User Account

All Pages

What is the process in finding materials price variance

Assignment Help Accounting Basics
Reference no: EM132183475

Question - What is the process in finding Materials Price Variance, Materials Quantity Variance, and Total Materials Variance with the following information?

Materials

Item

Per Unit

Cost

Metal

1 lb.

63¢ per lb.

Plastic

12 oz.

$1.00 per lb.

Rubber

4 oz.

88¢ per lb.

Direct labor

Item

Per Unit

Cost

Labor

15 min.

$8.00 per hr.

Predetermined overhead rate based on direct labor hours = $4.28.

The January figures for purchasing, production, and labor are:

The company purchased 229,000 pounds of raw materials in January at a cost of 78t a pound.

Production used 229,000 pounds of raw materials to make 115,500 units in January.

Direct labor spent 18 minutes on each product at a cost of $7.80 per hour.

Overhead costs for January totaled $54,673 variable and $73,800 fixed.

Reference no: EM132183475

Questions Cloud

How research findings can be applied to educational settings : Critically evaluate research on one of the Specific Learning Difficulties (SpLDs) and discuss how research findings can be applied to educational settings.
How can you compensate for your weaknesses : Which of the eight traits or skills associated with being an effective project manager is the most important? Which traits are least important? Why?
Organizational analysis should focus : What is the least expensive and best alternative if you only have a few employees to be trained? Organizational analysis should focus on
Find out the possible causes of the problem : Is the question trying to let me put myself in Jonathan's shoe and find out the possible causes of the problem?
What is the process in finding materials price variance : The company purchased 229,000 pounds of raw materials in January at a cost of 78t a pound. What is the process in finding Materials Price Variance
Employees are given more attention they are less productive : The Hawthorne effect states that when employees are given more attention they are less productive.
Examine the concepts of leadership versus management : Analyze the key roles managers play in an organization. Analyze the key roles leaders play in an organization.
Concept of lifelong learning : In life, society places value in the concept of lifelong learning. Based on what you have experienced in the workplace, do you think this concept is supported?
What economic forces affect the industry : What economic forces affect the industry? Who has succeeded and failed in the industry, and why? What is the current business-level strategy?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the test statistic

(a) Calculate a pooled estimate  of their assumed common true failure rate. (b) Calculate the test statistic (1.7). How many degrees of freedom does it have? Look up the 95 and 99% points of the corresponding chi-square distribution.

  Compute the cost of goods sold and ending inventory

Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow

  Evaluate at least factors that make financial statement

Evaluate at least factors that make financial statement analysis essential to management, investors, and creditors. Provide a rationale for your response.

  Prepare the year-end balance sheet

Provide justification and analysis as to why you chose the order you did. Prepare the year-end balance sheet for 2015. Be sure to use proper headings

  Lilly county faced with the prospect

Lilly County faced with the prospect of declining revenues, decides it can save money by doing all printing in house. The county creates the Lilly Printing Fund (an Internal Service Fund),

  What is the amount of the pre-tax loss on the disposal

The tax rate for all items 40%. There were no other items that affecting Ninja's income statement. What is the amount of the pre-tax loss on the disposal

  Compute the overhead rate set at the beginning of the year

ipx is a specialized packaging company that packages other manufacturers products. other manufacturers ship their

  Determine the amount of manufacturing overhead

Required: Determine the amount of manufacturing overhead that would have been applied to all jobs during the period

  Amount gain from the sale of the building

On January 1, 2010, Fishbone Corporation sold a building that cost $262,300 and that had accumulated depreciation of $101,600 on the date of sale. Fishbone received as consideration a $251,400 noninterest-bearing note due on January 1, 2013.

  Describe the cardinal virtues of professional accountants

Read "It's Time for Principles-Based Accounting Ethics" which can be accessed through the DeVry online library. In 3-4 pages (12-pt type, double-spaced).

  Evaluate the organization chart from the standpoint

Evaluate the organization chart from the standpoint of internal control (proper segregation of duties between authorization, custody and recording)

  Calculate ending balance in the work in process inventory

Using backflush costing, calculate the ending balance in the Work in Process Inventory and Finished Goods Inventory accounts

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd