Solution-Compute the direct material price variance

Compute the direct material price variance

Assignment Help Accounting Basics

Reference no: EM131789947

Question - The data below relate to a product of Company.

Standard costs:

Material: 2 pounds at $6 per pound = $12 per unit

Labor: 3 hours at $15 per hour = $45 per unit

Budgeted production for the year is 4,000 units

Actual results were:

Production: 3,600 units

Material purchases: 8,000 pounds at $46,400

Labor: 10,360 hours at $160,580

Material used in production: 7,300 pounds

Requirements:

Compute the following:

Direct material price variance

Direct material quantity variance

Direct labor rate variance

Direct labor efficiency variance

Reference no: EM131789947

Questions Cloud

Are the distributions skewed : Make two separate stemplots (or dotplots or histograms). (Don't forget to show empty stems if you are making a stemplot.) Are the distributions skewed?

Prepare a schedule correcting net incomes : Prepare a schedule correcting net incomes, You have been assigned to examine the financial statements for the year ended December

Discuss ensuring that all future construction projects : Ensuring that all future construction projects are LEED certified

What effect did removing the outliers have on the mean : The percentage of malnutrition prevailing in children is given for urban and rural areas. The data are at this text's website.

Compute the direct material price variance : Standard costs: Material: 2 pounds at $6 per pound = $12 per unit. compute the Direct material price variance and Direct labor rate variance

What pricing strategy would recommend to market product : Your company has just made the scientific breakthrough of the century. It has invented a tattoo cream that permanently removes unwanted tattoos.

Research the cultural differences in a country : Using the internet, research the cultural differences in a country (other than the U.S.) that interests you,

Determine the critical path in the project network : Compute the expected duration and variance of each activity. Determine the critical path in the project network.

Compute the amount of the lease receivable : Wadkins Company, a machinery dealer, leased a machine to Romero Corporation on January 1, 2011. Compute the amount of the lease receivable

User Account

All Pages

Compute the direct material price variance

Reference no: EM131789947

Reference no: EM131789947

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT