Homework Answers
Material quantity variance is a difference between the actual amount of materials used in the production process and the amount that was expected to be used.
Material Quantity variance=(Actual usage in units - Standard usage in units) x Standard cost per unit
$50000=(65000-Standard Usage in Units)*40 Ounce*$.5/ounce
Standard usage in units=62500 units
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During the past period, 65,000 units of hinges were made and the materials quantity variance was...
During the past period, 65,000 units of hinges were made and the materials quantity variance was...
During the past period, 65,000 units of hinges were made and the materials quantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at $0.50 used during this period? per ounce. What is the number of ounces of direct material
During the past period, 65,000 units of hinges were made and the materials quantity variance was...
During the past period, 65,000 units of hinges were made and the materials quantity variance was $50,000, unfavorable. The standards for direct ma $0.50 used during this period? terials in making this hinge are 40 ounces, per unit, at per ounce. What is the number of ounces of direct material
During the past period, 65,000 units of hinges were made and the materialsquantity variance was $50,000,...
During the past period, 65,000 units of hinges were made and the materialsquantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at 0.50 per ounce. What is the number of ounces of direct material used during this period?
a. Calculate the direct materials price variance. b. Calculate the direct materials usage variance. c. Calculate...
a. Calculate the direct materials price variance.
b. Calculate the direct materials usage variance.
c. Calculate the direct labor rate variance.
d. Calculate the direct labor efficiency variance.
e. Calculate the variable overhead rate variance.
f. Calculate the variable overhead efficiency variance.
g. Calculate the Sales Price variance
h. Calculate the Sales Quantity Variance
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Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 305,000 cans were produced using 1,250,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.14 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
The following company information is available. The direct materials quantity variance is: Direct materials used for...
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Kyler Company uses a standard cost system. Job 822 is for the manufacturing of 300 units of the product P521. The company's standards for one unit of product P521 are as follows: Quantity Price Direct material 7 ounces $ 4 per ounce Direct labor 1 hours $ 9 per hour Requirements (a) Determine the direct material price variance for job 822 based on the actual quantity of materials used. (b) Determine the direct material quantity variance for job 822 based...
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Materials Variances Assume that Pearle Vision uses standard costs to control the materials in its made-to-order sunglasses. The standards call for 2 ounces of material for each pair of lenses. The standard cost per ounce of material is $16.25. During July, the Santa Clara location produced 5,200 pairs of sunglasses and used 9,800 ounces of materials. The cost of the materials during July was $17.00 per ounce, and there were no beginning or ending inventories. Required a. Determine the flexible...
I Just Cleaned Up This Mess is a manufacturer of cleaning products. During the period just...
I Just Cleaned Up This Mess is a manufacturer of cleaning products. During the period just ended, $62,400 in direct materials were purchased. All of the direct materials purchased were used in production. The direct material price variance for the period was $4,800 unfavorable; the total direct material variance was $14,400 unfavorable. The cost of direct material was expected to be $6 per pound. 3.800 actual direct labor hours were logged during production. The direct labor cost was expected to...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.4 ounces of aluminum per can. During the month of April, 298,000 cans were produced using 1,253,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.13 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
During the past period, 65,000 units of hinges were made and the materials quantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at $0.50 used during this period? per ounce. What is the number of ounces of direct material
During the past period, 65,000 units of hinges were made and the materials quantity variance was $50,000, unfavorable. The standards for direct ma $0.50 used during this period? terials in making this hinge are 40 ounces, per unit, at per ounce. What is the number of ounces of direct material
During the past period, 65,000 units of hinges were made and the materialsquantity variance was $50,000, unfavorable. The standards for direct materials in making this hinge are 40 ounces, per unit, at 0.50 per ounce. What is the number of ounces of direct material used during this period?
a. Calculate the direct materials price variance.
b. Calculate the direct materials usage variance.
c. Calculate the direct labor rate variance.
d. Calculate the direct labor efficiency variance.
e. Calculate the variable overhead rate variance.
f. Calculate the variable overhead efficiency variance.
g. Calculate the Sales Price variance
h. Calculate the Sales Quantity Variance
Sweetwater Company manufactures two products, Mountain Mist and Valley Stream. The company prepares its master budget on the basis of standard costs. The following data are...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 305,000 cans were produced using 1,250,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.14 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
The following company information is available. The direct materials quantity variance is: Direct materials used for prodution Standard quantity for units produced Standard cost per gallon of direct material Actual cost per gallon of direct material 35,000 gallons 33,400 gallons $11.00 $11.20 Multiple Choice $17600 unfavorable. $17200 favorable $24,600 unfavorable Multiple Choice $17,600 unfavorable. $17.200 favorable. $24,600 unfavorable. $24,600 favorable. $17,200 unfavorable Use the following data to find the direct labor rate variance if the company produced 3,500 units during...
Kyler Company uses a standard cost system. Job 822 is for the manufacturing of 300 units of the product P521. The company's standards for one unit of product P521 are as follows: Quantity Price Direct material 7 ounces $ 4 per ounce Direct labor 1 hours $ 9 per hour Requirements (a) Determine the direct material price variance for job 822 based on the actual quantity of materials used. (b) Determine the direct material quantity variance for job 822 based...
I Just Cleaned Up This Mess is a manufacturer of cleaning products. During the period just ended, $62,400 in direct materials were purchased. All of the direct materials purchased were used in production. The direct material price variance for the period was $4,800 unfavorable; the total direct material variance was $14,400 unfavorable. The cost of direct material was expected to be $6 per pound. 3.800 actual direct labor hours were logged during production. The direct labor cost was expected to...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.4 ounces of aluminum per can. During the month of April, 298,000 cans were produced using 1,253,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.13 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
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