Ruby Company produces a chair for which the standard specifies 7 yards of material per unit. The standard price of one yard of material is $14.60. During the month, 8,000 chairs were manufactured, using 54,900 yards at a cost of $13.72 per yard. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance $ $ 48,312 16,060 64,372 Favorable Favorable Favorable

Ruby Company produces a chair for which the standard specifies 7 yards of material per unit. The standard price of one yard of material is $14.60. During the month, 8,000 chairs were manufactured, using 54,900 yards at a cost of $13.72 per yard. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance $ $ 48,312 16,060 64,372 Favorable Favorable Favorable

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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Ruby Company produces a chair for which the standard specifies 7 yards of material per unit. The standard price of one yard of material is $10.60. During the month, 4,800 chairs were manufactured, using 33,300 yards at a cost of $10.07 per yard. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance
Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard. Determine the following: Enter favorable variances as negative numbers. a. Price Variance $fill in the blank 1 b. Quantity Variance $fill in the blank 3 c. Cost Variance $fill in the blank 5
A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual units produced $ 8 per unit 60,000 units $ 540,000 Actual cost of direct materials used Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Direct materials variance 49°F Sunny (hp
Blossom, Inc. purchased 1.930 pounds of direct materials at a price of $1.50 per pound. The standard price of the material is $1.60 per pound. Blossom used 1,730 pounds in production while the standard pounds allowed for actual production was 1,530. Calculate the direct materials price and quantity variances and indicate whether the variances are favorable or unfavorable. Direct materials price variance Direct materials quantity variance $
The direct material quantity variance last month in the production of nail filers by Rudman Pte Ltd. was $1,494 Favorable. The direct material purchased and used was 70,000 cubic yards, while the standard quantity for the output amount was 70,200 cubic yards. The cost of the month's purchased direct materials was $573.206. What was the month's direct material price variance?$ ✓ Unfavorable Favorable
Bellingham Company produces a product that requires seven standard pounds per unit. The standard price is $5 per pound. If 6,300 units used 42,300 pounds, which were purchased at $5.2 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Can you show me how this is done? How do I know if it is favorable or unfavorable? The standard cost of Product B includes 2 units of DM at $4 per unit. During June, 20,315 units of Dm were purchased and used at a cost of $3.6 per unit to produce 10000 units of Product B. Compute the variance requested below and indicate whether the variance is favorable or unfavorable, by indicating U or F. Place the letter by the number, DO NOT add a space. Example, if the variance is 100 unfavorable, enter 100U (DO NOT PUT 100 U) The Direct Materials Quantity variance is $ Selected Answer: 5,643 Correct Answer: 1,260 ± 2 (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?
Ruby Company produces a chair for which the standard specifies 5 yards of material per unit. The standard price of one yard of material is $7.60. During the month, 8,500 cha manufactured, using 40,000 yards at a cost of $7.50. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance b. Direct materials quantity variance c. Total direct materials cost variance Favorable Unfavorable Previous Next
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Oriole Company's actual results reveal that it was profitable in the sale of its star product: a high-end spot-cleaning vacuum for upholstery. But it was not nearly as profitable as management had hoped. Oriole's actual income statement and master budget income statement are as follows. In order to keep the focus on product costs, SG&A costs were omitted. Units sold Revenues Variable costs DM DL Variable-MOH Contribution margin Fixed-MOH Operating income DM DL Input Variable-MOH Actual Results Fixed-MOH 10,000 $1,670,000 560,500 216,000 Here are the company's standard cost cards for each product cost. 130,500 763,000 306,000 $457,000 Quantity Standards 3.0 yards 1.6 hours 1.6 hours. Flexible Budget 1.6 hours Price Standards $18.00 per yard $11.00 per hour $7.50 per hour $15.50 per hour Master Budget 12,000 $2,076,000 648,000 211,200 144,000 1,072,800 297,600 $775,200 Standard Cost per Unit $54.00 $17.60 $12.00 $24.80