Lily Company uses a standard cost accounting system. In 2022, the company produced 28,300 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct laborat astandard hourly rate of $13.00. Normal capacity was 49,900 direct labor hours. During the year, 131,200 pounds of raw materials were purchased at $0.94 per pound. All materials purchasedwere used during the year.(a)Your answer is correct.If the materials price variance was $1,312 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places. e.g. 2.75.)Standard materials price per poundeTextbook and Media$0.95Attempts: 1 of 3 used the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit?Standard materials quantity per uniteTextbook and MediaSave for LaterpoundsAttempts: 1 of 3 uAttempts: 0 of 3 used Submit Answer

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Description: Lily Company uses a standard cost accounting system. In 2022, the company produced 28,300 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct laborat astandard hourly rate of $13.00. Normal capacity was 49,900 d

Formula of Material quantity variance:- Materials Quantity Variance = (Standard Quantity Units –…

Business

Accounting

the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit eTextbook and Media Save for Later pounds. Attempts: 1 of 3 u Attempts: 0 of 3 used Submit Answer

the materials quantity variance was $17,100 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit eTextbook and Media Save for Later pounds. Attempts: 1 of 3 u Attempts: 0 of 3 used Submit Answer

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 23E: (Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate...

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Paragraph Question 1: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Standard Cost Product Actual Cost Materials Metres Unit Price Per Metre Standard $2.00 $10.00 Actual 5.2 $2.20 $11.44 Direct labour Hours Hourly Rate Standard 3 $5.00 $15.00 $17.60 Actual Variable 3.2 $5.50 overhead Hours Hourly Rate $12.00 $3.00 $3.10 Standard $13.02 $42.06 Actual 4.2 Total unit cost $37.00 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance 2. Materials quantity variance 3. Direct labour rate variance ns: On DELL F6 F7 F8 F9 F10 F11 F12
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Basic Variance Analysis and the Impact of Variances on Unit Costs - Excel Sign In FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 A A % Alignment Number Conditional Format as Formatting Table Styles Paste В I U Cell Cells Editing Clipboard Font Styles G26 fe A B E G H 3 Direct materials: 4 Standard $2.75 per yard $2.70 per yard 2.4 yards @ $6.60 5 Actual 3 yards @ $8.10 6 Direct labor: 7 Standard 8 Actual 9 Variable overhead: 10 Standard 0.6 hours @ $18.00 per hour $22.00 per hour 10.80 0.5 hours @ 11.00 0.6 hours @ $7.00 per hour $7.10 per hour 4.20 11 Actual 0.5 hours @ 3.55 12 13 Total cost per unit $21.60 $22.65 14 15 Excess of actual cost over standard cost per unit $1.05 16 17 Actual production for the month 18 Variable overhead is assigned to products based on direct labor hours. There 19 was no beginning or ending inventory of materials for the month. 13,500 units 20 21 Using formulas, compute the following. Input all numbers as positive amounts. Indicate…
Task 2. Calculate Material price variance. Material usage variance and material cost variance from the following data. Analyse the probable reasons for adverse variances if any. Standard Material for 70 kgs of finished Goods: 100 kg Price of material OMR 1 per kg Actual Output 210,000 Kg Material used 280,000 kg Cost of material OMR 252,000
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-1-202310-10876 gnment i (Basic guitar built from veneered wood.) (Bridge and strings attached; guitar tuned and inspected.) Saved Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $14 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $17 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 5 hours of direct labor at $20 per hour Finishing Department: 3 hours of direct labor at $17 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in either production department. 2. There was no beginning finished-goods inventory. Problem 10-47 Part 2 3. Actual production was 690 guitars, and 490 guitars were sold on account for $495 each. 4. The company purchased 7,900 pounds…
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