Brief Exercise 23-2
Tang Company accumulates the following data concerning raw
materials in making its finished product: (1) Price per pound of
raw materials—net purchase price $2.92, freight-in $0.38, and
receiving and handling $0.24. (2) Quantity per gallon of finished
product—required materials 3.21 pounds, allowance for waste and
spoilage 0.90 pounds.
Compute the following. (Round answers to 2 decimal
places, e.g. 1.25.)
| (a) | Standard direct materials price per pound of raw materials. | $
|
|||
| (b) | Standard direct materials quantity per gallon. |
|
pounds | ||
| (c) | Total standard materials cost per gallon. | $
|
Homework Answers
| Standard price (2.92+0.38+0.24) | 3.54 |
| Standard Quantity (3.21+0.90) | 4.11 |
| Standard cost (3.54*4.11) | 14.55 |
Comment if you face any issues
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Brief Exercise 23-2 Tang Company accumulates the following data concerning raw materials in making its finished...
Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price...
Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.59, freight-in $0.52, and receiving and handling $0.39. (2) Quantity per gallon of finished product-required materials 3.34 pounds, allowance for waste and spoilage 0.70 pounds Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials (b) Standard direct materials quantity per gallon. c) Total standard materials...
Question 1 View Policies Current Attempt in Progress Tang Company accumulates the following data concerning raw...
Question 1 View Policies Current Attempt in Progress Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.50, freight- in $0.30, and receiving and handling $0.20. (2) Quantity per gallon of finished product-required materials 3.60 pounds, allowance for waste and spoilage 0.90 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. $ (b)...
View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect Tang Company...
View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.50, freight in $0.50, and receiving and handling $0.40.(2) Quantity per allon of finished product-required materials 340 pounds, allowance for waste and spolage 0.60 pounds. Compute the following. (Round answers to 2 decimal places, s. 125) (a) Standard direct materials price per pound...
CH 24 HW 7th e (**) Next < Prev Send to Gradebook /1 Question 7 View...
CH 24 HW 7th e (**) Next < Prev Send to Gradebook /1 Question 7 View Policies Current Attempt in Progress Tang Company accumulates the folllowing data concerning raw materials in making its finished product: (1) Price per pound of raw materlals-net purchase price $3.30, freight-in $0.80, and receiving and handling $0.30. (2) Quantity per gallon of finished product-required materials 3.50 pounds, allowance for waste and spoilage 0.60 pounds.. Compute the following. (Round answers to 2 decimal places, eg. 1.25)...
Exercise 23-3 Stefani Company has gathered the following information about its product. Direct materials: Each unit...
Exercise 23-3
Stefani Company has gathered the following information about its
product.
Direct materials: Each unit of product contains 3.40
pounds of materials. The average waste and spoilage per unit
produced under normal conditions is 0.10 pounds. Materials cost $2
per pound, but Stefani always takes the 5.00% cash discount all of
its suppliers offer. Freight costs average $0.45 per pound.
Direct labor. Each unit requires 2.80 hours of labor.
Setup, cleanup, and downtime average 0.10 hours per unit. The...
Brief Exercise 23-5 Mordica Company’s standard labor cost per unit of output is $20.14 (1.90 hours...
Brief Exercise 23-5
Mordica Company’s standard labor cost per unit of output is
$20.14 (1.90 hours x $10.60 per hour). During August, the company
incurs 2,581 hours of direct labor at an hourly cost of $10.71 per
hour in making 1,300 units of finished product.
Compute the total, price, and quantity labor variances.
(Round answers to 2 decimal places, e.g.
52.75.)
Total labor variance
$
FavorableNeither favorable nor unfavorableUnfavorable
Labor price variance
$
UnfavorableNeither favorable nor unfavorableFavorable
Labor quantity variance...
Oxnard Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for...
Oxnard Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is .3 pounds and .1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $.10 per pound, and receiving and handling costs are $.07 per pound. The hourly wage rate is $12.00 per hour, but a raise which will average $.30 will go into effect soon. Payroll taxes are...
Exercise 11-3 (Video) Stefani Company has gathered the following information about its product. Direct materials: Each...
Exercise 11-3 (Video) Stefani Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.10 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.90 pounds. Materials cost $2 per pound, but Stefani always takes the 4.00% cash discount all of its suppliers offer. Freight costs average $0.45 per pound. Direct labor. Each unit requires 1.30 hours of labor. Setup, cleanup, and downtime average 0.20 hours per unit....
Exercise 23-3 Stefani Company has gathered the following information about its product. Direct materials: Each unit...
