Homework Answers
1) When direct material use is not equal to direct material purchase then we calculate direct material price variance by Actual quantity purchased
So answer is c) Actual quantity purchased
2)
When direct material use is not equal to direct material purchase then we calculate direct material quantity variance by Actual quantity used
So answer is a) Actual quantity used
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When direct materials purchased does NOT equal direct materials used for that period, when calculating the Direct Mater...
Direct materials purchased and used (1,900 pounds) Direct labor (700 hours) $7,600 $7,630 Compute the total,...
Direct materials purchased and used (1,900 pounds) Direct labor (700 hours) $7,600 $7,630 Compute the total, price, and quantity variances for materials and labor. Total materials variance 473 Materials price variance Unfavorable Neither favorable nor unfavorable Favorable Materials quantity variance $ Total labor variance Labor price variance Labor quantity variance 110 Click if you would like to Show Work for this question: Open Show Work Exercise 23-7 Levine Inc., which produces a single product, has prepared the following standard cost...
Exercise 11-8 a The following direct materials and direct labor data pertain to the operations of...
Exercise 11-8 a
The following direct materials and direct labor data pertain to the
operations of Laurel Company for the month of August.
Costs
Actual labor rate
$16
per hour
Actual materials price
$110
per ton
Standard labor rate
$15.50
per hour
Standard materials price
$112
per ton
Quantities
Actual hours incurred and used
4,500 hours
Actual quantity of materials purchased and used
1,100 tons
Standard hours used
4,540 hours
Standard quantity of materials used
1,085 tons
(a)
Compute the...
Exercise 23-8 Your answer is partially correct. Try again. The following direct materials and direct labor...
Exercise 23-8 Your answer is partially correct. Try again. The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 per hour $220 per ton $12.50 per hour $224 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,200 hours 1,600 tons 4,280...
The following direct materials and direct labor data pertain to the operations of Laurel Company for...
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate $12 per hour Actual materials price $190 per ton Standard labor rate $11.50 per hour Standard materials price $193 per ton Quantities Actual hours incurred and used 4,100 hours Actual quantity of materials purchased and used 1,500 tons Standard hours used 4,140 hours Standard quantity of materials used 1,490 tons (a) Compute the total, price, and...
The following direct materials and direct labor data pertain to the operations of Laurel Company for...
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs $13 per hour Actual labor rate Actual materials price $220 per ton $12.50 per hour Standard labor rate Standard materials price $224 per ton Quantities Actual hours incurred and used 4,200 hours Actual quantity of materials purchased and used 1,600 tons Standard hours used 4,280 hours Standard quantity of materials used 1,580 tons a) Compute the total, price, and...
The following direct materials and direct labor data pertain to the operations of Sheffield Company for...
The following direct materials and direct labor data pertain to the operations of Sheffield Company for the month of August. Costs Actual labor rate $15 per hour Actual materials price $260 per ton Standard labor rate $14.50 per hour Standard materials price $262 per ton Quantities Actual hours incurred and used 4,100 hours Actual quantity of materials purchased and used 1,500 tons Standard hours used 4,190 hours Standard quantity of materials used 1,485 tons (a) Compute the total, price, and...
The following direct materials and direct labor data pertain to the operations of Laurel Company for...
The following direct materials and direct labor data pertain to
the operations of Laurel Company for the month of August.
Exercise 25-6 The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 per hour $220 per ton $12.50 per hour $224 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used...
--/18 Question 4 View Policies Current Attempt in Progress The following direct materials and direct labor...
--/18 Question 4 View Policies Current Attempt in Progress The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate $16 per hour Actual materials price $110 per ton Standard labor rate $15.50 per hour Standard materials price $112 per ton Quantities Actual hours incurred and used 4,500 hou Actual quantity of materials purchased and used 1,100 ton Standard hours used 4,540 hou Standard quantity of materials...
Weekly Updates Current Attempt in Progress WP Discussions The following direct materials and direct labor data...
