Ruby Company produces a chair that requires 4 yards of material per unit. The standard price of one yard of material is $10.20. During the month, 4,700 chairs were manufactured, using 19,200 yards at a cost of $10.81 per yard. Enter favorable variances as negative numbers. (a) Determine the price variance. Favorable (b) Determine the quantity variance. Unfavorable (c) Determine the cost variance. Favorable %24

Ruby Company produces a chair that requires 4 yards of material per unit. The standard price of one yard of material is $10.20. During the month, 4,700 chairs were manufactured, using 19,200 yards at a cost of $10.81 per yard. Enter favorable variances as negative numbers. (a) Determine the price variance. Favorable (b) Determine the quantity variance. Unfavorable (c) Determine the cost variance. Favorable %24

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Description: Ruby Company produces a chair that requires 4 yards of material per unit. The standard price of one yard of material is $10.20. During the month,4,700 chairs were manufactured, using 19,200 yards at a cost of $10.81 per yard. Enter favorable varianc

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 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
A company developed the following per-unit standards for its product: 2 pounds of direct materials at $10 per pound. Last month, 3500 pounds of direct materials were purchased for $13300. The direct materials price variance for last month was O $13300 favorable. O $21700 favorable. O $21700 unfavorable. O $10850 favorable.
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
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. Light Company manufactures product Alpha and the following information has been provided for the month of December: Standard costs: Direct material C 4 kg @ sh. 80 Direct material D 6 kg @ sh. 40 Actual data: Direct material C 30,000kg @sh. 82 Direct material D 16,000kg @sh. 36 Actual number of units were 8,000 units. Required: What is the material yield variance? Select one: A. 464,000A B. 1,904,000F C. 1,440,000F D. None of the above
The production cost for a waterproof phone case is $9 per unit and fixed costs are $27,000 per month. How much is the favorable or unfavorable variance if 5,000 units were produced for a total of $71,600? Enter the amount as positive number. (favorable or unfavorable) variance _____?
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Frame It Up Inc manufactures picture frames. During the recent month, the company manufactured 1,510 picture frames using 479 direct labor hours. The company paid the direct labor workers a total of $10,000 for the month. Standards per picture frame for Frame It Up required 0.45 direct labor hours at a cost of $19.69 per hour. What is the direct labor efficiency variance? Enter a favorable variance as a positive number. Enter an unfavorable variance as a negative number.