The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.9 pounds $13.70 per pou The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production 5,550 pounds $63,380 5,050 pounds Actual output 750 units The direct materials purchases variance is computed when the materials are purchased.

The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.9 pounds $13.70 per pou The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production 5,550 pounds $63,380 5,050 pounds Actual output 750 units The direct materials purchases variance is computed when the materials are purchased.

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Description: The following materials standards have been established for a particular product:Standard quantity per unit of outputStandard price4.9 pounds$13.70 per poundThe following data pertain to operations concerning the product for the last month:Actual ma

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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The standard costs and actual costs for direct materials for the manufacture of 2,800 actual units of product are as follows: Standard CostsDirect materials 1,040 kilograms at $8.51 Actual CostsDirect materials 2,800 kilograms at $8.05 The direct materials price variance is a. $478 favorable b. $478 unfavorable c. $1,288 favorable d. $1,288 unfavorable
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Riza Company uses a standard cost system. Information for raw materials for Product DEF for the month of August follows:Standard price per pound of raw materials $1.60Actual purchase price per pound of raw materials $1.55Actual quantity of raw materials purchased 2,000 poundsActual quantity of raw materials used 1,900 poundsStandard quantity allowed for actual production 1,800 poundsQuestion: What is the materials purchase price variance? (label whether favorable or unfavorable; no dollar sign and comma)
The following materials standards have been established for a particular product: Standard quantity per unit of output 4.7 pounds Standard price $ 13.50 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 5,250 pounds Actual cost of materials purchased $ 63,180 Actual materials used in production 4,750 pounds Actual output 730 units The direct materials purchases variance is computed when the materials are purchased. What is the materials quantity variance for the month?
The following data relate to direct materials costs for February:Materials cost per yard: standard, $1.91; actual, $2.04Yards per unit: standard, 4.70 yards; actual, 5.08 yardsUnits of production: 9,000The direct materials price variance is a.$5,499.00 favorable b.$1,170.00 unfavorable c.$5,943.60 favorable d.$5,943.60 unfavorable
The following labor standards have been established for a particular product: Standard labor hours per unit of output 8.1 hours Standard labor rate $14.40 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 8,700 hours Actual total labor cost $129,195 Actual output 1,000 units What is the labor rate variance for the month? Group of answer choices $3,915 U $450 U $450 F $3,915 F
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The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 4,900 lb. @ $5.85 5,000 lb. @ $5.90 2,000 hrs. @ $20.00 Direct Material Direct Labor 1,900 hrs. @ $20.50 Determine the labor efficiency variance. Select one: a. $2,000 F b. $2,000 U c. $2,050 F d. $2,050 U e. None of the above
The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.91; actual, $2.03 Yards per unit: standard, 4.60 yards; actual, 4.97 yards Units of production: 9,500 The direct materials quantity variance is O a. $6,713.65 favorable b. $7,135.45 unfavorable O c. $6,713.65 unfavorable O d. $7,135.45 favorable
Information concerning Johnston Company's direct materials costs is as follows: Standard price per pound $ 8.05 Actual quantity purchased 3,450 pounds Actual quantity used in production 3,350 pounds Units of product manufactured 860 Materials purchase-price variance–favorable $ 1,015 Budget data for the period: Units to manufacture 1,160 Units of direct materials 4,640 pounds The actual purchase price per pound of direct materials was: $7.72. $8.34. $8.72. $8.09. $7.76.
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $4 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material Direct labor $ 8.00 $13.00 50,000 gallons @ $3.90 per gallon 23,500 hours @ $12.75 per hour The direct material usage variance was:
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