Lo-bed Company produces a product that requires two standard gallons per unit. The standard price is $20.00
Question:
Lo-bed Company produces a product that requires two standard gallons per unit. The standard price is $20.00 per gallon. If 4,000 units required 8,200 gallons, which were purchased at $19.75 per gallon, what is the direct materials
(a) Price variance,
(b) Quantity variance,
(c) Cost variance.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
a Direct materials price variancefavorable b Direc...View the full answer
Answered By
Aun Ali
I am an Associate Member of Cost and Management Accountants of Pakistan with vast experience in the field of accounting and finance, including more than 17 years of teaching experience at university level. I have been teaching at both undergraduate and post graduate levels. My area of specialization is cost and management accounting but I have taught various subjects related to accounting and finance.
5.00+
13+ Reviews
32+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
Tipton Company produces a product that requires eight standard gallons per unit. The standard price is $12.40 per gallon. If 800 units required 6,200 gallons, which were purchased at $12.75 per...
-
Brewster Company produces a product that requires four standard pounds per unit. The standard price is $6.80 per pound. If 1,500 units required 6,400 pounds, which were purchased at $6.50 per pound,...
-
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,...
-
Repeat Prob. 37 using singularity functions exclusively (including reactions). Repeat Prob. 37, For the beam shown, find the reactions at the supports and plot the shear-force and bending-moment...
-
Discuss the pros and cons of decision tables versus decision trees.
-
Verify that equation (23.14) (for both cases K > H and K < H ) solves the boundary conditions for an up-and-in cash put.
-
Liquid water at \(40^{\circ} \mathrm{F}\) flows down a vertical, thermally insulated, 2 -in. steel pipe. The temperature change of the water is related to its internal energy change by \[...
-
What does process integration mean and why is it difficult to achieve?
-
4. How are organisation health and safety procedures, health and safety signage and safe work practices going to be monitored at ANIBT Hotel? Include how you will monitor ongoing compliance. 5. What...
-
Ki Technology Co. manufactures DVDs for computer software and entertainment companies. Ki uses job order costing. On April 2, Ki began production of 6,000 DVDs, Job 423, for Paradigm Pictures for...
-
Adamantane Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufactureof 15,000 units of product...
-
Lo-bed Company produces a product that requires four standard hours per unit at a standard hourly rate of $28.00 per hour. If 4,000 units required 16,750 hours at an hourly rate of $28.40 per hour,...
-
What are the major differences between the oxidations in the citric acid cycle that use NAD+ as an electron acceptor and the one that uses FAD?
-
Thinking rhetorically when does Gatto introduce his thesis in this essay, and why does he postpone it so long? what kind of evidence does he offer to support his thesis, and how effective is this...
-
Use the content from the IRIS Module to answer these questions. Part 1: Create three rules for your class. (Use guidelines - IRIS Module to develop three rules). Part 2: Create one procedure with at...
-
Celia works as a farm worker and is paid the minimum wage. Even though she works full time she still experiences poverty due to low wages. Even so, she and other farm workers insure that the larger...
-
b) A vibrating tuning fork is held next to an adjustable open-closed tube. The frequency of the tuning fork is also the fundamental frequency of the tube at its shortest length. When the tube slowly...
-
Often in the financial media, you will hear people make reference to specific times of the week, month, or year that typically provide bullish or bearish conditions. One of the historical realities...
-
Bacrometer, Inc., makes part no. 566 on one of its production lines. Each month Bacrometer makes 6,000 of part no. 566 at a variable cost of $4 per part. Bacrometer has been provided a bid for part...
-
The diameter of a sphere is 18 in. Find the largest volume of regular pyramid of altitude 15 in. that can be cut from the sphere if the pyramid is (a) square, (b) pentagonal, (c) hexagonal, and (d)...
-
The unadjusted trial balance of La Mesa Laundry at August 31, 2019, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: a. Wages accrued but not...
-
For the past several years, Jeff Horton has operated a part-time consulting business from his home. As of April 1, 2019, Jeff decided to move to rented quarters and to operate the business, which was...
-
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter....
-
Golden Gate Mining Co. (GGMC) currently has a gold mine operating in Canada and is looking to purchase another gold mine in Peru, operating as Inca Gold Inc. (ICI). You currently work for the CFO at...
-
Cokolo Inc. has entered into the following two derivatives contracts: Purchased put options on 1,000 Trenton Co. shares that have an exercise price of $52 per share and expire in 60 days Negotiated a...
-
As a financial manager (consultant), undertake an investigation on your allocated company to evaluate its strategic financial position. Prepare a business report for the board of directors of the...
Study smarter with the SolutionInn App