Georgia, Inc., has collected the following data on one of its products. The actual cost of the direct materials used is: Direct materials standard (3 lbs. @ $2/lb) $6 per finished unit Total direct materials cost variance-unfavorable $21,250 Actual direct materials used Actual finished units produced A. $171,250 B. $128,750 C. $100,000 D. $150,000 E. $210,000 100,000 lbs. 25,000 units

Georgia, Inc., has collected the following data on one of its products. The actual cost of the direct materials used is: Direct materials standard (3 lbs. @ $2/lb) $6 per finished unit Total direct materials cost variance-unfavorable $21,250 Actual direct materials used Actual finished units produced A. $171,250 B. $128,750 C. $100,000 D. $150,000 E. $210,000 100,000 lbs. 25,000 units

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
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A company reports the following for one of its products. Direct materials standard (3 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ Actual Quantity SQ = Standard Quantity AQ AP Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost AP 0 $ 0 $ AQ 0 $ 9 per unit 250,000 pounds 60,000 units X $ 687,500 SP $ 0 SQ Standard Cost x SP
Larry's Woodworks has collected the following data for its cutting board line of products: K Direct materials standard Direct materials standard cost Actual Direct Materials Used (AQU) Actual finished goods purchased What is the direct materials quantity variance? 10 pounds per unit $0.54 per pound 40,000 pounds 4,100 units OA. $17,860 unfavorable OB. $17,860 favorable OC. $540 unfavorable OD. $540 favorable
Sunny Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit @ $0.40/lb.) Actual direct materials purchased Actual Direct Materials Used (AQU) Actual Price (AP) paid per pound How much is the direct materials price variance? O A. $1,610 unfavorable B. $2,240 favorable C. $1,610 favorable O D. $2,240 unfavorable $1.20 per finished good 32,000 pounds 23,000 pounds $0.47
Tercer reports the following for one of its products. Direct materials standard (4 lbs. @ $2 per lb.) $ 8 per finished unit Actual direct materials used (AQ) 360,000 lbs. Actual finished units produced 76,000 units Actual cost of direct materials used $ 648,000 AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price Compute the direct materials price and quantity variances and classify each as favorable, unfavorable or no variance.
Georgia, Inc. has collected the following data on one of its products. The actual cost of direct materials used is: Direct materials standard (2 lbs @ $3/lb) $6 per finished unit Total direct materials cost variance—unfavorable $17,750 Actual direct materials used 60,000 lbs. Actual finished units produced 20,000 units $102,250. $60,000. $137,750. $120,000. $153,250.
Tercer reports the following for one of its products. Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. Direct materials standard (4 lbs. @ $2 per lb.). $8 per finished unit Actual finished units produced. 60,000 units Actual direct materials used . 300,000 lbs. Actual cost of direct materials used. $540,000
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A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used $12 per unit 330,000 pounds 64,000 units Actual Cost $ 924,000 AQ - Actual Quantity SQ - Standard Quantity = AP = Actual Price SP Standard Price Compute the direct materials price and quantity variances and Identify each as favorable or unfavorable. Standard Cost
A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. X X X $ 8 per unit 340,000 pounds 72,000 units X $ 612,000 Standard Cost X X