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Rooney Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $ 6.20 per pound 2 hours $10.20 per hour $10.22 hours During the year, the company made 2,040 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance...
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Vernon Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $ 6.60 per pound 2 hours $10.60 per hour During the year, the company made 2,120 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance Labor price...
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Vernon Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $ 6.60 per pound 2 hours $10.60 per hour During the year, the company made 2,120 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance Labor price...
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Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (7 pounds at $1.60 per pound) Direct labor (1 hours at $10.00 per hour) $11.20 $10.00 During the month of April, the company manufactures 350 units and incurs the following actual costs. Direct materials purchased and used (2,000 pounds) Direct labor (370 hours) $3,600 $3,663 Compute the total, price, and quantity variances for materials and labor. Total materials...
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Direct Materials Variances Bellingham Company produces a product that requires 6 standard pounds per unit. The standard price is $10 per pound. If 6,300 units required 36,300 pounds, which were purchased at $10.3 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as negative number using a minus sign and an unfavorable variance as a positive number. 10,890 Unfavorable a. Direct materials price variance b....
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Levine Inc., which produces a single product, has prepared the
following standard cost sheet for one unit of the
product.
Direct materials (7 pounds at $1.60 per pound)
$11.20
Direct labor (1 hours at $10.00 per hour)
$10.00
During the month of April, the company manufactures 350 units and
incurs the following actual costs.
Direct materials purchased and used (2,000 pounds)
$3,600
Direct labor (370 hours)
$3,663
Compute the total, price, and quantity variances for materials and
labor.
Total materials...
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Levine Inc., which produces a single product, has prepared the
following standard cost sheet for one unit of the
product.
Direct materials (7 pounds at $1.60 per pound)
$11.20
Direct labor (1 hours at $10.00 per hour)
$10.00
During the month of April, the company manufactures 350 units and
incurs the following actual costs.
Direct materials purchased and used (2,000 pounds)
$3,600
Direct labor (370 hours)
$3,663
Compute the total, price, and quantity variances for materials and
labor.
Total materials...
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Rogen Corporation manufactures a single product. The standard
cost per unit of product is shown below.
Direct materials—1 pound plastic at $6 per pound
$ 6.00
Direct labor—1.50 hours at $12.20 per hour
18.30
Variable manufacturing overhead
9.00
Fixed manufacturing overhead
15.00
Total standard cost per unit
$48.30
The predetermined manufacturing overhead rate is $16 per direct
labor hour ($24.00 ÷ 1.50). It was computed from a master
manufacturing overhead budget based on normal production of 8,700
direct labor hours...
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Whispering Corporation manufactures a single product. The
standard cost per unit of product is shown below.
Direct materials—1 pound plastic at $7.00 per pound
$ 7.00
Direct labor—2.5 hours at $11.80 per hour
29.50
Variable manufacturing overhead
17.50
Fixed manufacturing overhead
17.50
Total standard cost per unit
$71.50
The predetermined manufacturing overhead rate is $14.00 per direct
labor hour ($35.00 ÷ 2.5). It was computed from a master
manufacturing overhead budget based on normal production of 13,250
direct labor hours...
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Bellingham Company produces a product that requires 14 standard
pounds per unit. The standard price is $11.5 per pound. If 3,100
units used 44,300 pounds, which were purchased at $11.15 per pound,
what is the direct materials (a) price variance, (b) quantity
variance, and (c) cost variance? Enter a favorable variance as a
negative number using a minus sign and an unfavorable variance as a
positive number.
a. Direct materials price variance
$
Favorable
b. Direct materials quantity variance
$...
Rooney Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $ 6.20 per pound 2 hours $10.20 per hour $10.22 hours During the year, the company made 2,040 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance...
Vernon Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $ 6.60 per pound 2 hours $10.60 per hour During the year, the company made 2,120 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance Labor price...
Vernon Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $ 6.60 per pound 2 hours $10.60 per hour During the year, the company made 2,120 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance Labor price...
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (7 pounds at $1.60 per pound) Direct labor (1 hours at $10.00 per hour) $11.20 $10.00 During the month of April, the company manufactures 350 units and incurs the following actual costs. Direct materials purchased and used (2,000 pounds) Direct labor (370 hours) $3,600 $3,663 Compute the total, price, and quantity variances for materials and labor. Total materials...
Direct Materials Variances Bellingham Company produces a product that requires 6 standard pounds per unit. The standard price is $10 per pound. If 6,300 units required 36,300 pounds, which were purchased at $10.3 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as negative number using a minus sign and an unfavorable variance as a positive number. 10,890 Unfavorable a. Direct materials price variance b....
Rogen Corporation manufactures a single product. The standard
cost per unit of product is shown below.
Direct materials—1 pound plastic at $6 per pound
$ 6.00
Direct labor—1.50 hours at $12.20 per hour
18.30
Variable manufacturing overhead
9.00
Fixed manufacturing overhead
15.00
Total standard cost per unit
$48.30
The predetermined manufacturing overhead rate is $16 per direct
labor hour ($24.00 ÷ 1.50). It was computed from a master
manufacturing overhead budget based on normal production of 8,700
direct labor hours...
Whispering Corporation manufactures a single product. The
standard cost per unit of product is shown below.
Direct materials—1 pound plastic at $7.00 per pound
$ 7.00
Direct labor—2.5 hours at $11.80 per hour
29.50
Variable manufacturing overhead
17.50
Fixed manufacturing overhead
17.50
Total standard cost per unit
$71.50
The predetermined manufacturing overhead rate is $14.00 per direct
labor hour ($35.00 ÷ 2.5). It was computed from a master
manufacturing overhead budget based on normal production of 13,250
direct labor hours...