Question 13 What would most likely prompt the following journal entry? Debit Credit Materials $1.430 DM price variance $830 Accounts payable $2.260 0.8 pts
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- --/1 14 Question 4 View Policies Current Attempt in Progress paid $2 a pound. The materials price variance was $5000 unfavorable. What is the standard price per pound? A company uses 20000 pounds of materials for which it O $2.00 O $2.25 O $1.75 O $0.25 hp 11 f1o f9 144 17 4- 16 15--/1 Question 25 View Policies Current Attempt in Progress If a company purchases raw materials on account for $18830 when the standard cost is $15900, it will O debit Materials Quantity Variance for $2930. O debit Materials Price Variance for $2930. O credit Material Quantity Variance for $2930. O credit Materials Price Variance for $2930. Chp ins f12 f11 f10 f9 f8 17 f6 f5 & %3D 00 TO 96Data Table AC × AQ SC × AQ SC × SQ $0.65 per pounds $0.30 per pounds $0.30 per pound × × × 7,600 pounds 7,600 pounds 7,200 pounds $4,940 $2,280 $2,160 Cost Efficiency Variance Variance $2,660 U $120 U . Record Smithson's direct materials journal entries. Assume purchases were made on account. 2. Explain what management will do with this variance information.
- -/1 Question 7 View Policies Current Attempt in Progress Swifty Corporation has a materials price standard of $2.00 per pound. 5100 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5100 pounds, although the standard quantity allowed for the output was 4900 pounds. Swifty Corporation's materials quantity variance is O $400 U. O $440 U. $400 F. $440 F. (hp 16 17 fe--/1 Question 13 View Policies Current Attempt in Progress A company purchases 15000 pounds of materials. The materials price variance is $9000 favorable. What is the difference between the standard and actual price paid for the materials? O $0.60 O $1.67 O $9.00 O $1.00 hp 12 f10 fg 144 f8 f7 16 15 4+--/1 Question 6 View Policies Current Attempt in Progress Crane Company has a materials price standard of $2.00 per pound. 4000 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4000 pounds, although the standard quantity allowed for the output was 3400 pounds. ort S. Crane Company's materials price variance is O $120 U. O $680 U. O $800 U. O $800 F. hp 110 fg 144 f8 f6 17 f5 00 II 96
- -/1 Question 8 View Policies Current Attempt in Progress Marigold Corp. has a materials price standard of $2.00 per pound. 5400 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5400 pounds, although the standard quantity allowed for the output was 4900 pounds. Marigold Corp.'s total materials variance is O $2180 U. O $2080 U. O $2180 F. O $2080 F. hp11.19 AM.jpeg A Edit & Create v QUESTION 1 Sea Eagle is a kayak manufacturer. For July 2021, Sea Eagle had the following standard costs for manufacturing one kayak: Standards per kayak Direct materials 4 kilograms of material at $10 per kilogram Direct manufacturing labour 0.5 hour of labour at $18 per hour The following data were compiled through the accounting system regarding actual performance in July 2021: Actual output units produced 5,000 kayaks Kilograms of direct materials purchased 18,000 kilograms Direct materials purchase price per kilogram $11 Kilograms of direct materials used 16,000 kilograms $36,900 Direct manufacturing labour costs 1,800 hours Actual hours of labour used $20.50 Labour rate per hour Click Save and Submit to save and submit. Click Save All Answers to save all answers. 11:26 30°C Rain showers 8/18/2 to searchRelevant information for material A follows: Actual quantity used Standard quantity allowed Actual price Standard price 6,500 lbs. 6,000 lbs. $3.80 $4.00 What was the direct material quantity variance for material A? $1,900 favorable. $2,000 unfavorable. $1,900 unfavorable. $2,000 favorable.
- Question – 2T he following information was taken from the books of MEHRAN MANUFACTURING CO.: STANDARD ACTUALMaterial 5,000 kg @ Rs. 10 4,800 kg @ 10Labour 1,000 Hours @ Rs. 18 1,200 Hours @ 16Factory Overhead Rs. 3,000 Rs. 3,600Required: 1] Compute the Following: a) Material Price Varianceb) Material Quantity Variance c) Labour Rate Varianced) Labour efficiency variance e) Overhead Variance2] Prepare the Journal Entries to record and close above variances.variance report LO P1, P2, P3, P4 3 of 4 [The following information applies to the questions displayed below) and overhead Skipped eBook ferences Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $6.00 Direct labor (1.7 hours $13.00 Overhead (1.7 hours $18.50 per hour Standard cost per unit $ 18.00 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials Indirect labor 15.000 Power Maintenance 000 $0.000 Total variable overhead costs 135,000 Fixed overhead costs Depreciation-Building 24.000 1701800 17.000 225.750 13361750 $ 471,750 Depreciation-Machinery Taxes and insurance Supervisory salaries Total fixed overhead costs Total overhead costs The company incurred the…--/1 Question 5 View Policies Current Attempt in Progress If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance? O $3000 U O $3900 F O $4350 U O $900 F hp 12 f10 fg 144 18 f7 f6 f5 4+