Simba Company’s standard materials cost per unit of output is $9.40 (2.00 pounds x $4.70). During July, the company purchases and uses 3,080 pounds of materials costing $16,632 in making 1,400 units of finished product. Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.) Total materials variance   $enter a dollar amount rounded to 0 decimal places    select an option                                                           UnfavorableNeither favorable nor unfavorableFavorable Materials price variance   $enter a dollar amount rounded to 0 decimal places    select an option                                                           Neither favorable nor unfavorableFavorableUnfavorable Materials quantity variance   $enter a dollar amount rounded to 0 decimal places    select an option                                                           UnfavorableFavorableNeither favorable nor unfavorable

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Standard Price Standard or Rate $2.30 per pound $8.50 per hour Hours Cost Direct materials 7.40 pounds $17.02 Direct labor 0.90 hours $ 7.65 During the most recent month, the following activity was recorded: a. 21,500.00 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 2,000 hours of direct labor time were recorded at a total labor cost of $21,000. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations…

Sheridan Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $3.30 per pound) Direct labor (1 hours at $12.00 per hour) $26.40 $12.00 During the month of April, the company manufactures 240 units and incurs the following actual costs. Direct materials purchased and used (2,300 pounds) $8,050 Direct labor (280 hours) $3,304 Compute the total, price, and quantity variances for materials and labor. Total materials variance $ Materials price variance $ Search

Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 3 pounds of material at $14 per pound, and labor standards are 4 hours of labor at a standard wage rate of $11. During July Regent Corp. produced 3,300 units. Materials purchased and used totaled 10,100 pounds at a total cost of $142,650. Payroll totaled $146,780 for 13,150 hours worked. a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) Price Variance b. Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) Quantity Variance

At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 440,000. Materials purchased: 3,080,000 pounds @ $5.60. Materials used: 2,640,000 pounds. Direct labor: 968,000 hours @ $14.16. Required: 1.  Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance $fill in the blank 1   Material usage variance $fill in the blank 3   2.  Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance $fill in the blank 5   Labor efficiency variance $fill in the blank 7

The standard cost of product B manufactured by Waterway Company includes 3 units of direct materials at $5.55 per unit. During June, the company purchases 29,000 units of direct materials at a cost of $5.22 per unit and uses 29,000 units of direct materials to produce 9,500 units of product B. Calculate the materials variance, and the price and quantity variances, assuming the purchase price is $5.72 and the quantity purchased and used is 28,000 units. Materials variance Materials price variance Materials quantity variance

A

harp Company manufactures a product for which the following standards have been set:   Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $45,240, all of which were used in the production of 2,190 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500. The following variances have been computed for the month: Materials quantity variance $ 1,950 U Labor spending variance $ 3,030 U Labor efficiency variance $ 780 U Required: For direct materials: Compute the actual cost per foot of materials for March. Compute the price variance and the spending variance. For direct labor: Compute the standard direct labor rate per hour. Compute the standard hours allowed for the month's production. Compute…

Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.6 units of material per pair of shoes. During July, Sole Purpose Shoe Company incurred actual direct materials costs of $63,101 for 7,090 units of direct materials in the production of 2,175 pairs of shoes. Complete the following table, showing the direct materials variance relationships for July for Sole Purpose Shoe Company.   If required, round your answers to two decimal places. When entering variances, use a negative number for a favorable cost variance, and a positive number for an unfavorable cost variance. Actual Cost           Standard Cost Actual Quantity X Actual Price   Actual Quantity X Standard Price   Standard Quantity X Standard Price   X       X             =          =          =               Direct Materials     Variance:          Direct Materials    Variance:                                          Total Direct Materials     Variance:

The following materials standards have been established for a particular product: Standard quantity per unit of output 4.3 meters Standard price per meter $18.60 The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials 7,100 meters $138,805 purchased Actual materials used in 6,600 meters production Actual output What is the materials price variance for the month? 1,500 units Multiple Choice $2,933 U $6,745 U $7,600 U $12,345 U