--/1Question 6View PoliciesCurrent Attempt in ProgressCrane Company has a materials price standard of $2.00 perpound. 4000 pounds of materials were purchased at $2.20a pound. The actual quantity of materials used was 4000pounds, although the standard quantity allowed for theoutput was 3400 pounds.ortS.Crane Company's materials price variance isO $120 U.O $680 U.O $800 U.O $800 F.hp110fg144f8f617f500II96

Calculation of material price variance:

Answered: --/1 Question 6 View Policies Current…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 16-61 (Algo) Direct Materials (LO 16-5) Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production 20 2,270 grams 2,400 grams $15,890 F Price variance Required: What was the actual purchase price per gram? Actual purchase price per gram
--/1 Question 13 View Policies Current Attempt in Progress A company purchases 15000 pounds of materials. The materials price variance is $9000 favorable. What is the difference between the standard and actual price paid for the materials? O $0.60 O $1.67 O $9.00 O $1.00 hp 12 f10 fg 144 f8 f7 16 15 4+
--/1 Question 20 View Policies Current Attempt in Progress ort Crane has a standard of 1.5 pounds of materials per unit, at $6 per pound. In producing 1700 units, Crane used 2800 pounds of materials at a total cost of $16380. Crane's materials price variance is बबवससहेंहे ता O $1500 F. O $420 F. $2625 F. O $1080 U. hp f12 f11 f10 f9 f8 II f7 144 f5 f6 & %3D 081 O0 Y T. 96
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-/1 Question 21 View Policies Current Attempt in Progress Oriole has a standard of 1.5 pounds of materials per unit, at $6 per pound. In producing 2200 units, Oriole used 3500 pounds of materials at a total cost of $20475. Oriole's materials quantity variance is O $2100 U. O $675 F. O $525 U. O $1200 U. hp ins prt sc f12 f11 f1o f9 f5 f8 17 f6 080 %3D 11 7
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TB Problem Qu. 12-189 (Algo) Wehrs Corporation has received a request for a special... Wehrs Corporation has received a request for a special order of 9,800 units of product K19 for $47.50 each. The normal selling price of this product is $52.60 each, but the units would need to be modified slightly for the customer. The normal unit product cost of product K19 is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Unit product cost $18.30 7.60 4.80 7.70 $38.40 Direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs. The customer would like some modifications made to product K19 that would increase the variable costs by $7.20 per unit and that would require a one-time investment of $47,000 in special molds that would have no salvage value. This special order would have no effect on the company's other sales. The company has ample spare capacity for…
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