Question
In: Accounting
TB MC Qu. 9-315 Tharaldson Corporation makes ... Tharaldson Corporation makes a product with the following...
TB MC Qu. 9-315 Tharaldson Corporation makes ...
Tharaldson Corporation makes a product with the following standard costs:
| Standard Quantity or Hours | Standard Price or Rate | Standard Cost Per Unit | |||||||
| Direct materials | 6.5 | ounces | $ | 2.00 | per ounce | $ | 13.00 | ||
| Direct labor | 0.2 | hours | $ | 23.00 | per hour | $ | 4.60 | ||
| Variable overhead | 0.2 | hours | $ | 6.00 | per hour | $ | 1.20 | ||
The company reported the following results concerning this product in June.
| Originally budgeted output | 2,700 | units | |
| Actual output | 2,800 | units | |
| Raw materials used in production | 19,380 | ounces | |
| Purchases of raw materials | 21,400 | ounces | |
| Actual direct labor-hours | 500 | hours | |
| Actual cost of raw materials purchases | $ | 40,660 | |
| Actual direct labor cost | $ | 12,050 | |
| Actual variable overhead cost | $ | 3,100 | |
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The materials price variance for June is:
Solutions
Expert Solution
Materials Price Variance
= (SP - AP) *AQ
= (2 - 40,660/21,400) * 21,400
= (2 - 1.90) * 21,400
= 2140 F
ekkarill92 answered 2 years agoRelated Solutions
TB MC Qu. 8-120 Bramble Corporation is a small wholesaler ... Bramble Corporation is a small...
TB MC Qu. 8-120 Bramble Corporation is a small wholesaler
...
Bramble Corporation is
a small wholesaler of gourmet food products. Data regarding the
store's operations follow:
Sales are budgeted at $300,000 for November, $280,000 for
December, and $270,000 for January.
Collections are expected to be 65% in the month of sale and 35%
in the month following the sale.
The cost of goods sold is 70% of sales.
The company would like to maintain ending merchandise
inventories equal to...
TB MC Qu. 8-119 Bramble Corporation is a small wholesaler ... Bramble Corporation is a small...
TB MC Qu. 8-119 Bramble Corporation is a small wholesaler
...
Bramble Corporation is
a small wholesaler of gourmet food products. Data regarding the
store's operations follow:
Sales are budgeted at $410,000 for November, $390,000 for
December, and $380,000 for January.
Collections are expected to be 50% in the month of sale and 50%
in the month following the sale.
The cost of goods sold is 80% of sales.
The company would like to maintain ending merchandise
inventories equal to...
Tharaldson Corporation makes a product with the following standard costs:
Tharaldson Corporation makes a product with the following standard costs:
Standard
Standard
Quantity or
Standard Price or
Cost Per
Hours
Rate
Unit
Direct materials
5.7 ounces
$2.00 per ounce
$11.40
Direct labor
0.8 hours
$11.00 per hour
$8.80
Variable overhead
0.8 hours
$6.00 per hour
$4.80
The company reported the following results concerning this product in June.
Originally budgeted output
3,900 units
Actual output
3,500 units
Raw materials used in production
20,700 ounces
Purchases of raw...
Tharaldson Corporation makes a product with the following standard costs
Tharaldson Corporation makes a product with the following standard costs: StandardStandardQuantity orStandard Price orCost PerHoursRateUnitDirect materials6.0 ounces$3.00 per ounce$18.00Direct labor0.3 hours$11.00 per hour$3.30Variable overhead0.3 hours$9.00 per hour$2.70The company reported the following results concerning this product in June. Originally budgeted output3,600 unitsActual output3,200 unitsRaw materials used in production21,000 ouncesPurchases of raw materials22,100 ouncesActual direct labor-hours500 hoursActual cost of raw materials purchases$42,300Actual direct labor cost$13,600Actual variable overhead cost$3,800The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is...
Tharaldson Corporation makes a product with the following standard costs
Tharaldson Corporation makes a product with the following standard costs:Standard Quantity or HoursStandard Price or RateStandard Cost Per UnitDirect materials7.5ounces$3.00per ounce$22.50Direct labor0.4hours$19.00per hour$7.60Variable overhead0.4hours$6.00per hour$2.40The company reported the following results concerning this product in June.Originally budgeted output2,900unitsActual output3,000unitsRaw materials used in production19,500ouncesPurchases of raw materials21,800ouncesActual direct labor-hours460hoursActual cost of raw materials purchases$42,300Actual direct labor cost$12,900Actual variable overhead cost$3,350The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.The...
TB MC Qu. 5S-74 Mullins Corporation uses the FIFO... Mullins Corporation uses the FIFO method in...
TB MC Qu. 5S-74 Mullins Corporation uses the FIFO...
Mullins Corporation
uses the FIFO method in its process costing system. Data concerning
the first processing department for the most recent month are
listed below:
Beginning work
in process inventory:
Units in
beginning work in process inventory
1,700
Materials
costs
$
13,500
Conversion
costs
$
23,200
Percent complete
with respect to materials
75
%
Percent complete
with respect to conversion
65
%
Units started
into production during the month
10,600
Units...
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price...
Tharaldson Corporation makes a product with the following
standard costs:
Standard Quantity or Hours
Standard Price or Rate
Standard Cost Per Unit
Direct materials
7.2
ounces
$
2.00
per ounce
$
14.40
Direct labor
0.3
hours
$
16.00
per hour
$
4.80
Variable overhead
0.3
hours
$
5.00
per hour
$
1.50
The company reported the following results concerning this
product in June.
Originally budgeted output
2,600
units
Actual output
2,200
units
Raw materials used in production
20,400
ounces
Purchases...
Tharaldson Corporation makes a product with the following standard costs: Standard Standard Quantity or Standard Price...
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard price or RateStandard Cost PerUnitDirect materials7.3 ounces$3.00 per ounce$21.90Direct labor0.2 hours$17.00 per hour$3.40Variable overhead0.2 hours$6.00 per hour$1.20The company reported the following results concerning this product in June. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for June is:Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard price or RateStandard Cost...
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price...
Tharaldson Corporation makes a product with the following
standard costs:
Standard Quantity or
Hours
Standard Price or
Rate
Standard Cost Per
Unit
Direct materials
6.5
ounces
$
2.00
per
ounce
$
13.00
Direct labor
0.2
hours
$
23.00
per hour
$
4.60
Variable overhead
0.2
hours
$
6.00
per hour
$
1.20
The company reported the following results concerning this
product in June.
Originally
budgeted output
2,700
units
Actual
output
2,800
units
Raw materials
used in production
19,380
ounces
Purchases...
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price...
Tharaldson Corporation makes a product with the following
standard costs:
Standard Quantity or Hours
Standard Price or Rate
Standard Cost Per Unit
Direct materials
5.5
ounces
$
2.00
per ounce
$
11.00
Direct labor
0.4
hours
$
11.00
per hour
$
4.40
Variable overhead
0.4
hours
$
8.00
per hour
$
3.20
The company reported the following results concerning this
product in June.
Originally budgeted output
4,100
units
Actual output
4,100
units
Raw materials used in production
20,500
ounces
Purchases...
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