BE11.4 (LO 2), AP Simba Company's standard materials cost per unit of output is $10 (2 pounds x $5). During July, the company purchases and uses 3,200 pounds of materials costing $16,192 in making 1,500 units of finished product. Compute the total, price, and quantity materials variances.

Kk.370.

Good Night manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $51,000, $28,000, and $33,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $48,000, $35,000, and $29,000, respectively. Direct material purchases were $555,000. Direct labor was $252,000 for the year. Factory overhead was $176,000. Prepare a cost of goods sold budget for Good Night, Inc. Good Night, Inc.Cost of Goods Sold BudgetFor the Year Ending December 31

Assume the following: • The standard price per pound is $2.35. • The standard quantity of pounds allowed per unit of finished goods is 4 pounds. • The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,700 pounds. • The actual purchase price per pound of materials was $2.25. • The company produced 13,000 units of finished goods during the period. What is the materials quantity variance? Multiple Choice O о O $3,055 F $5,175 F $2,925 F $5,405 F

2. Queen Industries uses a standard costing system in the manufacturing of its single product. It requires 2 hours of labor to produce 1 unit of final product. In February, Queen Industries produced 12,000 units. The standard cost for labor allowed for the output was $90,000, and there was an unfavorable direct labor time variance of $5,520 (HINT - this is helpful to solve the problem). NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. What was the standard rate per hour   ?  standard rate per hour. (with "$" round answer to two decimal places with commas as needed) If the workers were paid $3.90 per hour, how many actual hours were worked  ?  actual hours. (round answer to whole number with commas as needed) Complete the following table of variances and their conditions: Variance Variance Amount…

A company purchases 48000 pounds of materials. The materials price variance is $12000 favorable. What is the difference between the standard price and the actual price paid for the materials? $1.00 $4.00 $0.25 Cannot be determined from the data provided.

a. The standard cost of product AAA includes 6 units of direct materials at $10 per unit. During August, the company bought 60,000 units of materials at $12 and used those materials to produce 11,000 units of product AAA. AQ= AP = SQ = SP = Compute the total, price, and quantity_variances for materials.

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.

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $32,000, and $25,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $42,000, $35,000, and $19,000, respectively. Direct materials purchases were $565,000, direct labor was $212,000 for the year, and factory overhead was $159,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc.Cost of Goods Sold BudgetFor the Year Ending December 31 Finished goods inventory, January 1     $fill in the blank 1 Work in process inventory, January 1   $fill in the blank 2   Direct materials:       Direct materials, January 1 $fill in the blank 3     Direct materials purchases fill in the blank 4     Cost of direct materials available for sale $fill in the blank 5     Direct materials inventory, December 31 fill in the blank 6     Cost of direct…

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