Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,600 Ib. Actual unit price of direct materials $4.00 per Ib. Units of finished product manufactured 3.650 units Standard direct materials per unit of finished product 2 Ib. Direct materials quantity variance-unfavorable $1,260 Direct materials price variance-unfavorable $1,520 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit

Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 7,600 Ib. Actual unit price of direct materials $4.00 per Ib. Units of finished product manufactured 3.650 units Standard direct materials per unit of finished product 2 Ib. Direct materials quantity variance-unfavorable $1,260 Direct materials price variance-unfavorable $1,520 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit

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Description: Standard Direct Materials Cost per Unit from Variance DataThe following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys:Quantity of direct mater

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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Mountain Madness, a manufacturer of the hiking boots uses standard costing for the single product the company makes and sells. The following data are for the month of April: o Actual cost of direct material purchased and used: $87,807.50 o Material price variance: $5,665 favorable o Total materials variance: $220 favorable o Standard cost per pound of material: $8.25 per lb. o Standard cost per direct labor hour: $7.50 per hour o Actual direct labor hours: 5,500 hours o Labor efficiency variance: $1,650 unfavorable o Standard number of direct labor hour per unit of product: 2.40 hours/unit o Total labor variance: $5,775 unfavorable Determine the standard quantity of material allowed in producing one unit of product. Important: Present your number without units and round to two decimal places. For example if the answer is 11.25 lbs. per unit, simply record 11.25. Answer:
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Subject: Cost Accounting
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost
Subject: accounting
eBook Show Me How Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., organic toys: Quantity of direct materials used 6,000 lbs. Actual unit price of direct materials $6 per Ib. Units of finished product manufactured 2,880 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance-unfavorable $1,488 Direct materlals price variance-favorable $1,200 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at eitH beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished V units Standard finished product for direct materials used |X units Deficiency of finished product for materials used Xunits Standard cost for direct materials I x Xper unit Feedback icheck My…
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 5,800 lbs. Actual unit price of direct materials $3.90 per lb. Units of finished product manufactured 1,390 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $984 Direct materials price variance—favorable $1,160 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials…
A manufactured product has the following information for June. Standard Quantity and Coat 7 pounds 3 DLH 58 per pound 3 DLH Direct materials Direct labor Overhead Unita manufactured AH Actual Hours SH Standard Hours AR Actual Rate. SR Standard Rate $16 per DLH $11 per DL Actual Cost Actual Resulta 50,900 pounds 21,200 hours $ 243,000 7,200 unita 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.) $8.20 per pound $16.60 per hour Standard Cost
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The standard cost of Product B manufactured by Pharoah Company includes 2.6 units of direct materials at $5.30 per unit. During June, 27,400 units of direct materials are purchased at a cost of $5.05 per unit, and 27,400 units of direct materials are used to produce 10,400 units of Product B. (a) Compute the total materials variance and the price and quantity variances. Total materials variance $ Materials price variance $ Materials quantity variance $ (b) Compute the total materials variance and the price and quantity variances, assuming the purchase price is $5.40 and the quantity purchased and used is 26,900 units. Total materials variance $ Materials price variance $ Materials quantity variance $
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 6,700 lb. Actual unit price of direct materials $5.60 per Ib. Units of finished product manufactured 3,220 units Standard direct materials per unit of finished product 2 lb. Direct materials quantity variance-unfavorable $1,482 Direct materials price variance-unfavorable $670 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit