
African Americans in American society?
asked 2 minutes ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 18 minutes ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 44 minutes ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 1 hour ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 1 hour ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 2 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 3 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 3 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 4 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 4 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 4 hours ago -
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 4 hours ago