Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 52,800 lbs. at $2.05 per lb. Standard: 51,700 lbs. at $2.00 per lb. 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 Direct Materials Quantity Variance Total Direct Materials Cost Variance b. The direct materials price variance should normally be reported to the direct materials are used because of production efficiencies, the variance would be reported to the When lower amounts of When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the

Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 52,800 lbs. at $2.05 per lb. Standard: 51,700 lbs. at $2.00 per lb. 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 Direct Materials Quantity Variance Total Direct Materials Cost Variance b. The direct materials price variance should normally be reported to the direct materials are used because of production efficiencies, the variance would be reported to the When lower amounts of When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the

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Description: Please answer in text with all workings Direct Materials VariancesThe following data relate to the direct materials cost for the production of automobile tires:Actual: 52,800 lbs. at $2.05 per lb.Standard: 51,700 lbs. at $2.00 per lb.a. Determine the

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 6EA: Use the information provided to answer the questions. All material purchased was used in production....

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Use the information provided to answer the questions. All material purchased was used in production. A. What is the standard price paid for materials? B. What is the direct materials quantity variance? C. What is the total direct materials cost variance? D. If the direct materials price variance was unfavorable, what would be the standard price?
The following data relate to the direct materials cost for the production of automobile tires: Actual: 56,700 lbs. at $2.05 per lb.Standard: 55,600 lbs. at $2.10 per lb. 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. Line Item Description Amount Variance Direct Materials Price Variance $fill in the blank 1 Direct Materials Quantity Variance $fill in the blank 3 Total Direct Materials Cost Variance $fill in the blank 5
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Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 62,200 lbs. at $1.75 per lb. Standard: 61,000 lbs. t $1.70 per lb.. 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 Varunce Direct Materials Quantity Variance Total Direct Materials Cost Variance b. The direct materials price variance should normally be reported to the i efficiencies, the variance would be reported to the materials, the variance should be reported to the When lower amounts of direct materials are used because of production When the favorable use of raw materials is caused by the purchase of higher-quality raw
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Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 50,200 lbs. at $1.9 per lb. Standard: 51,200 lbs. at 51.95 per lb. 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 Sfill in the blank 1 (favorable /unfavorable choose 1) Direct Materials Quantity Variance Sfill in the blank 3 (favorable/ unfavorable choose 1) Total Direct Materials Cost Variance Sfill in the blank 5 (favorable /unfavorable choose 1) b. The direct materials price variance should normally be reported to the (plant manager or purchasing department. When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the ( purchasing department/production…
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Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 54,400 lb. at $1.70 Standard: 53,300 Ib. at $1.65 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. Price variance Unfavorable Quantity variance Unfavorable Total direct materials cost variance Unfavorable b. The direct materials price variance should normally be reported to the Purchasing Department - V. If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the Production Supervisor V. If the favorable use of raw materials had been caused by the purchase of higher- quality raw materials, the variance should be reported to the Purchasing Department
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Direct Materials Variances The following data relate to the direct materials cost for the production of 2,400 automobile tires: Actual: 62,100 lbs. at $1.95 per lb. Standard: 63,300 lbs. at $1.90 per lb. 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 $ Direct Materials Quantity Variance $ Total Direct Materials Cost Variance $
Longman, Inc. is a manufacturer of lead crystal glasses. The standard direct materials quantity is 0.9 pound per glass at a cost of $0.50 per pound. The actual result for one month's production of 7,100 glasses was 1.4 pounds per glass, at a cost of $0.40 per pound. Calculate the direct materials cost variance and the direct materials efficiency variance. .....
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,400 automobile tires: Actual: 53,600 Ibs. at $1.95 per lb. Standard: 55,200 Ibs. at $1.90 per lb. 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 Direct Materials Quantity Variance Total Direct Materials Cost Variance b. The direct materials price variance should normally be reported to the . When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the When the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the