Question
In: Accounting
Q 23 The standard cost for a product, product Z, includes the following direct materials costs...
Q 23
The standard cost for a product, product Z, includes the following direct materials costs
GHS per unit
Materials X 5 kilos at GHS8 per kilo 40
Material Y 3 kilos at GHS12 per kilo 36
76
The materials can be mixed in differing proportions
Actual production during April was 1,250 units of Product Z, with the following
GHS
Material X 6,700kilos 51,400
Material Y 2,900kilos 39,500
90,900
Required:
a) Calculate the direct materials price, mix and yield variances for the month
b) Reconcile the actual and standard direct materials costs for the month
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The standard cost of Product B manufactured by Pharrell Company includes 2.4 units of direct materials...
The standard cost of Product B manufactured by Pharrell Company
includes 2.4 units of direct materials at $5.30 per unit. During
June, 26,600 units of direct materials are purchased at a cost of
$5.25 per unit, and 26,600 units of direct materials are used to
produce 10,900 units of Product B.
(a)
Compute the total materials variance and the price and quantity
variances.
Total materials variance
$enter a dollar amount
select an option
...
The standard cost of Product B manufactured by Pharrell Company includes 3.0 units of direct materials...
The standard cost of Product B manufactured by Pharrell Company
includes 3.0 units of direct materials at $6.8 per unit. During
June, 27,500 units of direct materials are purchased at a cost of
$6.60 per unit, and 27,500 units of direct materials are used to
produce 9,100 units of Product B.
(a)
Compute the total materials variance and the price and quantity
variances.
Total materials variance
$enter a dollar amount
select a type of the variance
...
The standard cost for Product G3 includes 2 gallons of direct materials at $4 per gallon....
The standard cost for Product G3 includes 2 gallons of direct
materials at $4 per gallon. During the current month, 11,200
gallons of direct materials were purchased for $45,920, and 11,200
gallons were used to produce 6,000 units of Product G3.
The direct materials quantity variance for the current month
is
Group of answer choices
$1,200 unfavorable
$1,120 unfavorable
$3,200 favorable
$3,280 favorable
The standard cost of product 777 includes 2.70 units of direct materials at $5.80 per unit....
The standard cost of product 777 includes 2.70 units of direct
materials at $5.80 per unit. During August, the company bought
28,500 units of materials at $5.90 and used those materials to
produce 10,800 units.
Compute the total, price, and quantity variances for
materials.
Total materials variance
$
Neither favorable nor
unfavorableFavorableUnfavorable
Materials price variance
$
...
The standard cost of product 777 includes 2.40 units of direct materials at $6.80 per unit....
The standard cost of product 777 includes 2.40 units of direct
materials at $6.80 per unit. During August, the company bought
29,300 units of materials at $7.05 and used those materials to
produce 12,400 units.
Compute the total, price, and quantity variances for
materials.
Total materials variance
$
FavorableNeither favorable nor
unfavorableUnfavorable
Materials price variance
$
...
Ex 23-12 Reed Corp. has set the following standard direct materials and direct labor costs per...
Ex
23-12 Reed Corp. has set the following standard direct materials
and direct labor costs per unit for the product it
manufactures.
Element
Qty per
Qty Measure
Cost per Qty
Total Cost
Direct Materials
10
Pounds
$3.00
$30
Direct Labor
2
Hours
$12.00
$24
During June the company
incurred the following actual costs to produce 9,000 units.
Element
Qty per
Qty Measure
Cost per Qty
Total Cost
Direct Materials
92,000
Pounds
$2.95
$271,400
Direct Labor
18,800
Hours
$12.05
$226,540
Compute...
2.Miguez Corporation makes a product with the following standard costs: Direct materials Direct labor Variable...
1.Miguez Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per UnitDirect materials2.7 liters$7.40 per liter$19.98Direct labor0.5 hours$26.00 per hour$13.00Variable overhead0.5 hours$2.40 per hour$1.20The company budgeted for production of 3,000 units in September, but actual production was 2,900 units. The company used 5,840 liters of direct material and 1,720 direct labor-hours to produce this output. The company purchased 6,200 liters of the direct material at $7.60 per liter. The actual direct labor rate was $28.10 per...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume...
Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (1,900 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
3,200
lbs.
$0.48
per lb.
Vinegar
180
gal.
2.90
per gal.
Corn syrup
15
gal.
10.70
per gal.
Salt
72
lbs.
2.70
per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual quantities of
materials for...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume...
Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (1,000 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
1,700
lbs.
$ 0.38
per lb.
Vinegar
90
gal.
$ 2.30
per gal.
Corn syrup
8
gal.
$ 8.40
per gal.
Salt
36
lbs.
$ 2.10
per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual...
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume...
Standard Product Cost, Direct Materials Variance
Condiments Company uses standards to control its materials
costs. Assume that a batch of ketchup (1,000 pounds) has the
following standards:
Standard Quantity
Standard Price
Whole tomatoes
1,700
lbs.
$ 0.53
per lb.
Vinegar
90
gal.
$ 3.20
per gal.
Corn syrup
8
gal.
$ 11.80
per gal.
Salt
36
lbs.
$ 2.90
per lb.
The actual materials in a batch may vary from the standard due
to tomato characteristics. Assume that the actual...
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