Direct Materials Variances Bellingham Company produces a product that requires eight standard pounds per unit. The standard price is $8.5 per pound. If 5,800 units used 45,500 pounds, which were purchased at $8.67 per pound, what is the direct materials (a) price variance. (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a a. Direct materials price variance 7,650 X Unfavorable b. Direct materials quantity variance 11,900 X Favorable c. Direct materials cost variance Direct Labor Variances Bellingham Company produces a product that requires 10 standard direct fabor hours per unit at a standard hourly rate of $19.00 per hour. If 4,200 units used 43,700 hours at an hourly rate of $19.95 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus tign and an unfavorable variance as a positive number a. Direct laborate variance b. Direct labor time variance 10 c. Direct labor cost variance Factory Overhead Controllable Variance Bellingham Company produced 2,300 units of product that required 2 standard direct labor hours per unit. The standard variable overhead cost per unit is $3.90 per direct labor hour. The actual variable factory overhead was $17.350. Determine the variable factory overhead controllable variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Factory Overhead Volume Variance Bellingham Company produced 1,700 units of product that required 3.5 standard direct labor hours per unit. The standard fixed overhead cost per unit is $2,20 per direct labor hour at 6.350 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Standard Cost Journal Entries Bellingham Company produced 5,900 units that require 16 standard pounds per unit at a $9 standard price per pound. The company actually used 98,200 pounds in production Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank Work in Process 349.000 X 34.800 X Direct Materials Quantity Variance Materials 303,000 Bellingham Company produces a product that requires 25 standard pounds per unit at a standard price of $3.75 per pound. The company used 36,000 pounds to produce 15,000 uruts, which were purchased at 54.00 per pound Each unit requires a standard direct labor hours per unit at a standard hourly rate of $20 per hour For the 15,000 units produced 61. 800 hours were needed and employees were paid an hourly rate of $19.85 per hour. The company uses a standard variable overhead cost per unit of $0.90 per direct labor hour Actuat variable factory overhead was 552.770 The company uses a standard fored overhead cost per unit of $1.15 per direct labor hour at 58,000 hours, which is 100% of normal capacity Required: Prepare an income statement through gross profit for Bellinghan Company for the month ending March 31 Assume Sellingham sold 15.000 units af $172 per unit Enter a favorable venence as a negative number using a minus sign and an unfavorable variance as a positive number
