Question
In: Accounting
Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.6 units...
Under normal conditions, Sarah spends $8.40 per unit of materials,
and it will take 3.6 units of material per pair of shoes. During
July, Sole Purpose Shoe Company incurred actual direct materials
costs of $62,010 for 6,890 units of direct materials in the
production of 2200 pairs of shoes.
Complete the table below showing the direct materials variance
relationships for July for Sole Purpose Shoe Company. If required,
round your answers to two decimal places. When entering variances,
use a negative number for a favorable cost variance, and a positive
number for an unfavorable cost variance.
Actual Quantity: 6,890
Actual Cost:
Actual Price:
Direct Materials:
Actual Quanitity: 6,890
Total Direct Materials:
Standard price:
Direct Materials:
Standard Quantity:
Standard Cost:
Standard Price:
Solutions
Expert Solution
Actual Quantity: 6,890
Actual Cost:$62,010
Actual Price:$9
Direct Materials:
Actual Quanitity: 6,890
Total Direct Materials:
Standard price:$8.40
Direct Materials
Standard Quantity:7920 units
Standard Cost:$66,528
Standard Price:$8.40
|
Standard DATA for |
2200 |
Pairs |
|
|
Quantity (SQ) |
Rate (SR) |
Standard Cost |
|
|
[A] |
[B] |
[A x B] |
|
|
Direct Material |
( 3.6UNITS OF MATERIAL x 2200 Pairs)=7920UNITS OF MATERIAL |
$ 8.40 |
$ 66,528.00 |
|
Actual DATA for |
2200 |
Pairs |
|
|
Quantity (AQ) |
Rate (AR) |
Actual Cost |
|
|
Direct Material |
6890 |
$ 9.00 |
$ 62,010.00 |
|
Standard DATA for |
2200 |
Pairs |
|
|
Quantity (SQ) |
Rate (SR) |
Standard Cost |
|
|
Direct Material |
7920 |
$ 8.40 |
$ 66,528.00 |
|
Material Price Variance |
||||||
|
( |
Standard Rate |
- |
Actual Rate |
) |
x |
Actual Quantity |
|
( |
$ 8.40 |
- |
$ 9.00 |
) |
x |
6890 |
|
4134 |
||||||
|
Variance |
$4,134.00 |
Unfavourable-U |
||||
|
Material Quantity Variance |
||||||
|
( |
Standard Quantity |
- |
Actual Quantity |
) |
x |
Standard Rate |
|
( |
7920 |
- |
6890 |
) |
x |
$ 8.40 |
|
-8652 |
||||||
|
Variance |
- $ 8,652.00 |
Favourable-F |
||||
|
Material Spending Variance |
||||||
|
( |
Standard Cost |
- |
Actual Cost |
) |
||
|
( |
$ 66,528.00 |
- |
$ 62,010.00 |
) |
||
|
-4518 |
||||||
|
Variance |
- $ 4,518.00 |
Favourable-F |
||||
ekkarill92 answered 1 year agoRelated Solutions
Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.6 units...
Under normal conditions, Sarah spends $8.40 per unit of
materials, and it will take 3.6 units of material per pair of
shoes. During July, Sole Purpose Shoe Company incurred actual
direct materials costs of $63,810 for 7,090 units of direct
materials in the production of 2,175 pairs of shoes.Complete the
following table, showing the direct labor variance relationships
for August for Sole Purpose Shoe Company. If required, round your
answers to two decimal places. When entering variances, use a
negative...
Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.6 units...
Under normal conditions, Sarah spends $8.40 per unit of
materials, and it will take 3.6 units of material per pair of
shoes. During July, Sole Purpose Shoe Company incurred actual
direct materials costs of $63,810 for 7,090 units of direct
materials in the production of 2,175 pairs of shoes.
Complete the following table, showing the direct materials
variance relationships for July for Sole Purpose Shoe Company. If
required, round your answers to two decimal places. When entering
variances, use a...
Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.60 units...
Under normal conditions, Sarah spends $8.40 per unit of
materials, and it will take 3.60 units of material per pair of
shoes. During July, Sole Purpose Shoe Company incurred actual
direct materials costs of $61,321 for 6,890 units of direct
materials in the production of 2,200 pairs of shoes.
Complete the following table, showing the direct materials
variance relationships for July for Sole Purpose Shoe Company. If
required, round your answers to two decimal places. When entering
variances, use a...
Direct Materials Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take...
Direct Materials
Under normal conditions, Sarah spends $8.40 per unit of
materials, and it will take 3.60 units of material per pair of
shoes. During July, Sole Purpose Shoe Company incurred actual
direct materials costs of $63,101 for 7,090 units of direct
materials in the production of 2,175 pairs of shoes.
Complete the following table, showing the direct materials
variance relationships for July for Sole Purpose Shoe Company. If
required, round your answers to two decimal places. When entering
variances,...
Direct Labor Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take...
Direct Labor
Under normal conditions, Sarah spends $8.40 per unit of
materials, and it will take 3.6 units of material per pair of
shoes. During July, Sole Purpose Shoe Company incurred actual
direct materials costs of $60,632 for 6,890 units of direct
materials in the production of 2,150 pairs of shoes.
Complete the following table, showing the direct materials
variance relationships for July for Sole Purpose Shoe Company. If
required, round your answers to two decimal places. When entering
variances,...
Under normal conditions, Sarah pays her employees $8.50 per hour, and it will take 2.80 hours...
Under normal conditions, Sarah pays her employees $8.50 per
hour, and it will take 2.80 hours of labor per pair of shoes.
During August, Sole Purpose Shoe Company incurred actual direct
labor costs of $65,880 for 7,320 hours of direct labor in the
production of 2,300 pairs of shoes.
Complete the following table, showing the direct labor variance
relationships for August for Sole Purpose Shoe Company. If
required, round your answers to two decimal places. When entering
variances, use a...
Sales (in units) 60,000 Selling price per unit $25 Manufacturing costs per unit: Materials 5 Direct...
Sales (in units)
60,000
Selling price per unit
$25
Manufacturing costs per unit:
Materials
5
Direct labor
4
Overhead
Variable
4
Fixed
6
Total
$19
Gross margin
6
Selling and admin. Expenses per unit
2
Operating income
$4
A company in a foreign market offer to buy and the
offer specifies the following data
units to be sold
10,000
price per unit
$12
The incremental profit should be
Sales (16,000 units × $211 per unit) $ 3,376,000 Cost of goods sold Direct materials $...
Sales (16,000 units × $211 per unit) $ 3,376,000 Cost of goods
sold Direct materials $ 400,000 Direct labor 688,000 Production
supplies 448,000 Plant manager salary 200,000 1,736,000 Gross
profit 1,640,000 Selling expenses Sales commissions 128,000
Packaging 256,000 Advertising 100,000 484,000 Administrative
expenses Administrative salaries 250,000 Depreciation—office equip.
220,000 Insurance 190,000 Office rent 200,000 860,000 Income from
operations $ 296,000 (1) Compute the total variable cost per unit.
(2) Compute the total fixed costs. (3) Compute the income from
operations...
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
$
...
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