The following company information is available for March. The direct materials price variance is: Direct materials purchased and used Standard costs for direct materials for March production Multiple Choice $9,200 unfavorable. $9,200 favorable. 4,500 feet @ $98 per foot 4,600 feet @ $96 per foot

The following company information is available for March. The direct materials price variance is: Direct materials purchased and used Standard costs for direct materials for March production Multiple Choice $9,200 unfavorable. $9,200 favorable. 4,500 feet @ $98 per foot 4,600 feet @ $96 per foot

Name: 2The following company information is available for March. The direct
Uploaded: 2024-03-20T06:33:06.000Z
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Description: 2The following company information is available for March. The direct materials price variance is:Direct materials purchased and usedStandard costs for direct materials for March productionMultiple Choice$9,200 unfavorable.$9,200 favorable.$9,000 fa

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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Can you answer both of these questions
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 6,500 lbs. Actual unit price of direct materials $5.9 per lb. Units of finished product manufactured 3,120 units Standard direct materials per unit of finished product 2 lbs. Direct materials quantity variance—unfavorable $1,586 Direct materials price variance—favorable $1,300 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 fill in the blank 1 units Standard finished product for direct materials used fill in the blank 2 units Deficiency of finished product for materials used fill in…
Use the information provided to answer the questions. Actual price paid per pound of material $14.00 Total standard pounds for units produced this period 12,400 Pounds of material used 13,150 Direct materials price variance favorable $3,945.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $fill in the blank 1 B. What is the direct materials quantity variance? Direct materials quantity variance $fill in the blank 2 C. What is the total direct materials cost variance? Total direct materials cost variance $fill in the blank 4 D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $fill in the blank 6
Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance
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Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 7,800 lbs. @ $5.30 8,000 lbs. @ $5.10 Direct labor 12,400 hrs. @ $8.40 12,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer a. Materials price Answer Answer b. Materials efficiency Answer Answer Labor Variances Actual cost: Answer Split cost: Answer Standard cost: Answer c. Labor rate Answer Answer d. Labor efficieny Answer Answer
nformation about direct materials cost follows for a local company: Standard price per materials gram $ 20 Actual quantity used 2,760 grams Standard quantity allowed for production 2,900 grams Price variance $ 19,320 F Required: What was the actual purchase price per gram?