QUESTION 5 The actual cost of raw materials is $10.50 per pound. The budgeted cost of raw materials is $11.25 per pound. During the current period, 10,000 pounds were used in the production process. The standard usage for actual units produced is 9,800 pounds. Calculate the material price variances O$7,500 unfavorable O $7,350 favorable O $7,350 unfavorable $7,500 favorable

QUESTION 5 The actual cost of raw materials is $10.50 per pound. The budgeted cost of raw materials is $11.25 per pound. During the current period, 10,000 pounds were used in the production process. The standard usage for actual units produced is 9,800 pounds. Calculate the material price variances O$7,500 unfavorable O $7,350 favorable O $7,350 unfavorable $7,500 favorable

Name: QUESTION 5The actual cost of raw materials is $10.50 per pound. The b
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Description: QUESTION 5The actual cost of raw materials is $10.50 per pound. The budgeted cost of raw materials is $11.25 per pound. During the current period, 10,000pounds were used in the production process. The standard usage for actual units produced is 9,80

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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Question - 3: Multiple- Choice Questions The direct and indirect variances -:The materials price variance is -1 The standard costs of materials and labor for this product follow: Direct materials 11 lbs. @ $7.95 Direct labor 4 hrs. @ $9.40 During the first month of the year, 20,100 boards were produced. Information conceming actual costs and usage of materials and labor follows: Materials used 220,400 lbs. @ S8.05 Direct labor 79,900 hrs.; total cost: $759,050 $22,250 U (O $22,040 U O $771,400 U $650,180 U O PSC EN
Question I – Variances LAR Chemical Company manufactures a wide variety of chemical compounds and liquids for industrial uses. The standard mix for November’s production of 40,000 litres of Product “A” and the budgeted costs for that mix, are as follows: Liquid Chemical Quantity (in litres) Cost (per litre) Total Cost Maxan Xulon Cralyn 8,000 24,000 18,000 $2.00 $.75 $1.00 $16,000 18,000 18,000 The actual quantities of direct materials and the cost of the materials placed in production during November to product Product “A” were as follows (all materials purchased were used): Liquid Chemical Quantity (in litres) Total Cost Maxan Xulon Cralyn 8,480 25,200 18,520 52,200 $17,384 17,640 16,686 $51,710 A total of 40,000 good litres of Product “A” were produced during November. REQUIRED: Calculate the direct materials efficiency, mix, and yield variances for each raw material.
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QUESTION 2 The following data have been provided by Mathews Corporation: Budgeted production 6.900 units Standard machine-hours per unit 9.4 machine-hours Standard lubricants rate $1.20 per machine-hour Standard supplies rate $1.00 per machine-hour Actual production 7,000 units Actual machine-hours (total) 66.230 machine-hours Actual lubricants cost (total) $78.100 Actual supplies cost (total) $66.536 Lubricants and supplies are both elements of variable manufacturing overhead. The variable overhead rate variance for supplies is closest to: $306 U $736 U $430 U $736 F
p35 The direct labor time variance is
10-1
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How to calculate direct labor time variance
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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