Please help me QS 21-8 (Algo) Direct materials price and quantity variances LO P3A company reports the following for one of its products.Direct materials standard (3 pounds @ $3 per pound)Actual direct materials used (AQ)Actual units producedActual cost of direct materials usedAQ = Actual QuantitySQ Standard QuantityAP = Actual PriceSP = Standard PriceAQ250,000Actual CostCompute the direct materials price and quantity variances and identify each as favorable or unfavorable.XX$687,500AP$ 2.75Direct materials price varianceDirect materials quantity varianceTotal direct materials variance$ 62,500SAQ250,000XX$ 750,00062,500 Favorable$9 per unit0 UnfavorableUnfavorable250,000 pounds60,000 units$ 687,500SP$ 3.00$0SQStandard CostXXSP$ 3.00

Name: Please help me QS 21-8 (Algo) Direct materials price and quantity vari
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please help me QS 21-8 (Algo) Direct materials price and quantity variances LO P3A company reports the following for one of its products.Direct materials standard (3 pounds @ $3 per pound)Actual direct materials used (AQ)Actual units producedActual c

variances can be used as a tool for continuous improvement. By analyzing the causes of variances,…

Business

Accounting

QS 21-8 (Algo) Direct materials price and quantity variances LO P3 A company reports the following for one of its products. Direct materials standard (3 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ 250,000 Actual Cost AQ Actual Quantity SQ Standard Quantity AP = Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. X X S 687,500 AP S 2.75 Direct materials price variance Direct materials quantity variance Total direct materials variance $ 62,500 S AQ 250,000 X X $ 750,000 62,500 Favorable $9 per unit 0 Unfavorable Unfavorable 250,000 pounds 60,000 units $ 687,500 SP $ 3.00 $ 0 SQ Standard Cost X X S SP 3.00

QS 21-8 (Algo) Direct materials price and quantity variances LO P3 A company reports the following for one of its products. Direct materials standard (3 pounds @ $3 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ 250,000 Actual Cost AQ Actual Quantity SQ Standard Quantity AP = Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. X X S 687,500 AP S 2.75 Direct materials price variance Direct materials quantity variance Total direct materials variance $ 62,500 S AQ 250,000 X X $ 750,000 62,500 Favorable $9 per unit 0 Unfavorable Unfavorable 250,000 pounds 60,000 units $ 687,500 SP $ 3.00 $ 0 SQ Standard Cost X X S SP 3.00

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 1BE: Direct materials variances Bellingham Company produces a product that requires 2.5 standard pounds...

See similar textbooks

Similar questions

Direct materials variances Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is 3.75 per pound. If 15,000 units used 36,000 pounds, which were purchased at 4.00 per pound, what is the direct materials (A) price variance, (B) quantity variance, and (C) cost variance?
Maps omework i News A company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) Actual direct materials used (AQ) Actual units produced Actual cost of direct materials used AQ = Actual Quantity SQ = Standard Quantity F1 2 Translate M SmartBook 2.0 M SmartBook 2.0 W AP Actual Price SP Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual Cost X X F2 # 3 E 80 F3 $ 4 R a F4 % 5 F5 T 0 X X < Prev Muslimin ‹6 A $ 525,000 Saved $ 8 per unit 300,000 pounds 61,000 units F6 C 2 of 7 Y & 7 www K F7 U Next * 8 DII F8 Standard Cost X X ( 9 DD F9 0 ) A F10 D
01. The following materials standards have been established for the product Wand: JM- Standard quantity per unit of output 10.0 kilograms the Standard price $16.20 per kilogram The following data pertains to operations S Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output ■ Required: What is the materials price variance for the month? 2. What is the materials quantity variance for the month? === .. B M ======= D M BEBE === g 295. = 3 = 7,300 kilograms $120,000 7,122 kilograms 740 units ■ concerning the product Wand for the last month; HUFINAİJA ■ ■ 20-121=0 EXCE HE SIC D 10= ■ Fe
Use the following information to calculate the materials price variance: Direct material purchased and used (kgs) 30,000 Cost of direct material 84,000 Unfavourable direct materials usage variance 3,000 Standard quantity of direct materials allowed for production (kgs) 29,000 Select one: a. $6,000 U b. $2,800 F c. $6,000 F d. $2,800 U
Print Item Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 90 Actual quantity purchased and used in production 110 Standard quantity for units produced Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 230 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 2$ B. What are some possible causes for this combination of favorable and unfavorable variances?
Question Content Area Myers Corporation has the following data related to direct materials costs for November: actual cost for 4, 690 pounds of material at $5.30 and standard cost for 4, 410 pounds of material at $6.30 per pound. The direct materials price variance is a. $1,764 favorable b. $4,690 favorable c. $1,764 unfavorable d. $4,690 unfavorable
Q3: From the following data prepare a unit cost statement showing the prime cost of product X and Y together with analysis of variances: Material Labor Standard Actual Standard Actual Product X 500 kgs @ Rs.3.00 450 kgs @ Rs.3.60 120 hours @ Rs.3.00 138 hours @ Rs.2.25 Required: Do material and labor variances analysis. Product Y 80 kgs @ Rs.5.00 85 kgs @ Rs.4.75 60 hours @ Rs.2.10 56 hours @ Rs.2.00
QS 21-11 (Algo) Direct labor rate and efficiency variances LO P3 A company reports the following information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced AH Actual Hours. SH Standard Hours AR= Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost $ 0 $ 74,000 $ 15 $ 13 75,300 0 0 $ 0 Standard Cost
Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance
NXE manufacturing concern furnishes the following information: Standards: Material for 70kg finished products: 100kg Price of Material: $ 1 per kg Actual: Actual Production (Output) : 210000 Material Used : 280000 Cost of Materials 252000 Calculate (a) Material Usages Variance and (b) Material Price Variance
Data Table AC × AQ SC × AQ SC × SQ $0.65 per pounds $0.30 per pounds $0.30 per pound × × × 7,600 pounds 7,600 pounds 7,200 pounds $4,940 $2,280 $2,160 Cost Efficiency Variance Variance $2,660 U $120 U . Record Smithson's direct materials journal entries. Assume purchases were made on account. 2. Explain what management will do with this variance information.
--/1 Question 25 View Policies Current Attempt in Progress If a company purchases raw materials on account for $18830 when the standard cost is $15900, it will O debit Materials Quantity Variance for $2930. O debit Materials Price Variance for $2930. O credit Material Quantity Variance for $2930. O credit Materials Price Variance for $2930. Chp ins f12 f11 f10 f9 f8 17 f6 f5 & %3D 00 TO 96