Williams Manufacturing Company has established the following materials standards for a particular product: 8.1 Pounds Standard quantity per unit of output Standard price $15.10 per pound The following data pertain to operations concerning the product for the last month: Actual materials purchased 6,840 Pounds Actual cost of materials purchased $93,500 Actual materials used in production 6,140 Pounds Actual output 1,300 Units What is the materials quantity variance for the month?

Dodge Company produces a single product. The company has set the following standards for materials and labor: Standard quantity or hours per unit Standard price or rate Standard cost per unit Direct Materials ? kilograms ? per kilogram ? Materials price variance Total materials variance Labour efficiency variance During the past month, the company purchased 7,000 kilograms of direct materials at a cost of $26,250. All of this material was used in the production of 1,300 units of product. Direct labor cost totaled $55,125 for the month. The following variances have been computed: Direct Labour 3 hours $15 per hour $45 $1,750 favourable $250 unfavourable $6,000 favourable Required: a) For direct materials, compute the standard price per kilogram, the standard quantity allowed for materials in total for the month's production, and the standard quantity per unit of product. b) For direct labour, compute the actual direct labour cost per hour for the month and the labour rate variance. Show…

The following information was gathered for Larsen Corp. for the year ending 20xx.   Budgeted direct labor hours                    15,500 Actual direct labor hours                         16,200 Budgeted factory overhead cost              $73,625 Actual factory overhead cost                   $74,990   -Assume direct labor hours is the cost driver   Required: What is the amount of over/underapplied overhead ? Is the variance over or under estimated ?

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The following labor standards have been established for a particular product: Standard labor- 8.4 hours per unit of output Standard labor rate $ Actual hours worked Actual total labor cost 15.70 The following data pertain to operations concerning the product for the last month: $336 F $2,520 F $2,520 U $336 U hours per hour $ 162,330 1,400 10,500 hours Actual output What is the labor rate variance for the month? units

Chulak Company uses a standard costing system. The following data are available for the month: Actual quantity of direct materials purchased 25,000 pounds Standard price of direct materials $2 per pound Material price variance $2,500 unfavorable The actual price per pound of direct materials purchased during the month is

Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $21 per hour. In November the company produced 7,000 units using 5,800 direct labor-hours. The actual direct labor cost was $121,800.   The labor efficiency variance for November is:   $11,500. F   $10,500. F   $10,500. U   $11,500. U

Williams Corporation reports the following direct labor information for November: Standard rate $ 34.00 per hour Actual rate paid $ 34.80 per hour Standard hours allowed for actual production   44,700 hours Labor efficiency variance $ 221,000 F   Required: Based on these data, what was the number of actual hours worked and what was the labor price variance?  Acutal Hours Worked    Hours  Labor Price Variance    F or U

Johnson Manufacturing uses a standard cost system. Standards for direct materials are as follows: Direct materials (pounds per unit of output) Cost per pound of direct materials 6 $7 The company produced 800 units and actually used 5,250 pounds of direct materials. What is the journal entry to record the materials usage? OA. Work in Process 33,600 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 36,750 B. Work in Process 39,900 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 36,750 OC. Work in Process 36,750 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 39,900 OD. Work in Process 36,750 Direct Materials Efficiency Variance 3,150 Raw Materials Inventory 33,600

Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow:   Assets =Liabilities + Stockholders’ Equity     Accounts   Accounts Common   Fees Salaries Rent Auto Supplies Misc.   Cash +Receivable + Supplies = Payable + Stock - Dividends + Earned - Expense - Expense - Expense - Expense - Expense a. +52,000       +52,000               b.     +6,200 +6,200                                           Bal. 52,000   6,200 6,200 52,000               c. -3,400     -3,400                                           Bal. 48,600   6,200 2,800 52,000               d. +106,000           +106,000                                     Bal. 154,600   6,200 2,800 52,000   106,000           e. -33,600               -33,600                                 Bal. 121,000   6,200 2,800 52,000   106,000   -33,600…