Casivant Corporation makes a product that uses a material with the following direct material standards:   Standard quantity 3.8 pounds per unit Standard price $4.00 per pound   The company produced 7,300 units in November using 28,710 pounds of the material. During the month, the company purchased 30,800 pounds of the direct material at a total cost of $117,040. The direct materials purchases variance is computed when the materials are purchased.

The following direct materials data pertain to the operations of Pina Colada Co. for the month of December. Standard materials price Actual quantity of materials purchased and used The standard cost card shows that a finished product contains 4 pounds of materials. The 16,890 pounds were purchased in December at a discount of 4% from the standard price. In December, 4,100 units of finished product were manufactured. Calculate the materials variances. Identify whether each variance is favorable or unfavorable. Materials Price Variance Materials Quantity Variance Total Materials Variance $ $5.00 per pound 16,890 pounds $ $

Gipple Corporation makes a product that uses a material with the quantity standard of 7.3 grams per unit of output and the price standard of $6.00 per gram. In January the company produced 3,400 units using 24,870 grams of the direct material. During the month the company purchased 27,400 grams of the direct material at $6.10 per gram. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for January is: Multiple Choice O O O O $300 F $305 F $305 U $300 U

Ivanhoe Industries uses a standard cost system in which direct material is carried at standard cost. Ivanhoe has established the following standards for one unit of product: standard quantity of 10 pounds, standard price $1.80 per pound. During January, Ivanhoe purchased 162,000 pounds of direct material at a cost of $308,000 and used 144,500 pounds in production of 19,100 units. Calculate the direct materials price variance and indicate whether the variance is favorable or unfavorable. Direct materials price variance $

Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,670 pounds of material at $5.20 and standard costs for 4,460 pounds of material at $6.20 per pound. The direct materials quantity variance is

Ozark Adventures, LLC, a manufacturer of the sleeping bags uses standard costing for the single product the company makes and sells. The following data are for the month of April:   o Actual cost of direct material purchased and used: $87,807.50 o Material price variance: $5,665 favorable o Total materials variance: $220 favorable o Standard cost per pound of material: $8.25 per lb. o Standard cost per direct labor hour: $7.50 per hour o Actual direct labor hours: 5,500 hours o Labor efficiency variance: $1,650 unfavorable o Standard number of direct labor hour per unit of product: 2.40 hours/unit o Total labor variance: $5,775 unfavorable   Calculate the actual material cost per pound. Important: Present your number without units and round to two decimal places. For example if the answer is $11.25 per pound, simply record 11.25. Answer:

ABC Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for the cost of one basket (unit): ABC Industries made 3,000 baskets in July and used 15,500 pounds of material to make these units. ABC Industries paid $39,370 for the 15,500 pounds of material. What was the direct materials price variance for July? What was the direct materials quantity variance for July?   What is the total direct materials cost variance?   Standard Quantity     x Standard price     = standard cost direct materials 5 pounds $2.60 per pound $18.00 Direct labor 1.25 hours $12.00 per hour $15.00 total prime cost     $33.00

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A Company has a material standard of 1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, A Company paid $127,250 for 4,950 pounds, which they used to produce 4,700 units. What is the direct material price variance?

Company XYZ uses a single raw material in its production process. The standard price for a unit of material is $2.00. During the month the company purchased and used 600 units of this material at a price of $2.25 per unit. The standard quantity required per finished product is 2 units and during the month, the company produced 310 finished units. How much was the material quantity variance?   A. $40 favorable.   B. $45 unfavorable.   C. $45 favorable.   D. $40 unfavorable.