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 2 years agoRelated Solutions
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current year.
In December of the prior year, sales were forecasted as follows:
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£323,575
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$2,600
Required:
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