Question
In: Accounting
16.The following data is given for the Stringer Company: Budgeted production 906 units Actual production 1,059...
16.The following data is given for the Stringer Company:
| Budgeted production | 906 units |
| Actual production | 1,059 units |
| Materials: | |
| Standard price per ounce | $1.84 |
| Standard ounces per completed unit | 10 |
| Actual ounces purchased and used in production | 10,908 |
| Actual price paid for materials | $22,361 |
| Labor: | |
| Standard hourly labor rate | $14.81 per hour |
| Standard hours allowed per completed unit | 4.1 |
| Actual labor hours worked | 5,453.85 |
| Actual total labor costs | $83,171 |
| Overhead: | |
| Actual and budgeted fixed overhead | $1,002,000 |
| Standard variable overhead rate | $25.00 per standard labor hour |
| Actual variable overhead costs | $152,708 |
| Overhead is applied on standard labor hours. | |
Round your final answer to the nearest dollar. Do not round interim calculations.
The direct materials price variance is
a.$2,290.68 unfavorable
b.$5,726.7 unfavorable
c.$5,726.7 favorable
d.$2,290.68 favorable
Solutions
Expert Solution
| The direct materials price
variance is a.$2,290.68 unfavorable |
||||||
| Standard | Actual | |||||
| Particulars | Qty | Rate | amount | Qty | Rate | amount |
| Materials/ Ounces | 10,590.00 | 1.84 | 19,485.60 | 10,908.00 | 2.0500 | 22,361.00 |
| Actual output | 1,059.00 | |||||
| Ounces reqd (1059*10) | 10,590.00 | |||||
| Actual price per ounce = 22,361/10,908 | 2.05 | |||||
| DMPV = (SP-AP)*AQ purchased | ||||||
| DMPV = (1.84 - 2.05) 10,908 | ||||||
| DMPV = (.21) 10,908 | ||||||
| DMPV = 2,290.68 U | ||||||
ekkarill92 answered 3 years agoRelated Solutions
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You are given the following budgeted and actual data for the
Grey Company for each of the months January through June of the
current year.
In December of the prior year, sales were forecasted as follows:
January, 93 units; February, 88 units; March, 95 units; April, 100
units; May, 107 units; June, 115 units. In January of the current
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Direct material B
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£318,750
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£323,575
Fixed overheads
£287,500
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Variable costs of production:
Direct materials
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Direct labor
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VOH
0.5 hr. @ $2.20
FOH:
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$6,200
Depreciation
$2,600
At the end of the year, Bowling had the following actual costs
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Direct materials
$6,800
Direct labor
30,500
VOH
4,200
FOH:
Materials handling
6,300
Depreciation
$2,600
Required:
1....
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Production
Bowling Company budgeted the following amounts:
Variable costs of production:
Direct materials
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Direct labor
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VOH
0.5 hr. @ $2.20
FOH:
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Depreciation
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VOH
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FOH:
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6,300
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Required:
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