Weekly Updates Current Attempt in Progress WP Discussions The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Conferences Collaborations Costs Account WileyPLUS Support Actual labor rate $15 per hour Assignments Dashboard Actual materials price $190 per ton Standard labor rate $14.50 per hour Courses Standard materials price $193 per ton Calendar Quantities Inbox Actual hours incurred and used 4,600 hours Actual quantity of materials purchased and used 1,700 tons...
Chrisman Corporation makes a product with the following standard costs: Inputs Direct materials Direct labor Variable...
Chrisman Corporation makes a product with the following standard costs: Inputs Direct materials Direct labor Variable overhead Standard Quantity or Hours 8.8 pounds 1.4 hours 1.4 hours Standard Price or Rate $2.00 per pound $20.00 per hour $10.00 per hour The company reported the following results concerning this product in August. Actual output Raw materials used in production Raw materials purchased Actual direct labor hours Actual cost of raw materials purchased Actual cost of direct labor Actual cost of variable...
Direct materials purchased and used (1,900 pounds) Direct labor (700 hours) $7,600 $7,630 Compute the total, price, and quantity variances for materials and labor. Total materials variance 473 Materials price variance Unfavorable Neither favorable nor unfavorable Favorable Materials quantity variance $ Total labor variance Labor price variance Labor quantity variance 110 Click if you would like to Show Work for this question: Open Show Work Exercise 23-7 Levine Inc., which produces a single product, has prepared the following standard cost...
Exercise 11-8 a
The following direct materials and direct labor data pertain to the
operations of Laurel Company for the month of August.
Costs
Actual labor rate
$16
per hour
Actual materials price
$110
per ton
Standard labor rate
$15.50
per hour
Standard materials price
$112
per ton
Quantities
Actual hours incurred and used
4,500 hours
Actual quantity of materials purchased and used
1,100 tons
Standard hours used
4,540 hours
Standard quantity of materials used
1,085 tons
(a)
Compute the...
Exercise 23-8 Your answer is partially correct. Try again. The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 per hour $220 per ton $12.50 per hour $224 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used 4,200 hours 1,600 tons 4,280...
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate $12 per hour Actual materials price $190 per ton Standard labor rate $11.50 per hour Standard materials price $193 per ton Quantities Actual hours incurred and used 4,100 hours Actual quantity of materials purchased and used 1,500 tons Standard hours used 4,140 hours Standard quantity of materials used 1,490 tons (a) Compute the total, price, and...
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs $13 per hour Actual labor rate Actual materials price $220 per ton $12.50 per hour Standard labor rate Standard materials price $224 per ton Quantities Actual hours incurred and used 4,200 hours Actual quantity of materials purchased and used 1,600 tons Standard hours used 4,280 hours Standard quantity of materials used 1,580 tons a) Compute the total, price, and...
The following direct materials and direct labor data pertain to the operations of Sheffield Company for the month of August. Costs Actual labor rate $15 per hour Actual materials price $260 per ton Standard labor rate $14.50 per hour Standard materials price $262 per ton Quantities Actual hours incurred and used 4,100 hours Actual quantity of materials purchased and used 1,500 tons Standard hours used 4,190 hours Standard quantity of materials used 1,485 tons (a) Compute the total, price, and...
The following direct materials and direct labor data pertain to
the operations of Laurel Company for the month of August.
Exercise 25-6 The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate Actual materials price Standard labor rate Standard materials price $13 per hour $220 per ton $12.50 per hour $224 per ton Quantities Actual hours incurred and used Actual quantity of materials purchased and used...
--/18 Question 4 View Policies Current Attempt in Progress The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Costs Actual labor rate $16 per hour Actual materials price $110 per ton Standard labor rate $15.50 per hour Standard materials price $112 per ton Quantities Actual hours incurred and used 4,500 hou Actual quantity of materials purchased and used 1,100 ton Standard hours used 4,540 hou Standard quantity of materials...
Weekly Updates Current Attempt in Progress WP Discussions The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Conferences Collaborations Costs Account WileyPLUS Support Actual labor rate $15 per hour Assignments Dashboard Actual materials price $190 per ton Standard labor rate $14.50 per hour Courses Standard materials price $193 per ton Calendar Quantities Inbox Actual hours incurred and used 4,600 hours Actual quantity of materials purchased and used 1,700 tons...
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