Cost standards for one unit of product no. C77:$ 7.503 pounds at $2.50 per pound5 hours at $7.50 per hourDirect materialDirect labor37.50Actual results:Units producedDirect material purchased 26,000 pounds at $2.70Direct material used7,800 units23,100 pounds at $2.7040,100 hours at $7.30S 70,20062,370292,730Direct laborA. The direct-material price variance is:B. The direct-material quantity variance is:C. The direct-labor rate variance is:D. The direct-labor efficiency variance is:

Name: Cost standards for one unit of product no. C77:$ 7.503 pounds at $2.5
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Description: Cost standards for one unit of product no. C77:$ 7.503 pounds at $2.50 per pound5 hours at $7.50 per hourDirect materialDirect labor37.50Actual results:Units producedDirect material purchased 26,000 pounds at $2.70Direct material used7,800 units23,1

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Business

Accounting

Cost standards for one unit of product no. C77: Direct material $ 7.50 3 pounds at $2.50 per pound 5 hours at $7.50 per hour Direct labor 37.50 Actual results: Units produced Direct material purchased 26,000 pounds at $2.70 Direct material used Direct labor 7,800 units $ 70,200 62,370 23,100 pounds at $2.70 40,100 hours at $7.30 292,730

Cost standards for one unit of product no. C77: Direct material $ 7.50 3 pounds at $2.50 per pound 5 hours at $7.50 per hour Direct labor 37.50 Actual results: Units produced Direct material purchased 26,000 pounds at $2.70 Direct material used Direct labor 7,800 units $ 70,200 62,370 23,100 pounds at $2.70 40,100 hours at $7.30 292,730

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 5BE: Standard cost journal entries Bellingham Company produced 15,000 units that require 2.5 standard...

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What is the conversion cost to manufacture insulated travel cups if the costs are: direct materials, $17,000; direct labor, $33,000; and manufacturing overhead, $70,000? A. $16,000 B. $50,000 C. $103,000 D. $120000
Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound $7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $270 64,800 Direct labor 41,100 hours at $7.30 300,030 47. Assume that the company computes variances at the earliest point in time. The direct-material price variance is: $5,320F. None of these. $5,120F. $5,120U. $5,320U.
Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound S7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $2.70 64,800 Direct labor 41,100o hours at $7.30 300,030 46.Assume that the company computes variances at the earliest point in time. The direct-material quantity variance is: None of these. $5,750F. $5,750U. $750U. $750F.
The standard costs and actual costs for direct materials for the manufacture of 3,000 actual units of product are Actual Material price per pound of direct material Quantity of material in pound per unit of product Actual production untis of product BDMOV (AQ SQ) for Actual Production x SP C DMCV DMPV + DMOV Actual cost per unit of product (AC) Standard costs per unit of product (SC) $8.00 Alternate formula to compute DMCV= (Actual cost-standard cost) per unit x # of units 065 3,000 Required: Compute the followings variances and indicate if they are favorable (F) or unfavorable (UF) A. Direct material Price variance (DMPV) B. Direct matenal Quantity variance (DMQV) C. Total Direct material Cost variance (DMCV) Solution: A.DMPV = (AP-SP) x AQ for Actual Production Standard Variance $ For UF ($1,462 50) F ($5,250.00) F AQ $8.75 SQ 0.45 ($6.712 50) F 1950 1350 Acronyms: AP Actual price per unit of Material SP Standard price per unit of Material AQ-Actual quantity of Material for Actual…
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The standard cost sheet for a product is shown. Standard Cost Manufacturing Costs Standard price Standard Quantity per unit Direct materials $4.50 per pound 5.70 pounds $ 25.65 Direct labor $11.87 per hour 2.00 hours $ 23.74 Overhead $2.20 per hour 2.00 hours $ 4.40 $ 53.79 The company produced 3,000 units that required: 17,600 pounds of material purchased at $4.35 per pound • 5,910 hours of labor at an hourly rate of $12.17 per hour • Actual overhead in the period was $13,540 Fill in the Budget Performance Report for the period. Some amounts are provided. Round your answers to the ne Budget Performance Report Variance Manufacturing Costs: Actual Standard (Favorable)/ 3,000 units Costs Costs Unfavorable Direct materials $76,560 Direct labor 71,220 Overhead 13,540 $655
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TB MC Qu. 10-155 (Algo) Majer Corporation makes a product with ... Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.7 ounces $ 2.00 per ounce $ 13.40 Direct labor 0.3 hours $ 14.00 per hour $ 4.20 Variable overhead 0.3 hours $ 2.00 per hour $ .60 The company reported the following results concerning this product in February. Originally budgeted output 5,300 units Actual output 8,100 units Raw materials used in production 30,400 ounces Actual direct labor-hours 1,940 hours Purchases of raw materials 32,800 ounces Actual price of raw materials $ 52.90 per ounce Actual direct labor rate $ 62.40 per hour Actual variable overhead rate $ 1.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate…