Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product:   Actual Costs   Standard Costs Direct material   7,800 lbs. @ $5.30   8,000 lbs. @ $5.10 Direct labor   12,400 hrs. @ $8.40   12,000 hrs. @ $8.70   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.

Direct Materials Variances The following data relate to the direct materials cost for the production of 2,100 automobile tires: Actual: 59,100 lbs. at $1.9 per lb.   Standard: 60,300 lbs. at $1.85 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 $fill in the blank 1   Direct Materials Quantity Variance $fill in the blank 3   Total Direct Materials Cost Variance $fill in the blank 5   b.  The direct materials price variance should normally be reported to the  . If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the  . 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  .

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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost

The following data relate to labor cost for production of 20,000 cellular telephones: 8,450 hrs. at $22.50 8,400 hrs. at $23.00 Actual: Standard: a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower training may have resulted in less ✔efficient performance. Thus, the actual time required was more 50 X Favorable Unfavorable Favorable V ✓ ✓ ✓labor rate than planned. The lower level of experience or ✓than standard.

Oriole Company's actual results reveal that it was profitable in the sale of its star product: a high-end spot-cleaning vacuum for upholstery. But it was not nearly as profitable as management had hoped. Oriole's actual income statement and master budget income statement are as follows. In order to keep the focus on product costs, SG&A costs were omitted. Units sold Revenues Variable costs DM DL Variable-MOH Contribution margin Fixed-MOH Operating income DM DL Input Variable-MOH Actual Results Fixed-MOH 10,000 $1,670,000 560,500 216,000 Here are the company's standard cost cards for each product cost. 130,500 763,000 306,000 $457,000 Quantity Standards 3.0 yards 1.6 hours 1.6 hours. Flexible Budget 1.6 hours Price Standards $18.00 per yard $11.00 per hour $7.50 per hour $15.50 per hour Master Budget 12,000 $2,076,000 648,000 211,200 144,000 1,072,800 297,600 $775,200 Standard Cost per Unit $54.00 $17.60 $12.00 $24.80

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

Subject: acounting

Subject : Accounting

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…