Ivanhoe Company purchased (at a cost of $14,960) and used 2,200 pounds of materials during May. Ivanhoe's standard cost of materials per unit produced is based on 2 pounds per unit at a cost $7.00 per pound. Production in May was 1,020 units. (a) Compute the total, price, and quantity variances for materials. Total Materials Variance $ Materials Price Variance $ Materials Quantity Variance $ < <

Question Grant Company's standard materials cost per unit of output is $10.00 (2.00 pounds x $5.00 per pound). During July, the company purchases and uses 2,420 pounds of materials costing $12,826 in making 1,100 units of finished product. Compute the total material variance. O $726 unfavorable O $1,826 favorable O $2,926 unfavorable O $1,826 unfavorable

Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 5,800 lbs. Actual unit price of direct materials $3.90 per lb. Units of finished product manufactured 1,390 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $984 Direct materials price variance—favorable $1,160 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished   units Standard finished product for direct materials used   units Deficiency of finished product for materials used   units Standard cost for direct materials…

Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 490,000. Materials purchased: 3,430,000 pounds @ $5.85. Materials used: 2,940,000 pounds. Direct labor: 931,000 hours @ $12.36.

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Calculate VariancesThe following summary data relate to the operations of Randolph Company for July, during which 4,500 finished units were produced:   Standard Units Costs   Total Actual Costs Direct material             Standard (0.6 lb. @ $13.00/lb.)     $7.80     Actual (3,000 lb. @ $13.30/lb.)         $39,900 Direct labor             Standard (0.8 hr. @ $16.80/hr.)     $13.44     Actual (3,800 hrs. @ $16.40/hr.)         62,320 Variable overhead             Standard (0.8 hr. @ $11.50/hr.)     $9.20     Actual     - 46,100 Total     $30.44 $148,320   Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer   Split cost: Answer   Standard cost: Answer   Materials price Answer Answer Materials efficiency Answer Answer     Labor Variances Actual cost: Answer   Split cost:…

The standard cost of Product B manufactured by Pharoah Company includes 2.6 units of direct materials at $5.30 per unit. During June, 27,400 units of direct materials are purchased at a cost of $5.05 per unit, and 27,400 units of direct materials are used to produce 10,400 units of Product B. (a) Compute the total materials variance and the price and quantity variances. Total materials variance $ Materials price variance $ Materials quantity variance $ (b) Compute the total materials variance and the price and quantity variances, assuming the purchase price is $5.40 and the quantity purchased and used is 26,900 units. Total materials variance $ Materials price variance $ Materials quantity variance $

Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 6,700 lb. Actual unit price of direct materials $5.60 per Ib. Units of finished product manufactured 3,220 units Standard direct materials per unit of finished product 2 lb. Direct materials quantity variance-unfavorable $1,482 Direct materials price variance-unfavorable $670 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit

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