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 ago
Next > < Previous

Related 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 Manufacturing overhead cost incurred $ 43,650 Indirect materials included in manufacturing overhead cost 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
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT