Solomon Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruitfollow.StandardActualAverage number of oranges per basketPrice per orange8.709.20x $0.30 x $0.25$2.30Cost of oranges per basket$2.61Solomon actually produced 26,400 baskets.Requireda. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U).b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U).(For all requirements, Select "None"there is no effect (i.e., zero variance).)a.Total materials price varianceb.Total materials usage variance

Name: Solomon Fruit Basket Company makes baskets of assorted fruit. The sta
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Description: Solomon Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruitfollow.StandardActualAverage number of oranges per basketPrice per orange8.709.20x $0.30 x $0.25$2.30Cost of oranges p

a) . Materials price variance = (Actual quantity * Actual price) - (Actual quantity * Standard…

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olomon Fruit Basket Company makes baskets pllow. Average number of oranges per basket Price per orange Cost of oranges per basket olomon actually produced 26,400 baskets. Eequired . Determine the materials price variance and in . Determine the materials usage variance and For all requirements, Select "None" if there is

olomon Fruit Basket Company makes baskets pllow. Average number of oranges per basket Price per orange Cost of oranges per basket olomon actually produced 26,400 baskets. Eequired . Determine the materials price variance and in . Determine the materials usage variance and For all requirements, Select "None" if there is

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 6PA: The Whizbang Company makes a special type of toy. Each top takes 6 ounces of a special material that...

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Stuart Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow. Standard Actual 9.40 Average number of oranges per basket Price per orange 9.00 x $0.30 x $0.25 Cost of oranges per basket $2.70 $2.35 Stuart actually produced 26,500 baskets. Required a. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). (For all requirements, Select "None" if there is no effect (i.e., zero variance).) a. Total materials price variance b. Total materials usage variance
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
Franklin Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow. Average number of oranges per basket Price per orange Cost of oranges per basket Standard 6.60 × $0.30 $ 1.98 a. Total materials price variance b. Total materials usage variance Actual 7.80 * $ 0.25 $ 1.95 Franklin actually produced 25,700 baskets. Required a. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U). Note: For all requirements, Select "None" if there is no effect (i.e., zero variance).
Feel soft Beauty cosmetics manufacturing company produces two products, Sunscreen and Moisturizer creams. The company gives the following information. Products Standard Quantity (Units) Standard Price ($) Actual Quantity (Units) Actual Price ($) Sunscreen 40 50 50 50 Moisturizer 60 40 60 45 Required to Calculate the following Feel soft Beauty cosmetics co. Material Price variance Material cost variance Material usage variance Explain the following variances. Sales mix variance Sales volume variance Explain the term divisional performance and explain any two common measures of divisional performance.
Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All materials used were bought during the current period. A. Compute the material and labor variances. B. comment on the results and possible causes of the variances.
Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. A. Compute the material and labor variances. B. Comment on the results and possible causes of the variances.
Dog Bone Bakery, which bakes dog treats, makes a special biscuit for dogs. Each biscuit uses 0.75 cup of pure semolina flour. They buy 4,000 cups of flour at $0.55 per cup. They use 3,550 cups of flour to make 4,750 biscuits. The standard cost per cup of flour is $0.53. A. What are the direct materials price variance, the direct materials quantity variances, and the total direct materials cost variance? B. What is the standard cost per biscuit for the semolina flour?
The Whizbang Company makes a special type of toy. Each top takes 6 ounces of a special material that costs $3 per ounce. Whizbang bought 4,000 ounces of the material at a cost of $11,300. They used 3,400 ounces to make 534 toys. Compute the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance.
Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?
Can you show me how this is done? How do I know if it is favorable or unfavorable? Warren Company manufactures pans. Below is the information related to its direct material costs: Standard amount of material used per pan 1.9 lb. Standard cost per lb $5.2 Actual amount of material used per pan 1.2 lb Actual cost per lb $4.5 Actual number of pans produced and sold 2,360 Warren’s direct material spending variance is $__________ Indicate the amount and whether it is Favorable or Unfavorable by placing F or U by amount, do not skip a space and do not use $ in your answer. For example, if your answer is $1,000 favorable, answer 1000F Selected Answer: 4,335 Correct Answer: 10,573 ± 2 (F)
Woody Company produces a product that requires 2 standard gallons per unit. The standard price is $20 per gallon. If 4,000 units required 8,200 gallons which were purchased at $19.75 per gallon, what is the direct materials: A. price variance B. quantity variance C. cost variance
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