Please do not give solution in image format thanku the standard glass materials quantity is 0.6pound per $.40 per pound. the actual resultfor one months production is 7,200 glasseswas 1.4 poud per glass at a cost of $0.30 perpound. calculate the materials cost variancesselect the formula then enter the amountsand compute the cost variance for directmaterials and identify whether the variance isfavorable.part 1 and 2 pleaseTraining Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U)(Actual CostStandard CostActual QuantityDirect Materials Cost VarianceSelect the formula, then enter the amounts and compute the efficiency variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U)Direct Materials Efficiency Variance

Direct material variance is the difference between standard direct material cost for actual…

the standard glass materials quantity is 0.6 pound per $.40 per pound. the actual result for one months production is 7,200 glasses was 1.4 poud per glass at a cost of $0.30 per pound. calculate the materials cost variances select the formula then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable. part 1 and 2 please Training

the standard glass materials quantity is 0.6 pound per $.40 per pound. the actual result for one months production is 7,200 glasses was 1.4 poud per glass at a cost of $0.30 per pound. calculate the materials cost variances select the formula then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable. part 1 and 2 please Training

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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Using the format dicaksed in Exthbit 21.10 and Exhibit 21.11 of your textbook or formulas solve for the following variance. You may use EXCEL WORD. Picture of Paper, or enter your work into Camvas. I will cover how to do this during the Zoom recorded lecture for that week or during a recording Standard Quantities and Costs: DM (.25 it per unit at $10 per foot)=$2.50 DL(5hour per unit at 520 per hour)=$10.00Total Dirsct Cost per unit=$12.50 Additional information: During the period, MK, Inc, badgeted to produce 2.000 widgets, it actually produced 1.900 widgets. K Actual Quantibes, and Costs: DM purchased & used = 505 feet at $9.80Dthours used +990 hours at $19.75 Required: Calculate the following variances using the matrix format mentioned above or formulas: -Price Variance - Quantity Variancer - Total DM Vanance - Rate Variarice - Eificiency Variance - Total DL Variance
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Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base is 2 DLH per unit. For March, the company planned production of 10,000 units (80% of its production capacity of 12,500 units) and prepared the following budget. The company actually operated at 90% capacity (11,250 units) in March and incurred actual total overhead costs of $129,230. 80% Operating Levels Overhead Budget Production in units 10,000 Budgeted variable overhead Budgeted fixed overhead $ 58,000 $ 68,000 1. Compute the standard overhead rate. Hint. Standard allocation base at 80% capacity is 20,000 DLH, computed as 10,000 units × 2.00 DLH per unit. 2. Compute the total overhead variance. 3. Compute the overhead controllable variance. 4. Compute the overhead volume variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the standard overhead rate. Hint: Standard allocation base at 80% capacity is 20,000…
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The standard material costs of finished product PEP are as follows: 2 kg raw material A @ R10 per kg Actual information: Purchase of raw material A 2 000 kg @ R9.50 per kg Issue of raw material A 1 200 kg Units of product PEP manufactured 280 units Required Calculate the following in respect of material A (a) Purchase price variance (3) (b) Issue price variance (c) Quantity variance (d) Total variance.
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