Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.4 ounces of aluminum per can. During the month of April, 297,000 cans were produced using 1,256,000 ounces of aluminum. The actual cost of aluminum was $0.17 per ounce and the standard price was $0.06 per ounc There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as positive numbers and select Favorable or Unfavorable. Materials Price Variance Material Usage Variance Feedback 138,160✔ Unfavorable Favorable
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- Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: During the first quarter of the year, Jameson produced 45,000 cases of paper towels. The company purchased and used 135,700 pounds of paper pulp at 0.38 per pound. Actual direct labor used was 91,000 hours at 12.10 per hour. Required: 1. Calculate the direct materials price and usage variances. 2. Calculate the direct labor rate and efficiency variances. 3. Prepare the journal entries for the direct materials and direct labor variances. 4. Describe how flexible budgeting variances relate to the direct materials and direct labor variances computed in Requirements 1 and 2.Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.7 ounces of aluminum per can. During the month of April, 450,000 cans were produced using 1,875,000 ounces of aluminum. The actual cost of aluminum was $0.10 per ounce and the standard price was $0.08 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as positive numbers and select Favorable or Unfavorable. Materials Price Variance Material Usage VariancRosser Company produces a container that requires 4 yards of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 containers were manufactured using 37,300 yards of material. Required: Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank
- Young Inc. produces plastic bottles. Production of 16-ounce bottles has a standard unitquantity of 0.45 ounce of plastic per bottle. During the month of June, 240,000 bottleswere produced using 110,000 ounces of plastic. The actual cost of plastic was $0.042 perounce, and the standard price was $0.045 per ounce. There is no beginning or ending inventories of plastic. Refer to the information for Young Inc. above.Required:Calculate the materials price and usage variances using the columnar and formula approaches.Use the following information to complete Brief Exercises 10-36 and 10-37:Ambient Inc. produces aluminum cans. Each can has a standard labor requirement of 0.03hour. During the month of May, 500,000 cans were produced using 14,000 labor hours @$15.00. The standard wage rate is $14.50 per hour.Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.6 ounces of aluminum per can. During the month of April, 300,000 cans were produced using 1,000,000 ounces of aluminum. The actual cost of aluminum was $0.18 per ounce and the standard price was $0.08 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the total variance for aluminum for the month of April. Enter amount as a positive number and select Favorable or Unfavorable.$fill in the blank 1a) Lala Company produces aluminium cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminium per can. During the month of April, 300,000 cans were produced using 1,250,000 ounces of aluminium. The actual cost of aluminium was RMO.09 per ounce and the standard price was RM0.08 per ounce. There are no beginning or ending inventories of aluminium. Required: i. Calculate the total variance for aluminium for the month of April. ii. Calculate the materials price and usage variances.
- Sexson Corporation uses a standard cost system. The following information pertains to direct materials for the month of May. Standard price per lb. $12.00 Actual purchase price per lb. $11.00 Quantity purchased 6,200 lbs. Quantity used 5,900 lbs. Standard quantity allowed for actual output 6,000 lbs. Actual output 1,000 units Sexson reports its material price variances at the time of purchase. What is the standard quantity of direct materials per unit for Sexson Corporation? Group of answer choices 6.00 lbs 7.00 lbs 6.50 lbs 6.20 lbsUrban Products Corporation uses a standard cost system. The company has established the following standard for the materials costs of one unit of product: Standard Standard Standard Cost Quantity 6.0 pounds Price $ 7.60/pound $45.60 During April, the company purchased 171,000 pounds of direct material at a total cost of $1,316,700. The company manufactured 31,000 units of product during April using 187,240 pounds of direct materials. What is the materials price variance for April? (Do not round intermediate calculations.) Your instructor has provided the following variance formulas for you: Direct Materials Variances Materials Price Variance: AQ(AP - SP) Materials Quantity Variance: SP(AQ - SQ)Chulak Company uses a standard costing system. The following data are available for the month: Actual quantity of direct materials purchased 25,000 pounds Standard price of direct materials $2 per pound Material price variance $2,500 unfavorable The actual price per pound of direct materials purchased during the month is
- Amalgamated Manipulation Manufacturing’s (AMM) standards anticipate that there will be 3 pounds of raw material used for every unit of finished goods produced. AMM began the month of May with 5,000 pounds of raw material, purchased 15,000 pounds for $19,500 and ended the month with 4,000 pounds on hand. The company produced 5,000 units of finished goods. The company estimates standard costs at $1.50 per pound. The materials price and efficiency variances for the month of May were: Price Variance Efficiency Variance 1. $3,000 U $1,500 F 2. $3,000 F $ 0 3. $3,000 F $1,500 U 4. $3,200 F $1,500 UOzark 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:Sheffield Company's standard materials cost per unit of output is $8.20 (2.00 pounds x $4.10). During July, the company purchases and uses 2,700 pounds of materials costing $14,580 in making 1,500 units of finished product. Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.) Total materials variance $ Materials price variance Materials quantity variance $ %24 %24