A company provided the following direct materlals cost Information. Compute the total direct materials variance.Standard costs assigned:Direct materialsstandard cost ( 419,000 units @ $4.00/unit)$ 1,676,000Actual costs:Direct materials costa incurred (417,750 units @ $4..20/unit)$ 1,754,550Multiple Choice$5,000 Favorable.$78,550 Unfavorable.$83,550 Unfavorable.$78,550 Favorable.$83,550 Favorable.

Name: A company provided the following direct materlals cost Information. C
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Description: A company provided the following direct materlals cost Information. Compute the total direct materials variance.Standard costs assigned:Direct materialsstandard cost ( 419,000 units @ $4.00/unit)$ 1,676,000Actual costs:Direct materials costa incurre

Solution: Total direct material variance is the difference between standard cost of material and…

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A company provided the following direct materlals cost Information. Compute the total direct materials variance. Standard costs assigned: $1,676,000 Direct materials standard cost (419,000 unita e $4.00/unit) Actual costs: S1,754,550 Direct materials costs incurred (417,750 units @ $4.20/unit) Multiple Choice

A company provided the following direct materlals cost Information. Compute the total direct materials variance. Standard costs assigned: $1,676,000 Direct materials standard cost (419,000 unita e $4.00/unit) Actual costs: S1,754,550 Direct materials costs incurred (417,750 units @ $4.20/unit) Multiple Choice

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter23: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 7E: H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup...

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H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (7,650 pounds) has the following standards: The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows: a.Determine the standard unit materials cost per pound for a standard batch. b.Determine the direct materials quantity variance for batch 08-99.
Refer to Cornerstone Exercise 8.13. In March, Nashler Company produced 163,200 units and had the following actual costs: Required: 1. Prepare a performance report for Nashler Company comparing actual costs with the flexible budget for actual units produced. 2. What if Nashler Companys actual direct materials cost were 1,175,040? How would that affect the variance for direct materials? The total cost variance?
At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
A company provided the following direct materials cost information. Compute the direct materials quantity variance. Standard costs assigned: Direct materials standard cost (415,000 units @ $2.60/unit) Actual costs: Direct materials costs incurred (413,040 units @ $2.90/unit) Multiple Choice $5,096 Unfavorable. $5,684 Unfavorable $5,096 Favorable. $118,816 Favorable. $ 1,079,000 $ 1,197,816
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