Exercise 23-3 Stefani Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.20 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.10 pounds. Materials cost $2 per pound, but Stefani always takes the 5.00% cash discount all of its suppliers offer. Freight costs average $0.25 per pound Direct labor. Each unit requires 2.10 hours of labor. Setup, cleanup, and downtime average 0.10 hours per unit. The...
Brief Exercise 9-4 Perine Company has 6,075 pounds of raw materials in its December 31, 2019,...
Brief Exercise 9-4 Perine Company has 6,075 pounds of raw materials in its December 31, 2019, ending inventory. Required production for January and February of 2020 are 4,500 and 5,800 units, respectively. 5 pounds of raw materials are needed for each unit, and the estimated cost per pound is $8. Management desires an ending inventory equal to 27% of next month's materials requirements. Prepare the direct materials budget for January. PERINE COMPANY Direct Materials Budget till
Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.59, freight-in $0.52, and receiving and handling $0.39. (2) Quantity per gallon of finished product-required materials 3.34 pounds, allowance for waste and spoilage 0.70 pounds Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials (b) Standard direct materials quantity per gallon. c) Total standard materials...
Question 1 View Policies Current Attempt in Progress Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.50, freight- in $0.30, and receiving and handling $0.20. (2) Quantity per gallon of finished product-required materials 3.60 pounds, allowance for waste and spoilage 0.90 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. $ (b)...
View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials-net purchase price $2.50, freight in $0.50, and receiving and handling $0.40.(2) Quantity per allon of finished product-required materials 340 pounds, allowance for waste and spolage 0.60 pounds. Compute the following. (Round answers to 2 decimal places, s. 125) (a) Standard direct materials price per pound...
CH 24 HW 7th e (**) Next < Prev Send to Gradebook /1 Question 7 View Policies Current Attempt in Progress Tang Company accumulates the folllowing data concerning raw materials in making its finished product: (1) Price per pound of raw materlals-net purchase price $3.30, freight-in $0.80, and receiving and handling $0.30. (2) Quantity per gallon of finished product-required materials 3.50 pounds, allowance for waste and spoilage 0.60 pounds.. Compute the following. (Round answers to 2 decimal places, eg. 1.25)...
Exercise 23-3
Stefani Company has gathered the following information about its
product.
Direct materials: Each unit of product contains 3.40
pounds of materials. The average waste and spoilage per unit
produced under normal conditions is 0.10 pounds. Materials cost $2
per pound, but Stefani always takes the 5.00% cash discount all of
its suppliers offer. Freight costs average $0.45 per pound.
Direct labor. Each unit requires 2.80 hours of labor.
Setup, cleanup, and downtime average 0.10 hours per unit. The...
Brief Exercise 23-5
Mordica Company’s standard labor cost per unit of output is
$20.14 (1.90 hours x $10.60 per hour). During August, the company
incurs 2,581 hours of direct labor at an hourly cost of $10.71 per
hour in making 1,300 units of finished product.
Compute the total, price, and quantity labor variances.
(Round answers to 2 decimal places, e.g.
52.75.)
Total labor variance
$
FavorableNeither favorable nor unfavorableUnfavorable
Labor price variance
$
UnfavorableNeither favorable nor unfavorableFavorable
Labor quantity variance...
Exercise 11-3 (Video) Stefani Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.10 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.90 pounds. Materials cost $2 per pound, but Stefani always takes the 4.00% cash discount all of its suppliers offer. Freight costs average $0.45 per pound. Direct labor. Each unit requires 1.30 hours of labor. Setup, cleanup, and downtime average 0.20 hours per unit....
Exercise 23-3 Stefani Company has gathered the following information about its product. Direct materials: Each unit of product contains 3.20 pounds of materials. The average waste and spoilage per unit produced under normal conditions is 0.10 pounds. Materials cost $2 per pound, but Stefani always takes the 5.00% cash discount all of its suppliers offer. Freight costs average $0.25 per pound Direct labor. Each unit requires 2.10 hours of labor. Setup, cleanup, and downtime average 0.10 hours per unit. The...
Brief Exercise 9-4 Perine Company has 6,075 pounds of raw materials in its December 31, 2019, ending inventory. Required production for January and February of 2020 are 4,500 and 5,800 units, respectively. 5 pounds of raw materials are needed for each unit, and the estimated cost per pound is $8. Management desires an ending inventory equal to 27% of next month's materials requirements. Prepare the direct materials budget for January. PERINE COMPANY Direct Materials Budget till
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