The following information is available for Waterway's Chocolates: Actual production 4,800 boxes Budgeted production 3,330 boxes Direct Materials Standard Actual 2 pounds of chocolate per box @ $5.00 per pound 8,600 pounds purchased @ $5.10 per pound 9,100 pounds used

The following information is available for Waterway's Chocolates: Actual production 4,800 boxes Budgeted production 3,330 boxes Direct Materials Standard Actual 2 pounds of chocolate per box @ $5.00 per pound 8,600 pounds purchased @ $5.10 per pound 9,100 pounds used

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Juicy Ltd. is a fruit juice manufacturer that uses a standard costing system and flexible budget for…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by…

A: Direct materials purchase budget is based on production needs and is prepared to predict the…

Q: Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary…

A: The standard direct material cost is average cost that is based on total cost incurred and number of…

Q: 10. Istanbul company, developed standard costs for direct material and direct labor. In 2021, Ahmet…

A: Labor efficiency variance= (Standard hours - Actual hours) * standard rate

Q: Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary…

A: Standard Cost: Standard cost is the estimated cost of a process, resource, or item that is used in…

Q: Standard Direct Materials Cost per Unit Truly Delicious Inc. produces chocolate bars. The primary…

A: The standard cost represents the budgeted cost. The standard cost and actual cost are different. The…

Q: Use the following standard cost and actual information to calculate the cost of 1 gallon of ice…

A: The difference between the actual and expected labor costs is measured by the labor rate variance.…

Q: Fairy Godmother Inc. (FGI) makes two products: Glass Slippers and Crystal Balls. FGI estimates they…

A: Lets understand the basics.When management have scarcity in input to complete all production…

Q: (a) Calculate the direct materials price and quantity variances. (Round answers to 0 decimal p…

A: Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

Q: Gr8bean manufactures various coffee flavours which are sold in jars. The company has set the…

A: Workings :- 1) Calculation of standard cost of direct materials for 1 box :- Standard cost for 4 500…

Q: Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary…

A: Cost per Bar = Total Cost / Number of Bars Total Cost = Quantity of each Ingredient * Price of each…

Q: Desmond Desmond makes a single product for which the standard cost card is as follows: £…

A: An accounting term known as operational income quantifies the amount of profit made from a company's…

Q: Selling price: £7.50 per unit Direct materials: Paper 125 pages @ £0.005 per page Plastic 0.075 kg @…

A: Budget is an estimation of expenses and revenues over a future period which needs to be rechecked…

Q: The following information is available for Sheffield's Chocolates: Actual production Budgeted…

A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…

Q: 8. Madison Corporation manufactures and sells two products. Alpha and Beta. Madison's accounting…

A: Budgets are the estimates or forecasts that are made for future period. Production budget shows…

Q: (a) Calculate the material price variance (b) Calculate the material quantity variance (c) Calculate…

A: Material Price Variance =( Standard Price - Actual Price )× Actual Quantity Material Quantity…

Q: The Brite Beverage Company bottles soft drinks into aluminum cans. The manufacturing process…

A: Cost of Production- Cost for Production refers to entire expenses which are experienced within the…

Q: Real Cool produces air conditioners in two departments: Assembly and Finishing. Budgeted information…

A: Overhead rate is the rate used to allocate manufacturing overhead cost to cost object. It is…

Q: So what is the BUDGETED MANUFACTURING COST FOR ONE UNIT: Direct Materials Variable Costs per unit:…

A: The question is based on the concept of Cost Accounting.

Q: On January 1, 2022, the Tamarisk Company budgeted the following for the year ended December 31,…

A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…

Q: (b) Calculate the material quantity variance

A: Material quantity variance is also known as material usage variance. Formula: = ( Standard quantity…

Q: Liverpool Manufacturing Limited developed the following standard costs for direct material and…

A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…

Q: The Outdoor Vest company has provided the following information about their product Budget or…

A: Direct labor efficiency variance: Direct labor efficiency variance is found to analyze and check…

Q: STANDARD COST CARD Product: Gallon of Ice Cream Manufacturing Cost Information Standard Standard…

A: Labour cost variance = Standard Cost - Actual Cost = (SRx SH) -(AHx AR)SR= Standard RateSH =…

Q: d Support Departments eet General Power Factory Purchasing Shampoo Conditioner $90,000 $314,000…

A: Lets understand the basics.Support department cost can be allocated using,(1) Direct method(2) Step…

Q: Blue Box Beach Chairs has the following standards to make beach chairs: Direct materials Direct…

A: Standard for 1 Chair Pound Cost P.U Total Cost Pound Cost P.U Total Cost…

Q: Standard Quantities Allowed of Labor and Materials Miel Company produces ready-to-cook oatmeal. Each…

A: Variance is regarded as a change between the expected value and the actual result. Variance can be…

Q: The inventory of musk oil at the end of a quarter must be equal to 20% of the followin grams of musk…

A: The direct materials budget is prepared by the business entities for the purpose of computing the…

Q: Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are…

A: The total cost of direct materials would be calculated as sum of costs for cocoa, sugar and milk.…

Q: Prepare the monthly MOH budget for the upcoming first quarter for Vaughn's sling bag business…

A: Budgeting is the process of making estimates or forecasts for future period. It includes several…

Q: The total number of units that National Co. needs to produce and sell in order to break-even is

A: Contribution margin is calculated as sales less variable cost OR fixed costs add profit margin. In…

Q: Standard Direct Materials Cost per Unit Truly Delicious Inc. produces chocolate bars. The primary…

A: The variance is the resulting amount of applied cost and actual cost. The applied cost is calculated…

