The following information is available for Coady's Chocolates:Actual production3,000 boxesBudgeted production 3,200 boxesDirect MaterialsStandard2 pounds of chocolate per box @ $8 per poundActual7,000 pounds purchased @ $7.8 per pound6,500 pounds used @ $7.8 per pound(a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal places, e.g. 125. Ifvariance is zero, select "Not Applicable" and enter 0 for the amounts.)Direct material price variance$Direct material quantity variance◄►

Name: The following information is available for Coady's Chocolates:Actual
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Description: The following information is available for Coady's Chocolates:Actual production3,000 boxesBudgeted production 3,200 boxesDirect MaterialsStandard2 pounds of chocolate per box @ $8 per poundActual7,000 pounds purchased @ $7.8 per pound6,500 pounds us

Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

Business

Accounting

(a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal p variance is zero, select "Not Applicable" and enter 0 for the amounts.) Direct material price variance $ $ Direct material quantity variance tA 4

(a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal p variance is zero, select "Not Applicable" and enter 0 for the amounts.) Direct material price variance $ $ Direct material quantity variance tA 4

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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B. Given the possible causes of the variances, identify the variance for each number and whether Favorable or Unfavorable. Form 2 columns to write your answers. State whether variance is Favorable or Unfavorable Causes Give the Material Variance Name substandard material, quantity 1. discount, negotiated better price, quantity discount, or price drop higher-quality material, price 2. 2. increase, and negotiated poorly Give the Material Variance Name higher-quality material, better- qualified employees, or a change in manufacturing 3. 3. process lower-quality material, less- qualified employees, or a change in manufacturing 4. process Give the Labor Variance Name less-qualified employees or a change in quality level of employees due to a change in 5. 5. process more-qualified employees, a change in contract with employees, or a change in manufacturing process that changes the level of employees needed 6. Give the Labor Variance Name better material, higher-quality employees, or a change…
Subject-Acounting
Subject: acounting
"Required 2" looks the save as "Required 1" (pictured).
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $4 per pound) $ 64 Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,000 units. Direct materials (131,100 pounds @ $3.80 per pound). Direct labor (27,300 hours @ $15.10 per hour) AR-Actual Rate SR Standard Rate AQ-Actual Quantity SQ = Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 $ 498,180 412,230 Required 2
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QUESTION 54 Cost AccountingChoose the answer from the choices
Number 1 fill in table
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.35 feet of leather and predicts leather will cost $4.20 per foot. Suppose Perfect Ret made 85 collars during February. For these 85 collars, the company actually averaged 2.50 feet of leather per collar and paid $3.80 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar Reg 2 and 3>
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500