reported for the production of l100,000 toy boats:Direct material variances-solving for price and usage variancesrecently implemented a standard cost system and has designed the system to isolateFiberworks Company is a manufacturer of fiberglass toy boats. The company hasFue ly implemented a standard cost system and has designed the system to isolatesiances as soon as possible. During the month of May, the following results werenorted for the production of 100,000 toy boats:Direct materials (fiberglass) purchased ... . .Direct materials issued into production.200,000 pounds180,000 poundsStandard pounds allowed per boat1.75 poundsStandard price per pound....Cost of fiberglass purchased ..$7.00$1,420,000..Required:a. Calculate the actual cost per pound of fiberglass purchased during May.b. Calculate the direct materials purchase price variance for May.C. Calculate the direct materials usage variance for May.d. Comment on calculating the material price variance based on pounds purchasedrather than pounds issued into production.

Name: reported for the production of l100,000 toy boats:Direct material var
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: reported for the production of l100,000 toy boats:Direct material variances-solving for price and usage variancesrecently implemented a standard cost system and has designed the system to isolateFiberworks Company is a manufacturer of fiberglass toy

Standard cost system:- Standard Cost System (SCS) is a system used by manufacturers to have a…

Business

Accounting

Required: a. Calculate the actual cost per pound of fiberglass purchased during May. b. Calculate the direct materials purchase price variance for May. C. Calculate the direct materials usage variance for May. 1on pounds pu

Required: a. Calculate the actual cost per pound of fiberglass purchased during May. b. Calculate the direct materials purchase price variance for May. C. Calculate the direct materials usage variance for May. 1on pounds pu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 AH = Actual Hours SH Standard Hours AR = Actual Rate SR = Standard Rate Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units Standard Cost
Please do not give solution in image format thanku
Sexson Corporation uses a standard cost system. The following information pertains to direct materials for the month of May. Standard price per lb. $12.00 Actual purchase price per lb. $11.00 Quantity purchased 6,200 lbs. Quantity used 5,900 lbs. Standard quantity allowed for actual output 6,000 lbs. Actual output 1,000 units Sexson reports its material price variances at the time of purchase. What is the standard quantity of direct materials per unit for Sexson Corporation? Group of answer choices 6.00 lbs 7.00 lbs 6.50 lbs 6.20 lbs
Subject: acounting
Please provide answer in text (Without image)
The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.9 pounds $13.70 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 5,550 pounds $63,380 5,050 pounds 750 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month? Multiple Choice $5,710 U $15,702 U $18,838 U $6,850 U
please answer all with working please answer in text . answer all please please please 1. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for none effect.) 2. What is the materials quantity variance for March? 3. If Preble had purchases 182,000kg of materials at $7.40 per kg and used 160,000kg in productions, what would be the materials price variance efficiency for March? 4. If Preble had purchases 182,000kg of materials at $7.40 per kg and used 160,000kg in productions, what would be the materials quantity variance efficiency for March? 5. What is the labour rate variance for March? 6. What is the labour efficiency for March?
The following materials standards have been established for a particular product:Standard quantity per unit of output 2.6 metersStandard price $10.55 per meterThe following data pertain to operations concerning the product for the last month:Actual materials purchased 6,000 metersActual cost of materials purchased $59,400Actual materials used in production 5,600 metersActual output 2,200 unitsQuestion: What is the materials quantity variance for the month? (label whether favorable or unfavorable; no dollar sign and comma)
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 unitMaterial B 80 units @ $ 15 per unitMaterial C 100 units @ $ 20 per unitDuring the month of July, 10 units were actually produced and consumption was as follows:Material A 640 units @ $ 7.50 per unitMaterial B 950 units @ $ 18.00 per unitMaterial C 870 units @ $ 22.50 per unitCalculate 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.
can you help please thank your for your time :)
Use this information to answer the question that follow.The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.93; actual, $2.04Standard yards per unit: standard, 4.61 yards; actual, 5.10 yardsUnits of production: 9,500Calculate the direct materials price variance. a. $1,045.00 unfavorable b. $4,817.45 favorable c. $5,329.50 unfavorable d. $5,329.50 favorable
Please help me with all answers thanku