The following actual and standard cost data for direct material and direct labor relate to the production of 4,00Actual CostsStandard CostsDirect Material7,700 lb.$2.658,000 lb. @ $2.50Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00Determine the materials price variance.Select one:a. $1,200 Fb. $1,200 Uc. $1,155 Ud. $1,155 Fe. None of the above

Materials price variance is the difference between the actual price and standard price of the actual…

Answered: The following actual and standard cost…

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 3PA: Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes...

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Assume the following information (the quantity of materials purchased the quantity used): Actual total cost of direct materials Direct materials price variance Standard quantity of materials allowed per unit Standard price per pound of material Standard rate per direct labor hour Actual total direct labor hours Direct labor efficiency variance Standard number of direct labor hours allowed per unit. Direct labor spending variance What is the standard price (SP) per pound of materials? $ 65,560 $ 5,960 U 3 pounds $ 4.00 $ 5.00 6,500 $ 3,500 F 2 hours $ 400 U
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs Direct Material 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the materials price variance Select one: a. $620 F b. $620 U c. $180 F d. $180 U e. None of the above
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Material Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the labor rate variance. Select one: a. $1,200 F b. $1,200 U c. $1,290 F d. $1,290 U e. None of the above
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs Direct Material 6,200 lb. @ $3.90 6,000 lb. @ $4.00 Direct Labor 4,300 hrs. @ $14.70 4,000 hrs. @ $15.00 Determine the labor efficiency variance. Select one: a. $4,410 U b. $4,410 F c. $4,500 F d.$4,500 U e.None of the above
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 4,900 lb. @ $5.85 5,000 lb. @ $5.90 2,000 hrs. @ $20.00 Direct Material Direct Labor 1,900 hrs. @ $20.50 Determine the labor efficiency variance. Select one: a. $2,000 F b. $2,000 U c. $2,050 F d. $2,050 U e. None of the above
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
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $4 per pound) Direct labor (3 hours @ $14 per hour) During May the company incurred the following actual costs to produce 8,200 units. Direct materials (117,700 pounds @ $3.80 per pound) Direct labor (29,400 hours @ $14.10 per hour) AR Actual Rate SR Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Actual Cost Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variar AR Actual Rate SR Standard Rate Direct materials (117, 700 pounas @ 5.00 per pouna) Direct labor (29,400 hours @ $14.10 per hour)…
Standard and the actual costs for direct materials and direct labor are given as under:Standard costsDirect materials 8,000 units at total direct material costs Rs. 40,000Direct labor: 7,000 hours at Rs. 6 per hour Actual costsDirect materials 8,500 units at Rs. 4.5 per unitDirect labor: 6,500 hours at Rs. 6.25 per hour Requireda. Material Price Variance and Material Quantity Varianceb. Labor Rate Variance and Labor Efficiency Variance c. Entries in general journal to record the above informationd. What do you realize whether the overall variation is in favorable or unfavorable?
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?
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.
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 information provided to answer the questions. Actual price paid per pound of material $14.00 Total standard pounds for units produced this period 12,500 Pounds of material used 13,200 Direct materials price variance favorable $4,620.00 All material purchased was used in production. Enter all amounts as positive, numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $

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