McHenry Corp. makes wrought iron garden sculptures. During April, the purchasing agent bought 25,600 pounds of scrap
Question:
a. For April, compute the direct material price variance (based on the quantity purchased) and the direct material quantity variance (based on quantity used).
b. Identify the titles of individuals in the firm who would be responsible for each of the variances.
c. Provide some possible explanations for the variances computed in (a).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (15 reviews)
a b Purchasing agents responsibility Material price variance AP AQ p SP AQ p 064 25600 070 2560...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111971724
9th edition
Authors: Michael R. Kinney, Cecily A. Raiborn
Question Posted:
Students also viewed these Managerial Accounting questions
-
Using the following standard unit costs and the actual cost and usage data that follow, compute the direct materials price and direct materials quantity variances. Direct materials quantity standard...
-
$437.00 favorable. $572.00 unfavorable. $782.00 favorable. $572.00 favorable. $437.00 unfavorable. Information concerning Johnston Co.'s direct materials costs is as follows: Standard price per...
-
A companys purchasing manager bought 5,000 pounds of material for $5.50 per pound instead of the budgeted $6.00 per pound, resulting in a favorable variance of $2,500. The company has a policy of...
-
Why is it important to have a defined project scope? Why is it important to make sure there is agreement about the scope? Is there anything in the "Why Should You Use the WBS?
-
Find an equation of variation where y varies jointly as x and the square of z and inversely as w, and y = 100 when x = 0.1, z = 10, and w = 5.
-
Why does source code have comments?
-
Architecture is defined from two perspectives: the product itself and the development of the product. Compare the two definitions.
-
Use tabulated heats of formation (Table B.1) to determine the standard heats of the following reactions in kJ/mol, letting the stoichiometric coefficient of the first reactant in each reaction equal...
-
Presented below are selected ledger accounts of Concord Corporation as of December 31, 2025. Cash Administrative expenses $44,000 88,000 Selling expenses Net sales 70,400 475,200 Cost of goods sold...
-
Oxbridge University maintains a powerful mainframe computer for research use by its faculty, Ph.D. students, and research associates. During all working hours, an operator must be available to...
-
Bell Inc. manufactures a product that requires five pounds of material. The purchasing agent has an opportunity to purchase the necessary material at a vendors bankruptcy sale at $ 1.40 per pound...
-
Logen Construction builds standard prefabricated wooden frames for walls. Each frame requires five direct labor hours and the standard hourly direct labor rate is $ 18. During July, the company...
-
Using a three-monomer segment, write an equation for a. The reaction of polystyrene with Cl2 + FeCl3 b. The reaction of polystyrene with HNO3 + H2SO4
-
The bimatrix represents a simultaneous move game between Rowena and Colin. Rowena's payoff is the left number in each cell. COLIN Left Right Up 1,16 4,6 ROWENA Down 2,20 3,40 Find Colin's mixed...
-
The following website, maintained by the Federal Reserve Bank of St. Louis, contains information on the share of GDP corresponding to investment (meaning the portion of output dedicated to...
-
Evert and Navratilova play tennis against each other. Suppose each player cannot see the opponent's action before taking his or her own action. That is, the tennis match is a simultaneous game....
-
The demand function for price increases and for price cuts for an oligopolist are, respectively, Q = 210-30P1 or P = 7 - Q/30 Q2 90-10P2 or P = 9 - Q2/10 The oligopolist's total cost function is: TC...
-
Design test cases to achieve loop coverage on the function "computeTax" (list the loops covered by each test case). If it is not feasible, explain the reason. Try your best to use the minimum number...
-
Write a query to display the number of products within each base and type combination, sorted by base and then by type (Figure P7.36). Figure P7.36 Number of Products of Each Base and Type PROD_BASE...
-
Show that the peak of the black body spectrum as a function of ? is given by eq. (22.14) kg T Wmax = 2.82
-
Outline appropriate guidelines for the development of an effective and efficient sales routing and scheduling plan.
-
Ohio Steel produces steel products for a variety of customers. One division of the company is the Garage Door Division, created in the late 1940s. Since that time, this division's principal products...
-
After graduating last year from an Ivy League university, Joe Tyler was hired as a stock analyst. Wanting to make his mark on the industry, Tyler issued a scathing report on a major discount...
-
In August 2007, Heelys, a Texas-based maker of wheeled shoes, reported quarterly profits that beat the street estimates by three cents per share. Upon receiving the news, the market price of Heelys...
-
Explain possible advantages and disadvantages of PSL's current international trading strategy (subsidiary in China, export & import and online presence).
-
In November 2020 you entered into four May 2021 long futures contracts for crude oil (1,000 barrels per contract) for $65.00 per barrel. If the futures price was $70.00 per barrel on December 31,...
-
4) Champagne, Inc., had revenues of $13 million, cash operating expenses of $9 million, and depreciation and amortization of $2 million during 2008. The firm purchased $650,000 of equipment during...
Study smarter with the SolutionInn App