Need correct option HOMEWORK Q: 21The actual cost of direct materials is $55.75 per pound. The standard cost perpound is $60.50. During the current period, 6,100 pounds were used in production.The standard quantity for actual units produced is 5,700 pounds.How much is the direct materials price variance?A. $27,075 unfavorableB. $28,975 unfavorableC. $28,975 favorableD. $27,075 favorable

To compute direct materials price variance, we will use the following formula: Direct materials…

Answered: HOMEWORK Q: 21 The actual cost of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

QUESTION 7 The standard price of materials is $4.6 per pound and the standard quantity allowed for actual output is 5230 pounds. If the actual quantity purchased and used was 5700 pounds, and the actual price per pound was $5.9, the direct materials price variance is Indicate whether the variance is F (favorable) or U (Unfavorable) by placing the letter next to the amount. For example, if your answer is 1,000 Favorable, answer 1000F, Do not use a space between the amount and the letter. Show your answer as an absolute number (no negative signs) S
-/1 Question 7 View Policies Current Attempt in Progress Swifty Corporation has a materials price standard of $2.00 per pound. 5100 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5100 pounds, although the standard quantity allowed for the output was 4900 pounds. Swifty Corporation's materials quantity variance is O $400 U. O $440 U. $400 F. $440 F. (hp 16 17 fe
Assume the following: • The standard price per pound is $3.00. • The actual quantity of materials purchased is 60,000 pounds. • The actual quantity of materials used in production is 62,000 pounds. • The actual purchase price per pound of materials was $3.10. What is the materials price variance? Multiple Choice O O $6,000 F $6,200 F $6,000 U $6,200 U
-/1 Question 8 View Policies Current Attempt in Progress Marigold Corp. has a materials price standard of $2.00 per pound. 5400 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5400 pounds, although the standard quantity allowed for the output was 4900 pounds. Marigold Corp.'s total materials variance is O $2180 U. O $2080 U. O $2180 F. O $2080 F. hp
QUESTION 8 V The standard price of materials is $3.6 per pound and the standard quantity allowed for actual output is 5620 pounds. If the actual quantity purchased and used was 5070 pounds, and the actual price per pound was $4.7, the direct materials quantity variance is Indicate whether the variance is F (favorable) or U (Unfavorable) by placing the letter next to the amount. For example, if your answer is 1,000 Favorable, answer 1000F, Do not use a space between the amount and the letter. Show your answer as an absolute number (no negative signs) QUESTION 9
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
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
QUESTION 4 G. Company has a material standard of 1.1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, G Company paid $118,800 for 5,100 pounds, which they used to produce 4,900 units. What is the direct materials efficiency variance? O $7,250 favorable O $5,000 favorable O $7,250 unfavorable O $5,000 unfavorable
--/1 Question 6 View Policies Current Attempt in Progress Crane Company has a materials price standard of $2.00 per pound. 4000 pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 4000 pounds, although the standard quantity allowed for the output was 3400 pounds. ort S. Crane Company's materials price variance is O $120 U. O $680 U. O $800 U. O $800 F. hp 110 fg 144 f8 f6 17 f5 00 II 96
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
28) Variance analysis The standard materials cost of product D456 is as follows. Rwf "000 Material X 3 kg at Rwf2,000 per kg 6 5 kg at Rwf3,600 per kg Material Y 18 24 During period 2, 2,000 kg of material X (costing Rwf4,100,000) and 2,400 kg of material Y (costing Rwf9,600,000) were used to produce 500 units of D456. Required Calculate the following variances. a) Price variances b) Mix variances c) Yield variances – in total and for each individual material Activate W
-/1 Question 10 View Policies Current Attempt in Progress ort The per-unit standards for direct materials are 2 pounds at $5 per pound. Last month, 12600 pounds of direct materials that actually cost $57600 were used to produce 6600 units of product. The direct materials quantity variance for last month was O $8400 unfavorable. O $3300 favorable. O $3000 unfavorable. O $3000 favorable. hp

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS