make giant donuts, Chow Chow Company established the following unit standards: Direct material (flour) Standard Price $50 per bags Standard Quantity 1.2 bags per donut In July, the company purchased 4,270 bags of flour at $48 per bag from suppliers. It made a total of 3,600 giant donuts and used 4,360 bags of four in production The direct-material quantity variance is: None of these $2,000 U $2,500 U $2,000 F $2,500 F tion will save this response MacBook Pro

make giant donuts, Chow Chow Company established the following unit standards: Direct material (flour) Standard Price $50 per bags Standard Quantity 1.2 bags per donut In July, the company purchased 4,270 bags of flour at $48 per bag from suppliers. It made a total of 3,600 giant donuts and used 4,360 bags of four in production The direct-material quantity variance is: None of these $2,000 U $2,500 U $2,000 F $2,500 F tion will save this response MacBook Pro

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Description: make giant donuts, Chow Chow Company established the following unit standards:Direct material (flour)Standard Price$50 per bagsStandard Quantity1.2 bags per donutIn July, the company purchased 4,270 bags of flour at $48 per bag from suppliers. It ma

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5EA: Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The...

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Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Sitka Industries made 3,000 ladders in July and used 8,800 pounds of material to make these units. Smith Industries bought 15,500 pounds of material in the current period. There was a $250 unfavorable direct materials price variance. A. How much in total did Sitka pay for the 15,500 pounds? B. What is the direct materials quantity variance? C. What is the total direct material cost variance? D. What ii 9,500 pounds were used to make these ladders, what would be the direct materials quantity variance? E. It there was a $340 favorable direct materials price variance, how much did Sitka pay for the 15,500 pounds of material?
Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All materials used were bought during the current period. A. Compute the material and labor variances. B. comment on the results and possible causes of the variances.
A dress company has the following standards to make one dress: Standard Quantity 3 yards per unit 1.5 hours per unit The company purchased 3,000 yards of material in March for $21,000. The company used 2,800 yards in March in order to make 7,700 dresses. The direct materials price Standard Price $6.50 per yard $8.00 per hour Direct materials Direct labor variance is: А. В. С. D. $1,400 unfavorable. $1,500 unfavorable. $1,400 favorable. $1,500 favorable.
Scotto Designs has the following standards for the production of scarves: Standard Quantity Standard Price Direct materials 1.2 yards per scarf $4.60 per yard Direct labor 0.15 hours per scarf $11.00 per hour The company used 985 yards of material in order to make 800 scarves in April. The company purchased 1,100 yards at $4.70 per yard. How much is the direct materials quantity variance? $110 favorable $117.50 unfavorable $8 unfavorable $705 unfavorable $115 unfavorable
Polaco Corporation makes a product that has the following direct labor standards: hours per Standard direct labor-hours 0.4 unit $ 24.00 per hour Standard direct labor rate In May the company produced 8,500 units using 3,220 direct labor-hours. The actual direct labor rate was $22.10 per hour. The labor rate variance for May is: Multiple Choice $6,460 F $6,118 U $6,460 U $6,118 F
Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: Direct materials Direct labor SQ 1.2 pounds 0.8 hours SP $ 1.50 per pound $ 12.00 per hour During the month of May, the company made 660 cakes and incurred the following actual costs: Direct materials purchased and used (960 pounds), $1,248 Direct labor (720 hours), $8,280 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance. 3. Calculate the direct materials spending variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations to two decimal places. 1. Direct materials price variance 2. Direct materials quantity variance 3. Total direct…
Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: Direct materials Direct labor SQ 1.2 pounds 0.8 hours SP $ 1.50 per pound $ 12.00 per hour During the month of May, the company made 660 cakes and incurred the following actual costs: Direct materials purchased and used (960 pounds), $1,248 Direct labor (720 hours), $8,280 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance. 3. Calculate the direct materials spending variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations to two decimal places. 1. Direct materials price variance 2. Direct materials quantity variance 3. Total direct…
Betty’s Bakery has the following standard cost sheet for one unit of its most popular cake: SQ SP Direct materials 1.2 pounds $1.50 per pound Direct labor 0.8 hours $12.00 per hour During the month of May, the company made 620 cakes and incurred the following actual costs: Direct materials purchased and used (920 pounds), $1,196 Direct labor (680 hours), $7,820 Calculate the direct materials price variance. Calculate the direct materials quantity variance. Calculate the direct materials spending variance. Calculate the direct labor rate variance. Calculate the direct labor efficiency variance. Calculate the direct labor spending variance.
FOOD Industries employs a standard cost system. FOOD has established the following PER UNIT standards for the prime costs of its product XYZ frozen desserts line: Standard Quantity Standard Price/ Rate Standard Cost of DM/ DL per unit per KG/ DLH Direct Materials 8kg %241.80 per KG $414.40 Direct Labour 0.25 DLH (15 minutes) $8.00 per DLH $2.00 Total Cost 16.40 During November, the company purchased 142,500 KG of direct materials at a total cost of $285,000. The total factory wages for November were $37,800. The company manufactured 19,000 units of XYZ during November using 142,500 kg of direct materials and 5,000 direct labour hours. Required: SHOW ALL CALCULATIONS 1. Compute the direct materials a) flexible budget, b) price and c) quantity variance for November. 2. Compute the direct labour a) flexible budget, b) rate and c) efficiency variance for November. 15 3cer
A dress company has the following standards to make one dress: Standard Quantity 3 yards per unit 1.5 hours per unit The company used 8,000 yards of material in order to make 2,500 dresses in April. The Standard Price Direct materials Direct labor $6.50 per yard $8.00 per hour direct materials quantity variance is: А. $3,250 unfavorable. $1,500 unfavorable. S1,500 favorable. $3,250 favorable. В. C. D.
The company produces a single product and has prepared the following standard cost sheet for one unit of the product. • DM 8 pounds at $2.50 per pound During the month, the company manufactures 240 units and incurs the following actual costs.• Direct material purchase and used 1,900 pounds at a cost of $2.65 per pound A. Calculate the Direct Material price varianceB. Calculate the Direct Material quantity varianceC. Calculate the Total Direct Material cost variance
Premier Candle Company manufactures candles The standard direct materials quantity required to produce one tall candle is two pounds at a cost of $2.40 per pound During November, 1,000 tall candles were produced using 1.970 pounds of direct materials that cost $4.137. What is the direct matorials cost variance? (Round intermediary calculations to the nearest cent. Round the final answer to the nearest dollar) O A. $591 F O 8. $591 U OC. S72 U OD. S72 F