Q: Gr8bean manufactures various coffee flavours which are sold in jars. The company has set the…

A: Material quantity variance is the deviation between the actual material used and the standard…

Q: Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary…

A: Introduction: Management estimates the standard costs for the product to be manufactured to control…

Q: Direct Method and Overhead Rates Jasmine Company manufactures both shampoo and conditioner, with…

A: A strategy for allocating the expense of service departments to other areas of a company is called…

Q: Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary…

A: Introduction: Direct materials are the fundamental components of produced goods. Businesses track…

Q: Standard Direct Materials Cost per Unit Roanoke Company produces chocolate bars. The primary…

A: Standard cost = Quantity x Price

Q: Prepare the material usage variance Explain why (sometimes) a favorable usage variance may cause…

A: Direct Material Usage Variance shows the deviation of actual raw material used from the budgeted…

Q: Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units…

A: The following formula used as follows:-Prime cost= direct materials cost + direct labor cost

Q: Itern Cost per Unit Classification M&M's $2.00 Product Mixed Nuts $1.00 Product Dried Fruits…

A: The objective of the question is to create a master budget for the next quarter using the given…

Q: Use the following standard cost and actual information to calculate the cost of 1 gallon of ice…

A: Cost accounting is the method used by manufacturing businesses to understand the cost incurred in…

Q: Standard Cost of Product A: Php Materials (5kgs x Php10 per kg) 50 Labor (4 hrs. x Php 5 per hour)…

A: Material price variance = (Standard price ×Actual quantity) - Actual cost

Q: Use the following standard cost and actual information to calculate the cost of 1 gallon of ice…

Q: 3.C. Rose Delight Co. produces different types of delights, Red Rose, Blue Rose and White Rose…

A: Variance is the difference in the value of budgeted cost\quantity\price and the actual…

Question

The following information is available for Waterway's Chocolates:
Actual production
4,800 boxes
Budgeted production 3,330 boxes
Direct Materials
Standard
Actual
2 pounds of chocolate per box @ $5.00 per pound
8,600 pounds purchased @ $5.10 per pound
9,100 pounds used
(a) Calculate the direct materials price and quantity variances.
Direct material price variance
Direct material quantity variance
$
$

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,143 bars) are as follows: Ingredient Quantity Price Cocoa 510 lbs. $0.40 per lb. Sugar 150 lbs. $0.60 per lb. Milk 120 gal. $1.30 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$per bar
dont uplode any images in answer
The following information is available for Swifty's Chocolates: Actual production 2,550 boxes Budgeted production 3,600 boxes Direct Materials Standard Actual 4 pounds of chocolate per box @ $6.00 per pound 8,900 pounds purchased @ $6.10 per pound 9,400 pounds used (a) Calculate the direct materials price and quantity variances. Direct material price variance Direct material quantity variance $ $
Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs. 8 lbs. $7.25 Sugar 10 lbs. 14 lbs. 1.40 Standard labor time 0.50 hr. 0.60 hr. Dark Chocolate Light Chocolate Planned production 4,700 cases 11,000 cases Standard labor rate $15.50 per hr. $15.50 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 5,000 10,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $7.33 140,300 Sugar 1.35 188,000 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.25 per hr. 2,360 Light chocolate 15.80 per hr. 6,120 this is all the information i have and i need help calulating the direct labor time variance
Activity Cost Driver Chosen asAllocation Base Conversion Cost Per Unit ofAllocation Base Materials handling Number of parts $1.00 Machining Machine hours 60.00 Packaging Number of finished units 2.00 Each windsock requires three parts and spends five minutes in the machining department. The total cost of direct materials and direct labor is $3.50 per windsock. Gale produces 20,000 windsocks each year and sells them at 140% of cost. The selling price per windsock is: Question 8 options: $13.50. $18.90. $16.10. $88.20.
Don't give answer in image format
Standard Direct Materials Cost per Unit Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (1,730 bars) are as follows: Ingredient Quantity Price Cocoa 570 lbs. $0.30 per lb. Sugar 180 lbs. $0.60 per lb. Milk 150 gal. $1.60 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.
ll.2
Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,800 bars) are as follows: Ingredient Quantity Price Cocoa 540 lbs. $0.30 per lb. Sugar 150 lbs. $0.60 per lb. Milk 120 gal. $1.40 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$per bar
QUESTION A company manufactures a food product data for which for one week has been analyzed as follows:Standard cost data: KDirect materials: 10 units at K1.50 15Direct wages: 5 hours at K4.00 20Production overhead: 5 hours at K5.00 2560Other overhead may be ignored.Profit margin is 20% of sales Price.Budgeted sales are K30,000 per week.Actual data:Sales K29,880Direct materials K6,435Direct wages K8,162Analysis of variances;Adverse FavourableDirect materials price 585Usage 375Direct labour: rate 318Efficiency 180Production overhead: expenditure 200Volume 375BBAC 212 ASSIGNMENT ONE SEMISTER 2 2021It can be assumed that the production and sales achieved resulted in no changes of stock.REQUIRED;From the data given, to calculate: (i) the actual output; (ii) the actual profit; (iii) the actualn price per unit of material (iv) actual labour rate per hour; (v) the amount of production overhead incurred; (vi) the amount of overhead absorbed; (vii) the amount of production efficiency variance;…
Please do not give solution in image format thanku
Production data for 1 sinatra Materials 2.4 kg and £3 per kg Direct labour 1.5 hours at £5 per hour Variable overhead rate £4 per direct labour hour Fixed overhead absorption rate £7 per direct labour hour Budgeted production 5,000 sinatras The marginal cost of a sinatra is A £7.50 B £14.70 C £20.70 D £31.20