A manufacturing company reports the following for one of its products. Compute the direct materials (a) price variance and (b) quantity variance and classify each as favorable or unfavorable. Direct materials standard 8 pounds @ $6 per pound Actual direct materials used 83,000 pounds @ $5.80 per pound Actual finished units produced . 10,000

Auto Suppliers Inc. provides the following standard and actual costs for direct materials to produce 3,000 units of product: Standard and Actual Costs Data Quantity for actual production  Price per lb. Standard  2,100 lbs. $5.70 Actual  2,900 lbs.  $5.20 Determine the direct material price variance. Group of answer choices -$1,450 favorable $3,110 unfavorable -$3,110 favorable $1,450 unfavorable

Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis

Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 7,200 units of product were as follows:   Standard Costs Actual Costs Direct materials 9,400 lb. at $4.80 9,300 lb. at $4.60 Direct labor 1,800 hrs. at $18.30 1,840 hrs. at $18.60 Factory overhead Rates per direct labor hr.,     based on 100% of normal     capacity of 1,880 direct     labor hrs.:       Variable cost, $3.60 $6,420 variable cost     Fixed cost, $5.70 $10,716 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials price variance…

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Peking Palace Company reported the following: Standard quantity per unit 3 lbs. Standard price per pound $2.75 Actual pounds used 15,000 lbs. Actual price per pound $2.90 Number of units produced 5,070 What is the total direct materials cost variance? O a. $(1,672.50) favorable O b. $1,672.50 unfavorable O c. $2,859.00 unfavorable O d. $(2,859.00) favorable

Question # 1   Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials​  8,000 units at total direct material costs Rs. 40,000 Direct labor:​  7,000 hours at Rs. 6 per hour Actual costs Direct materials​  8,500 units at Rs. 4.5 per unit Direct labor:​  6,500 hours at Rs. 6.25 per hour   Required a. Material Price Variance and Material Quantity Variance b. Labor Rate Variance and Labor Efficiency Variance

Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows: Line Item Description Standard Costs Actual Costs Direct materials 189,000 lbs. at $4.60 per lb. 187,100 lbs. at $4.40 per lb. Direct labor 17,500 hrs. at $18.30 per hr. 17,900 hrs. at $18.70 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 18,260 direct labor hrs.:   Factory overhead    Variable cost, $3.40 $58,910 variable cost Factory overhead    Fixed cost, $5.40 $98,604 fixed cost Each unit requires 0.25 hour of direct labor. Required: a.  Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an…

Johnson Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) Cost per pound of direct materials 6 $7 The company produced 800 units and actually used 5,250 pounds of direct materials. What is the journal entry to record the materials usage? OA. Work in Process 33,600 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 36,750 B. Work in Process 39,900 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 36,750 OC. Work in Process 36,750 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 39,900 OD. Work in Process 36,750 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 33,600

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