Question 1--/1View PoliciesCurrent Attempt in ProgresstIn producing product ZZ, 14,800 direct labor hours wereused at a rate of $8.20 per hour. The standard was 15,000hours at $8.00 per hour. Based on this data, the direct laborO price variance is $3,000 unfavorable.O quantity variance is $1,600 unfavorable.O price variance is $2,960 favorable.O quantity variance is $1,600 favorable.hp

Labor VariancesLabor rate Variance = (Actual rate – Standard rate)* Actual hoursLabor Efficiency…

Answered: Question 1 --/1 View Policies Current…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor houre allowed Actual quantity purchaned in October Actual direet labor hours Actual quantity used in October Direct labor rate variance $ 3.00 per lb. $8.20 per hour $ 2.80 per lb. 1,040,000 lba. 21,000 1,295,000 lbs. 17,000 1,070,000 lbs. $6, 120 F Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficlency variance for October. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Req 4 Req 5 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity varlance based on quantity used. (Indicate the effect of each variance by…
Chapter 6 Question 8 Please help me with parts E,F, and G
5
Question Content Area Myers Corporation has the following data related to direct materials costs for November: actual cost for 4, 690 pounds of material at $5.30 and standard cost for 4, 410 pounds of material at $6.30 per pound. The direct materials price variance is a. $1,764 favorable b. $4,690 favorable c. $1,764 unfavorable d. $4,690 unfavorable
Question 8.2 The following materials standards have been established for product Wand: Standard quantity per unit of output 10.0 kilograms Standard price $16.20 per kilograms The following data pertains to operations concerning product Wand for the last month: Actual materials purchased 7,300 kilograms Actual cost of materials purchased $120,000 Actual materials used in production 7,122 kilograms Actual output 740 units Required: What is the materials price variance for the month? What is the materials quantity variance for the month?
Question 40
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Question 3: Calculate the variance for the given data: a) The standard mix to produce one unit of product is as follows: Material A 60 units @ $ 10 per unit Material B 80 units @$ 15 per unit Material C 100 units @ $ 20 per unit During the month of July, 10 units were actually produced and consumption was as follows: Material A 640 units @S 7.50 per unit Material B 950 units @ $ 18.00 per unit Material C 870 units @ $ 22.50 per unit Calculate material variances. b) Standard wage rate is Rs.3 per hour and standard time is 10 hours. But actual wage rate is Rs. 3.5per hour and actual hours used are 12 hours. Calculate Labor cost variance.
--/1 Question 16 View Policies Current Attempt in Progress Clark Company manufactures a product with a standard direct labor cost of two hours at $18 per hour. During July, 1400 units were produced using 3200 hours at $18.30 per hour. The labor quantity variance was port O $7320 U. O $7320 F. O $7200 U. O $6480 U. hp ins fiu f10 prt s fg f7 f8 f6 f5 +. & 96. 80 7 %D Y н TO 96
Current Attempt in Progress Blossom Company's standard labor cost of producing one unit of Product DD is 3.40 hours at the rate of $10.50 per hour. During August, 42,900 hours of labor are incurred at a cost of $10.70 per hour to produce 12,400 units of Product DD. (a) Compute the total labor variance. Total labor variance $ (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance $ (c) $ Labor price variance 16350 Compute the labor price and quantity variances, assuming the standard is 3.6 hours of direct labor at $10.85 per hour. $ Labor quantity variance $ Unfavorable

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