Question: Using the standard costs in SE 3 and the following actual cost and usage data, calculate the direct materials price and direct materials quantity variances:

Using the standard costs in SE 3 and the following actual cost and usage data, calculate the direct materials price and direct materials quantity variances:

1. Direct materials purchased and used .........55,000 pounds

2. Price paid for direct materials ...........$10.00 per pound

3. Number of good units produced ..........11,000 units

Step by Step Solution

★★★★★

3.35 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Direct Materials Price Variance Standard PriceActual Pric... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

240-B-M-A-S-C (826).xlsx

300 KBs Excel File

Students Have Also Explored These Related Managerial Accounting Questions!

How should companies that offer home hubs address consumer concerns about privacy violations? Home hubs that contain voice technologies and microphones, such as Amazons Echo with Alexa and Googles...

THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 17 19. Test Company uses a standard costing system. The company developed the following standard cost sheet for one of its products. Direct materials...

How can factors in the micro and macro environment affect the company? Give your own concrete example from a company or an organization. Choose a micro and a macro factor.

Enviro Company issues 8%, 10-year bonds with a par value of $290,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price...

Using the standard costs in SE 3 and the following actual cost and usage data, compute the direct materials price and direct materials quantity variances: Direct materials purchased and used...

Medex Pharmaceutical developed the following standard costs for its product in 2014: Cost Standard Cost Card Unit Standard Cost Direct Materials 1.2 pounds @ $2/pound $2.40 Direct Labor 0.25 hour @...

(a) Determine the following variances, and state clearly whether each is favourable or unfavourable. (i) direct materials price, inventory, and quantity variances; (ii) direct labor rate and...

From the foregoing information, compute the following variances. Indicate whether the variance is favorable (F) or unfavorable (U). Show your calculations. Replacement Problem Three (for Exam Three...

Kawartha Inc. produces low calorie cream. The company developed the following standard costs for a case of of cream: Litres Cost per Litre Total Cost Direct materials 40 $1.25 $10.00 The actual...

Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Standard Cost Per Hours Rate Unit Direct materials....... 6.5 ounces $2.00 per ounce...

Ideas now has some serious financial difficulties. Ideas has not submitted $125,000 in CPP and EI to the federal government for the past 18 months. The Royal Bank has a $1.2 million dollar loan...

1. The most latest type of tax introduced in the UAE is Corporate Income Tax Value Added Tax Excise Tax Customs Duty 2. The most oldest type of tax implemented in the UAE is Customs Duty Excise Value...

Convertible preferred stock has both the attributes of equity and _ _ _ _ _ _ . Question 3 options: a ) assets b ) debt

An aluminum can is filled to the brim with a liquid. The can and the liquid are heated so their temperatures change by the same amount. The cans initial volume at 15 C is 4.510- 4 m3 . The...

If the cost of electricity is 8 per kWh, what does it cost to heat 160 L of water for a bath from 9.5C (the temperature of the water entering the house) to 70C?

jan 14 purchased 500 shares of microscope stock, paying $54 per share. the investment represents 2% ownership in microscope's voting stock. creative intends to hold the investment for the indefinite...

If 0.10 kg (~0.1 L) of coffee at 90C is poured into cup with 0.10 kg of coffee at 20C, and we assume that no heat is transferred to or from the outside, what is the final temperature of the coffee

A steel is 40 cm long at 20 oC. The coefficient of linear expansion for steel is 12 x 10- 6 (Co)-1. The increase in length and the final length when it is at 70 oC will be?

Describe effective control and the characteristics of an effective control system.

Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of...

The Production Department of Hruska Corporation has submitted the following forecast of unit to be produced by quarter for the upcoming fiscal year: Each unit requires 0.2 direct labor-hours and...

You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the companys operations: (a) The cash...

a. Using this information, compute the March 31 (1) deposits in transit and (2) checks outstanding. Deposits in transit $ Checks outstanding b. Prepare a bank reconciliation for March. - Note: Use...

16. An annual report contains a great many statements and reports. Which one of the following statements/reports is not covered either by statute or by accounting standards? Ariedis way Bcash flow me...

can you show how you got the answer You are considering making a movie. The movie is expected to cost $10.3 million up front and take a year to produce. After that, it is expected to make $4.4...