Question
In: Accounting
Myers Corporation has the following data related to direct materials costs for November: actual costs for...
Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,640 pounds of material at $5.10 and standard costs for 4,460 pounds of material at $6.20 per pound.
The direct materials quantity variance is
a.$1,116 unfavorable
b.$5,104 unfavorable
c.$1,116 favorable
d.$5,104 favorable
Solutions
Expert Solution
Option a) is correct. i.e $1,116 unfavorable
| Direct Material Quantity Variance = (Standard Quantity - Actual Quantity) x Standard Rate |
| = ( 4460 - 4640 ) x 6.20 |
| = 1,116 Unfavorable |
ekkarill92 answered 1 year agoRelated Solutions
The following data relate to direct materials costs for November: Actual costs 2,500 kilograms at $8.00...
The following data relate to direct materials costs for
November: Actual costs 2,500 kilograms at $8.00 Standard costs
2,600 kilograms at $8.75 The amount of direct materials price
variance is: a) $1,875 unfavorable b) $1,950 unfavorable c) -$1,950
favorable d) -$1,875 favorable
The standard costs and actual costs for direct materials for the manufacture of 2,700 actual units...
The standard costs and actual costs for direct materials for the
manufacture of 2,700 actual units of product are
Standard Costs
Direct materials (per completed unit)
1,040 kilograms @$8.64
Actual Costs
Direct materials
2,700 kilograms @ $8.20
Round your final answer to the nearest dollar.
The amount of direct materials price variance is
a.$458 favorable
b.$458 unfavorable
c.$1,188 unfavorable
d.$1,188 favorable
The following data relate to direct materials costs for February:
The following data relate to direct materials costs for February:Materials cost per yard: standard, $2.00; actual, $2.10Standard yards per unit: standard, 4.5 yards; actual, 4.75 yardsUnits of production: 9,500Calculate the direct materials price variance.
a.$378.00 unfavorable
b.$1,795.50 favorable
c.$378.00 favorable
d.$4,512.50 unfavorable
Use this information for St. Augustine Corporation to answer the question that follow.St. Augustine Corporation originally budgeted for $360,000 of fixed overhead at 100% of normal production capacity. Production was budgeted to be 12,000 units. The standard hours...
In November, Tim’s Toys, Inc., had direct materials costs of $60,000, direct labor costs of $40,000,...
In November, Tim’s Toys, Inc., had direct materials costs of
$60,000, direct labor costs of $40,000, variable manufacturing
overhead costs of $64,000, and fixed costs of $152,000. If Tim’s
unit contribution margin is $200, what is the company’s break-even
point?
Select one:
a. 820 units
b. 760 units
c. $152,000
d. $164,000
Equivalent units of production are a measure of:
Select one:
a. Units in ending work in process inventory.
b. The work done during the period expressed in fully completed...
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw
materials
$
26,800
$
22,800
Work in
process
$
18,800
$
11,800
Finished
Goods
$
49,800
$
57,800
Additional information:
Raw materials
purchases
$
73,800
Direct labor
cost
$
93,800
Manufacturing
overhead cost incurred
$
43,980
Indirect
materials included in manufacturing overhead cost incurred
$
4,180
Manufacturing
overhead cost applied to Work in Process
$
42,800
Any underapplied or overapplied manufacturing overhead is closed
out...
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw materials
$
26,500
$
22,500
Work in process
$
18,500
$
11,500
Finished Goods
$
49,500
$
57,500
Additional information:
Raw materials purchases
$
73,500
Direct labor cost
$
93,500
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$
43,650
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incurred
$
4,150
Manufacturing overhead cost applied to Work in Process
$
42,500
Any underapplied or overapplied manufacturing overhead is closed
out...
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw materials
$
26,800
$
22,800
Work in process
$
18,800
$
11,800
Finished Goods
$
49,800
$
57,800
Additional information:
Raw materials purchases
$
73,800
Direct labor cost
$
93,800
Manufacturing overhead cost incurred
$
43,980
Indirect materials included in manufacturing overhead cost
incurred
$
4,180
Manufacturing overhead cost applied to Work in Process
$
42,800
Any underapplied or overapplied manufacturing overhead is closed
out...
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw materials
$
25,800
$
21,800
Work in process
$
17,800
$
10,800
Finished Goods
$
48,800
$
56,800
Additional information:
Raw materials purchases
$
72,800
Direct labor cost
$
92,800
Manufacturing overhead cost incurred
$
42,880
Indirect materials included in manufacturing overhead cost
incurred
$
4,080
Manufacturing overhead cost applied to Work in Process
$
41,800
Any underapplied or overapplied manufacturing overhead is closed
out...
Direct Materials, Direct Labor, and Reports budgeted and actual costs for variable and fixed factory overhead...
Direct Materials, Direct Labor, and Reports budgeted and actual
costs for variable and fixed factory overhead along with the
related controllable and volume variances.Factory Overhead Cost
Variance Analysis
Mackinaw Inc. processes a base chemical into plastic. A detailed
estimate of what a product should cost.Standard costs and actual
costs for direct materials, direct labor, and factory overhead
incurred for the manufacture of 7,200 units of product were as
follows:
Standard Costs
Actual Costs
Direct materials
9,400 lb. at $5.20
9,300...
Holmstrom Corporation has provided the following data concerning last month’s operations. Direct materials $ 14,000 Direct...
Holmstrom Corporation has provided the following data concerning
last month’s operations.
Direct materials
$
14,000
Direct labor cost
$
58,000
Manufacturing overhead applied to Work in Process
$
79,000
Cost of Goods Manufactured
$
145,000
Beginning
Ending
Work in process inventory
$
47,000
$
53,000
Finished goods inventory
$
41,000
$
50,000
How much is the cost of goods sold on the Schedule of Cost of
Goods Sold?
Multiple Choice
$150,000
$176,000
$144,000
$136,000
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