The standard costs and actual costs for direct materials for the manufacture of 2,000 actual units of product are as follows: Standard Costs Direct materials 2,000 kilograms at $8.70 Actual Costs Direct materials 2,100 kilograms at $8.20 The direct materials quantity variance is a.$870 unfavorable b.$696 unfavorable c.$696 favorable d.$870 favorable

Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows: Line Item Description Standard Costs Actual Costs Direct materials 189,000 lbs. at $4.60 per lb. 187,100 lbs. at $4.40 per lb. Direct labor 17,500 hrs. at $18.30 per hr. 17,900 hrs. at $18.70 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 18,260 direct labor hrs.:   Factory overhead    Variable cost, $3.40 $58,910 variable cost Factory overhead    Fixed cost, $5.40 $98,604 fixed cost Each unit requires 0.25 hour of direct labor. Required: a.  Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an…

Coronado Industries has a materials price standard of $2 per pound. 5000 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5000 pounds although the standard quantity allowed for the output was 4300 pounds. Coronado Industries's materials price variance is O $1000 U. O $1000 F. O $140 U. O $860 U. Save for Later O 6: ( 199 C Attempts: 0 of 1 used Submit Answer 55°F

1. The standard and actual prices per pound of raw material are $4.00 and $4.50, respectively. A total of 10,500 pounds of raw material was purchased and then used to produce 5,000 units. The quantity standard allows two pounds of the raw material per unit produced. What was the materials quantity variance? a. $5,000 unfavorable b. $5,000 favorable c. $2,000 favorable d. $2,000 unfavorable 2. Referring to the facts in question 1 above, what was the material price variance? a. $5,250 favorable b. $5,250 unfavorable c. $5,000 unfavorable d. $5,000 favorable

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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Standard Costs Actual Costs Direct materials 199,800 lbs. at $5.90 197,800 lbs. at $5.70 Direct labor 18,500 hrs. at $16.50 18,930 hrs. at $16.90 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $2.90 $53,110 variable cost Fixed cost, $4.60 $88,826 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total…

The Russell Company provides the following standard cost data per unit of product:          Direct material (2 gallons @ $3 per gallon) $ 6.00   Direct labor (2 hours @ $12 per hour) $ 24.00      During the period, the company produced and sold 32,000 units incurring the following costs:                Direct material 61,000 gallons @ $ 2.90 per gallon Direct labor 59,500 hours @ $ 12.05 per hour    The direct material usage variance was:

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?

Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows:

The standard cost card for product Alpha is as follows:       £ Direct material 5kg@ £11.50 per kg 57.50 Direct Labour 4 labour hours @£9 per hour 36.00     93.50 In the period just ended 3,000 units were produced and costs were incurred as follows:     Quantity Cost (£) Direct material 15900kg 180465 Direct labour 11550 hours 106260     286725 Required: Calculate the direct materials price variance for product Alpha. Calculate the direct labour rate variance for product Alpha. Explain the factors that need to be taken into account when deciding to investigate a variance.