A company developed the following per-unit standards for its product: 6 gallons of direct materials at $10 per gallon. Last month, 4400 gallons of direct materials were purchased for $42680. The direct materials price variance for last month was O $1050 unfavorable. O $42680 favorable. O $220 favorable. O $1320 favorable. Save for Later Attempts: 0 of 1 used Submit Answer

A company developed the following per-unit standards for its product: 6 gallons of direct materials at $10 per gallon. Last month, 4400 gallons of direct materials were purchased for $42680. The direct materials price variance for last month was O $1050 unfavorable. O $42680 favorable. O $220 favorable. O $1320 favorable. Save for Later Attempts: 0 of 1 used Submit Answer

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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Georgia, Inc. has collected the following data on one of its products. The actual cost of direct materials used is: Direct materials standard (2 lbs @ $3/lb) $6 per finished unit Total direct materials cost variance—unfavorable $17,750 Actual direct materials used 60,000 lbs. Actual finished units produced 20,000 units $102,250. $60,000. $137,750. $120,000. $153,250.
Lemke Industries purchased and consumed 80,000 gallons of direct material that was used in the production of 21,000 finished units of product. According to engineering specifications, each finished unit had a manufacturing standard of four gallons. If the material price variance is $8,000 and the material quantity variance is $2,400F, what is the actual price paid for a gallon of direct material? Multiple Choice $0.60 $0.40 $0.70 None of the answers is correct Not enough information to judge
Shelley Company bought 3,000 pounds of materials for $2,850. They used 2,800 pounds to produce 1,000 units of output. Direct labor costs totaled $20,400 for 600 hours of work. Standards have been set as follows: Direct Materials: 2 pounds @ $1.10 per pound Direct Labor: .5 hours @ $32 per hour The materials purchase price variance is: $420 unfavorable O $420 favorable O $450 unfavorable O $450 favorable O $230 favorable
Havana Hats makes the world's best hats. Information for the last eight months follows: Month January February March April May June July August Number of Hats Produced 8,000 4,500 7,000 8,600 3,750 6,000 3,000 5,000 Variable cost per unit Total fixed cost Total Cost $ 7,000 5,000 6,250 7,750 5,000 6,250 4,250 5,750 Required: Using the high-low method, calculate the variable cost per hat and total fixed cost per month. Note: Round your "Variable cost per unit" answer to 3 decimal places.
The Standard cost of material for manufacturing a unit of a particular products estimated as follow as 16kg of raw material at the rate of 1 dollar per kg. On completion of the unit, it was found that 20 kg of raw material costing 1.50 per Kg has been consumed. Compute the material variance.
Cavanaugh Co. has provided the following information for last year: Gallons input ??? @ $20/gallon Labor costs 6,250 @ $20/hr Overhead costs $ 181,492 Gallons finished 10,400 @ selling price of $55/gallon Total factor productivity 1.1032 The total number of gallons input (rounded) is: Multiple Choice 10,600 gallons. 212,000 gallons. 9,200 gallons. 8,050 gallons.
nku.3 answer must be in table format or i will give down vote
MARINA Bottlers Inc, a leading softdrinks company is producing their bottle requirements. For each case eight-ounce bottles, the company prescribed the followi tandard product mix: Material A @ 2.4 lb, P50/lbs, Material @6lb, P22/lbs and Material C@ 1.6 lbs, P15/lb. During the month of August, 25,000 cases were produced from an input of: pounds Cost/lb A 63,700 P49.00 B 125,200 20.50 C 48,100 16.00 COMPUTE FOR THE MATERIALS MIX VARIANCE COMPUTE FOR THE MATERIALS YIELD VARIANCE
( Not applicable, favorable, unfavorable )
What is the answer for number 23?
Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25.000 units. The direct materials price variance is Direct materials standard (7 pounds @ $1.65/pound) Actual cost of materials purchased. $ 11.55 per finished unit $ 257,850 Actual direct materials purchased and used. 143,000 pounds Multiple Choice $30,900 unfavorable $52.800 favorable $30,900 unfavorable. $52,800 favorable. $52,800 unfavorable. $21,900 favorable. $21,900 unfavorable.