A company reports the following for one of its products Compute the total direct materials variance and identify it as favorable or unfavorable Direct materials standard (4 Ibs $2 per Ib ) $8 per unit Actual units produced 60,000 units Actual cost of direct materials used $540,000...

Actual quantity and price g ...

A company reports the following for one of its products. Compute the total direct materials variance and

Question:

A company reports the following for one of its products. Compute the total direct materials variance and identify it as favorable or unfavorable.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamental Accounting Principles

ISBN: 9781260247985

25th Edition

Authors: John J Wild, Ken Shaw

See More Books

Question Posted: Oct 28, 2021 03:01 AM

See More Questions

A company reports the following adjustments to net income under the indirect method of calculating operating cash flows: Required For each item, explain the circumstances that would require the...
A company reports the following sales related information: Sales (gross) of $275,000; Sales discounts of $18,000; Sales returns and allowances of $5,500; Sales salaries expense of $11,500. Prepare...
A company reports the following for the past year. The companys CFO believes that income for next year will be $1,200,000. Average assets will be the same as the past year. 1. Compute return on...
Select the necessary words from the list of possibilities to complete the following statements. Statements 1. The of SEC registrants selects the company's audit firm. 2. The auditors must assess the...
If you compress air the temperature goes up, why? When the hot air, high P flows in long pipes it eventually cools to ambient T. How does that change the flow?
Assume that both the U. S. and Canadian demand curves for lumber are linear. The Canadian demand curve lies inside the U. S. curve (the Canadian demand curve hits the axes at a lower price and a...
In January 2022, the nominal interest rate on a 1-year Treasury bill was 0.53 percent. From January 2022 to January 2023, the consumer price index rose from 283 to 301. If you bought the 1-year...
A family friend has asked your help in analyzing the operations of three anonymous companies operating in the same service sector industry. Supply the missing data in the tablebelow: et operating...
1. Electric potential is given by V=6x-8xy-8y+6yz - 4z Then magnitude of electric force acting on 2C point charge placed on origin will be :- (1) 2N (2) 6N (3) 8N (3) 8N (4) 20 N 2. Figure shows...
Palese bought five lottery tickets. He used a play slip to select his numbers, then filled them in on the grid. He put his tickets in his pocket. At home, he did the laundry. Several days later, he...
A company reports the following for one of its products. Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. Actual units produced.. Actual cost...
Amada Companys standard cost system reports this information from its December operations. Required 1. Prepare December 31 journal entries to record the companys costs and variances for the month for...
The graph in the accompanying figure shows the average Fahrenheit temperature in Fairbanks, Alaska, during a typical 365-day year. The equation that approximates the temperature on day x is and is...
Under IFRS, how are land and building components reported and recorded?Explain in detail.
Can you analyze the role of metafictional devices and self-reflexive narrative strategies in prompting readers to engage critically with the construction and interpretation of fictional narratives ?
Tony is the owner of a sporting goods store. He interviews 10 people for the post of store manager and eventually selects Anya. Tony emails Anya to let her know that she has been selected for the...
Frankie owns a Financial consulting business and they are creating the bills for their clients. What information would they heavily rely on in order to properly bill their clients?
What various purposes might there be for accounting? Which purpose does the IASB particularly focus on? (a) Why is the realizable value of a sale on credit sometimes lower than that of a cash sale?...
What is the interaction between the property of linear independence and the operation of union? (a) We might conjecture that the union ST of linearly independent sets is linearly independent if and...
Given find the value of k. es 1 e kx dx = 1 4'
Complete the following descriptions by filling in the blanks. 1. Short-term investments are securities that (1) management intends to convert to cash within _____ _______ the _____ _______ or...
Complete the following descriptions by filling in the blanks. 1. The equity method with ______ is used to account for long-term investments in equity securities with controlling influence. 2....
Complete the following descriptions by filling in the blanks. 1. The equity method with ______ is used to account for long-term investments in equity securities with controlling influence. 2....
What are the implications of environmental, social, and governance (ESG) factors on risk management frameworks, and how can businesses effectively integrate them into their strategies?
Considering the present value of cash flows valuation model discussed in class, if rates decreased, holding everything else constant, A) would you expect a stock price to increase or decrease, and B)...
Bob comes into your office and says, "I owe Bank of Texas $65,000 in credit card debt. Can we put my band new vacation home in a trust to make sure it's preserved in case I'm sued?" Would this...

A company reports the following for one of its products. Compute the total direct materials variance and

Question:

Direct materials standard (4 Ibs. @ $2 per Ib.) $8 per unit Actual units produced..... 60,000 units Actual cost of direct materials used $540,000

Step by Step Answer:

Actual quantity and price g...View the full answer

Fundamental Accounting Principles

Students also viewed these Business questions