Calculate the direct-material price and quantity variances, Cost Accounting

Assignment Help:

Quicksilver Compnay has set the follwoing standards for one unit of product:

Direct material
Quantity: 6.2 lbs per unit
Price per lb: $11 per lb

Direct Labor
Quantity: 6 hrs per unit
Rate per hr: $23 per hr

Actual costs incurred in the production of 2,800 units were as follows:

Direct material: $194,350 ($11.50 per lb)
Direct labor: $393,750 ($22.50 per hr)
All Materials purchased were consumed during the period.

Required:
Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.

 


Related Discussions:- Calculate the direct-material price and quantity variances

Example of labour remuneration, Example of Labour Remuneration Beneath...

Example of Labour Remuneration Beneath a premium bonus scheme, workers obtained a guaranteed basic hourly minimum rate of pay in addition of a bonus of 50 percent of the time

Marginal costing from financial information for management, prepare a trad...

prepare a trading and profit and loss accounts for the period using marginal costing and absorption costing

Absorption costing, Absorption Costing The process described in this s...

Absorption Costing The process described in this section by that net overheads are absorbed into production naturally enough is identified as absorption costing.  The absorpti

Compute the variable cost, A soft drink maker wants to expand into a neighb...

A soft drink maker wants to expand into a neighboring country.  They want the product bottled in that country to avoid political issues and to enhance the local image of the produc

Process losses, Process Losses Most manufacturing processes result in ...

Process Losses Most manufacturing processes result in several portion of the raw materials utilized not being transformed into a reliable half losses.  These losses may take t

Economic order quantity, #purchase price R45 order costs R175 lead time 6 d...

#purchase price R45 order costs R175 lead time 6 days cost of capital (after taxation) 20% direct inventory holding costs R25 annual demand 8500 units business operational 330day p

Calculate the primary deficit, Assume B, G and T are in real terms (and in ...

Assume B, G and T are in real terms (and in billions of dollars). B t-1  = 1000      G t = 220           T t = 200            i t   = .15     π t   = . 10 a) Calculate th

Non-profit cash flows statement, Are non-profit and governments required to...

Are non-profit and governments required to depreciate assets? Why or why not? Would it make sense for them to use double declining balance? Is there a difference between a non-p

Role of cost accounting in business management, Role of Cost Accounting in ...

Role of Cost Accounting in Business Management The system is a set of interdependent parts that together form a unitary whole such performs some functions. A number of sub sys

Create the consolidated statement of comprehensive income, Question ...

Question The statements of comprehensive income for three entities for the year ended 30 September 2009 are presented below: SOT PB UV

Write Your Message!

Captcha
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!

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