Direct Materials Variances The following data relate to the direct materials cost for the production of...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664c38ba96386_290664c38ba325b0.jpg)
Transcribed Image Text:
Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 55,000 lbs. at $1.90 per lb. Standard: 56,700 lbs. at $1.85 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative. number using a minus sign and an unfavorable variance as a positive number. Direct Materiis Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. The direct materials price variance should normally be reported to the, efficiencies, the variance would be reported to the materials, the variance should be reported to the When lower amounts of direct materials are used because of production When the favorable use of raw materials is caused by the purchase of higher-quality raw Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 55,000 lbs. at $1.90 per lb. Standard: 56,700 lbs. at $1.85 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative. number using a minus sign and an unfavorable variance as a positive number. Direct Materiis Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. The direct materials price variance should normally be reported to the, efficiencies, the variance would be reported to the materials, the variance should be reported to the When lower amounts of direct materials are used because of production When the favorable use of raw materials is caused by the purchase of higher-quality raw
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
There is a crop that the value p next month is random. The value can be either small p=1 or large P=3 depending on the weather. Half of people are optimists believing the value of the crop will be...
-
A study of the relationship between age and various visual functions (such as acuity and depth perception) reported the following observations on the area of sclera lamina (mm2) from human optic...
-
Locate a sample pretrial order. What does the sample you located include? How does it compare with the sample provided in Exhibit 17.2?
-
What would not be an abusive earnings management scheme according to the SEC? a. A big bath b. Channel stuffing c. Postponing repairs and maintenance expenses d. Cookie-jar accounting e. a. and c....
-
Haggis Enterprises uses a word processing computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with...
-
. Income and Retained Earnings Statements Selected account balances of Connell Company for 2015 along with additional information as of Decem- ber 31 are as follows: Bad Debt Expense $ 32,000...
-
The drug is produced in similar-sized batches, although the yield in each batch is random. Also, the number of days to produce a batch is random. Each batch is inspected, and if it doesn't pass...
-
How many dependents can be claimed by a married couple, ages 46 and 48, filing a joint return, who provided over half the support for their daughter, age 25, and grandson, age 2? The daughter had...
-
What strategic approaches can executives employ to foster a culture of empowerment and autonomy, thereby enhancing employee engagement and driving sustainable performance outcomes ?
-
You are Leroys accountant, and he has asked you to explain to him how Pierce Motor Services should account for the three vehicles and the loan from his good friend. ( In your answer you must provide...
-
Dial a Nerd had a quick ratio of 1 , 0 , a current ratio of 1 , 5 , a days sales outstanding of 6 0 days ( based on a 3 6 0 - day year ) , total current assets of R 5 2 5 0 0 0 , and cash and cash...
-
Caren graduated from a nursing program and got a job that pays $ 6 5 , 0 0 0 a year. She has signed up for a 4 0 1 - K plan and saves 5 % of her salary for retirement. ( a ) Calculate Caren s gross...
-
You have been asked to build one of the following systems. a) A network-based course registration system for your university. b) A web-based order-processing system for a computer store. c) A simple...
-
A. Select a recent issue (paper or online) of Report on Business Magazine, Canadian Business Magazine (online only), Bloomberg Businessweek, Fast Company, The Economist, or another business magazine....
-
On September 1, 1998, Susan Chao bought a motorcycle for \($10,000.\) She paid \($1,000\) down and financed the balance with a five-year loan at a stated annual interest rate of 9.6 percent,...
-
You have recently won the super jackpot in the Illinois state lottery. On reading the fine print, you discover that you have the following two options: a. You receive \($160,000\) at the beginning of...
-
Peter Green bought a \($15,000\) Honda Civic with 20 percent down and financed the rest with a four-year loan at 8 percent stated annual interest rate, compounded monthly. What is his monthly payment...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App