The following information is provided by the Atlas Company: Actual direct material cost Standard direct material cost Direct material usage variance What is the direct materials price variance? $ 26,000 $ 22,000 $3,000 unfavorable

The following information is provided by the Atlas Company: Actual direct material cost Standard direct material cost Direct material usage variance What is the direct materials price variance? $ 26,000 $ 22,000 $3,000 unfavorable

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Description: Please help me with show calculation thanku The following information is provided by the Atlas Company:Actual direct material costStandard direct material costDirect material usage varianceWhat is the direct materials price variance?Multiple Choice$

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter13: Budgeting And Standard Costs

Section: Chapter Questions

Problem 23CDQ

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Problem 2: Material Variance Katrina Company's direct material costs are as follows: Standard unit price Actual quantity purchased Standard quantity allowed for actual production Materials purchase price variance - favorable P 3.60 1,600 1,450 P 240 Required: Compute the actual purchase price per unit, rounded to the nearest centavos.
* 00 CH R E. Exercise 16-35 (Algo) Profit Variance Analysis (LO 16-4) Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 116,000 liters at a budgeted price of $195 per liter this year. The standard direct cost sheet for one liter of the preservative follows. Direct materials Direct labor (2 pounds @ $12) (0.5 hours @ $40) $24 Variable overhead is applied based on direct labor hours. The variable overhead rate is $100 per direct-labor hour. The fixed overhead rate (at the master budget level of activity) is $50 per unit. All non-manufacturing costs are fixed and are budgeted at $2 million for the coming year. At the end of the year, the costs analyst reported that the sales activity variance for the year was $606,000 unfavorable. The following is the actual income statement (in thousands of dollars) for the year. Sales revenue Less variable…
Relevant information for material A follows: Actual quantity used Standard quantity allowed Actual price Standard price 6,500 lbs. 6,000 lbs. $3.80 $4.00 What was the direct material quantity variance for material A? $1,900 favorable. $2,000 unfavorable. $1,900 unfavorable. $2,000 favorable.
Piechocki Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 5,900 units, but its actual level of activity was 5,940 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Fixed element Variable element per month per unit Revenue $ 0 $ 0 $ 32.60 $ 3.90 Direct labor Direct materials 12.10 Manufacturing overhead Selling and administrative expenses 33,400 1.80 28,300 0.40 Total expenses $ 61,700 $ 18.20 Actual results for May: $ 200,564 $ 22,786 $ 73,824 $ 43,922 $ 31,896 Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses The spending variance for direct materials in May would be closest to:
Use the information provided to answer the questions. Actual Price Paid Per Pound of Material: $14.50 Total Standard Pounds for Units Produced This Period 12,500 Pounds of Material Used 13,250 Direct Material Price Variance Favorable $4,637.50 All material purchased was used in production. A. What is the standard price for materials? B. What is the direct materials quantity variance? C. What is the total direct materials cost variance? D. If the direct materials price variance was unfavorable, what would be the standard price?
Use the information provided to answer the questions. Actual price paid per pound of material $14.00 Total standard pounds for units produced this period 12,500 Pounds of material used 13,200 Direct materials price variance favorable $4,620.00 All material purchased was used in production. Enter all amounts as positive, numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $
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Variances Spending Efficiency Production-Volume Variable Manufacturing Overhead $7,500 F $30,000 U 0 Fixed Manufacturing Overhead $28,000 U 0 $80,000 U 1. In a combined 3-variance analysis, what would the variance report show? (HINT: The answer is total spending variance $20,500 unfavorable, but I need work to support this)
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