FINANCIAL ACCOUNTING
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TB MC Qu. 16-66 (Algo) TaskMaster Enterprises employs...
TaskMaster Enterprises employs a
| Standard | Standard | Standard | ||||||||||
| Quantity | Price | Cost | ||||||||||
| Direct Materials | 7 | pounds | $ | 1.80 | per pound | $ | 12.60 | |||||
| Direct Labor | 0.20 | hour | $ | 7.00 | per hour | 1.40 | ||||||
| $ | 14.00 | |||||||||||
During November, TaskMaster purchased 175,000 pounds of direct materials at a total cost of $332,500. The total factory wages for November were $52,000, 80% of which were for direct labor. TaskMaster manufactured 23,000 units of product during November using 152,000 pounds of direct materials and 4,000 direct labor hours.
What is the direct materials efficiency variance for November?
Multiple Choice
-
$25,200
-
$17,500
-
$15,200
-
$16,200
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- Multiple Choice 21,200. 22,200. 25,500. 26,500.arrow_forwardPlease Explain Proper Step by Step and Do Not Give Solution In Image Format & Fast Answering Please Thanks In Advancearrow_forwardTB MC Qu. 8-74 (Algo) Bentwood Corporation uses the FIFO method in its... Bentwood Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work-in-process inventory: Units in beginning work-in-process inventory Material's costs 1,900 $ 36,100 $ 20,900 Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work-in-process inventory: Units in ending work-in-process inventory Percent complete with respect to materials Percent complete with respect to conversion 70% 25% 9, зе 8,100 $156, 200 $255,5e0 3,100 80% 35% What are the equivalent units for materlals for the month in the first processing department? Multiple Choice Activate Windowarrow_forward
- TB MC Qu. 14-140 (Static) Richards Company manufactures a single... Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Option A Option B Option C Option D Option E Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used $90,000 $92,000 $88,000 $88,000 $92,000 Multiple Choice Option A Option B Option C Option D Option E Cost of Goods Manufactured $293,000 $293,000 $263,000 $293,000 $263,000 Cost of Goods Sold $ 10,000 12,000 90,000 40,000 $283,000 $303,000 $283,000 $303,000 $293,000 25,000 130,000 60,000 55,000 45,000arrow_forwardPart B: Compute the cost per equivalent unit fir direct materials and conversion costs Please avoid solutions image based solutions thankuarrow_forwardTaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Standard Quantity 8 pounds 0.25 hour Standard Price $ 3.80 per pound $ 12.00 per hour Standard Cost $ 30.40 3.00 $ 33.40 During November, TaskMaster purchased 170,000 pounds of direct materials at a total cost of $663.000. The total factory wages for November were $62.000, 90% of which were for direct labor. TaskMaster manufactured 20,100 units of product during November using 150.750 pounds of direct materials and 5.200 direct labor-hours. What is the direct labor rate variance for November? Multiple Choice $1,874 $2,900 $6,600 54.200arrow_forward
- Subject : Accountingarrow_forwardTaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product Standard Quantity Standard Price Standard Cost Direct Materials 8 pounds $ 2.00 per pound $ 16.00 Direct Labor 0.25 hour $ 8.40 per hour 2.10 $ 18.10 During November, TaskMaster purchased 161.000 pounds of direct materials at a total cost of $338.100. The total factory wages for November were $44.000, 90% of which were for direct labor. TaskMaster manufactured 19.100 units of product during November using 143,250 pounds of direct materials and 5.020 direct labor hours. Is the direct materials price variance favorable or unfavorable? Multiple Choice Unfavorable The varlance Is zero and Is nether favorable nor unfavorable. Favorable There Is not enough information to determine.arrow_forwardTaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Standard Quantity Standard Price Standard Cost Direct Materials 8 pounds $ 1.90 per pound $ 15.20 Direct Labor 0.25 hour $ 8.20 per hour 2.05 $ 17.25 During November, TaskMaster purchased 160,500 pounds of direct materials at a total cost of $288,900. The total factory wages for November were $43,000, 90% of which were for direct labor. TaskMaster manufactured 19,000 units of product during November using 142,500 pounds of direct materials and 5,010 direct labor-hours. What is the direct labor rate variance for November?arrow_forward
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