Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.99; actual, $2.04 Standard yards per unit: standard, 4.70 yards; actual, 5.10 yards Units of production: 9,500 Calculate the direct materials quantity variance. a. $7,562.00 favorable b. $7,562.00 unfavorable c. $7,752.00 favorable d. $7,752.00 unfavorable

Q: The following data relate to direct labor costs for the current period: Standard costs 6,903 hours…

A: Given:Actual rate: $10.4Standard rate: $11.6Actual hours: 6,394 hoursDirect labor rate variance =…

Q: ng data relate to direct materials ce ost per yard: standard, $1.94; actu ards per unit: standard,…

A: Standard quantity = 9100*4.66 = 42,406 Actual quantity =9100*5.25 = 47,775 Standard rate = $1.94

Q: The standard costs and actual costs for direct materials for the manufacture of 2,640 actual units…

A: Cost Variances is the difference between the actual cost incurred and the standard cost. Cost…

Q: Soar, Inc. manufactures a product that has the direct materials standard cost presented below.…

A: Materials Price Variance = (Standard price - Actual price) x Actual quantity = [2.50 -…

Q: The following labor standards have been established for a particular product: Standard labor hours…

A: Direct labor variance Total is the sum of direct labor rate variance and direct labor efficiency…

Q: For January there was a favorable direct materials quantity variance of

A: Introduction:- The following formula used to calculate Direct Material Quantity Variance as follows…

Q: What is the materials quantity variance for the month? $9,940 U $15,351 U $14,484 U

A: Introduction:- The following formula used to calculate Material quantity variance as follows under:-…

Q: 14. The following data relate to direct labor costs for the current period: 1,800 hours at $12.75…

A: Given,   Standard costs = 1800 hours @ $ 12.75   Actual costs = 2100 hours @ $ 11.50

Q: tandard Direct Materials Cost per Unit from Variance Data The following data relating to direct…

A: Product finished = 3,650 units

Q: Shalom Company provided the following data pertaining to its direct materials for the month of…

A: Direct Material Usage Variance :— It is the difference between standard cost of direct material and…

Q: The following standards have been established for a raw material used to make product 084: Standard…

A: Variances are the differences between the estimated costs and the actual costs. These are determined…

Q: Douglas Inc. has provided the following data concerning one of the products in its standard cost…

A: The labor rate variance refersto the difference between the actual cost of labor and the expected…

Q: The following standards have been established for a raw material used to make product 084: Standard…

A: a. material price variance = (standard rate - actual rate) * actual quantity purchased b. Material…

Q: The following materials standards have been established for a particular product: Standard quantity…

A: MATERIAL PRICE VARIANCE : = ACTUAL QUANTITY X ( STANDARD PRICE - ACTUAL PRICE)

Q: 17. The Bohol Company uses standard costing.  The following data are available for October: Actual…

A: Solution..   Material quantity variance = -1,000 U  Actual quantity = 23,500  Standard rate = P2…

Q: Need answer the question

A: Step 1: Introduction to the Variance AnalysisThe variance analysis refers to the difference between…

Q: Need answer of the question

A: If you have any help please let me know in comment box and then I will help you.

Q: The following data relate to direct materials costs for February: Materials cost per yard: standard,…

A: Introduction: Direct materials are materials and supplies available for consumption during the…

Q: During the month of June, a company’s direct materials costs for the production of Product X were as…

A: Material variances refer to the difference between the actual costs incurred to procure direct…

Q: 12. The following data relate to direct labor costs for August: Actual costs: 8,700 hours at $16.00…

A: Direct labour rate variance means when there is difference in standard cost of labour and actual…

Q: Problem 10-45 Variances; Journal Entries; Missing Data (Appendix) (LO 10-3, 10-6, 10-9) Aquafloat…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00…

A: The disparity between the estimated cost of direct labour at normal cost (i.e. direct labour hours…

Q: Need answer the question

A: Step 1: Introduction to the Labor Variances in Standard CostingThe total direct labor variance in…

Q: The following data pertains to the direct materials cost for the month of October: Standard costs…

A: Direct material efficiency variance = (Actual quantity×Standard Price) - (Standard quantity×Standard…

Q: d costs costs ct labor time variance is 7,100 6,200

A: Answer : Direct labor time variance = (Actual hour* Standard rate) - (Standard hour* Standard rate)…

Q: Steinberg Company had the following direct materials costs for the manufacturing of product T in…

A: Variance is the difference between the estimated or budgeted costs and the actual costs. These are…

Q: Want Answer please without any problem

A: Given that:Actual hours worked = 3,700 hoursActual rate per hour =  $6.50Units produced = 3,700…

Q: Provide solution please

A:

Q: The following information has been gathered from KLP. cormany's static budget for the most recent…

A: Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

Q: The following information relates to production activities of Mercer Manufacturing for the year.…

A: Variance is the difference between the standard costs and the actual costs. If the standard costs…

Q: Need Answer please

A: Step 1: Definition of Direct Labour Rate Variance:It is a concept in Standard Costing which measures…

Q: The following materials standards have been established for a particular product: Standard quantity…

A: The question is based on the concept of Cost Accounting. The actual and expected direct material…

Q: The Swenson Company has a standard costing system. The following data are available for June: Actual…

A: Material price variance is calculated as: = (Actual Price - Standard Price) * Actual Quantity price

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.