Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both

image text in transcribed

image text in transcribed

Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. Large Small Rubber 3 feet at $0.20 per foot 1.25 feet at $0.20 per foot Connector 1 at $0.02 1 at $0.02 At the beginning of the month, Ed Co. bought 24,000 feet of rubber for $6,960. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,400 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? Enter all amounts as positive numbers. If required round your answers to two decimal places. Direct materials price variance Unfavorable 1,296 S Direct materials quantity variance Unfavorable 90 Total direct materials cost variance S 1,376 Unfavorable B. If they bought 11,000 connectors costing $230, what would the direct materials price variance be for the connectors? Round your intermediate calculations to three decimal places. Direct materials price variance S Unfavorable C. If there was an unfavorable direct materials price variance of $80, how much did they pay per foot for the rubber? Round your answer to two decimal places. $ Actual price 0.21 ABC Inc. spent a total of $46,490 on factory overhead. Of this, $27,000 was fixed overhead. ABC Inc. had budgeted $26,000 for fixed overhead. Actual machine hours were 4,900. Standard hours for units made were 4,700. The standard variable overhead rate was 4.10. What is the variable overhead rate variance? Enter the amount as positive number. Variable overhead rate variance $ favorable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Statements Analysis Cases From Corporate India

Authors: Sandeep Goel

1st Edition

1138663921, 9781138663923

More Books

Students also viewed these Accounting questions

Question

Discuss the role of the cross-functional CRM team.

Answered: 1 week ago

Question

specify some main features of the worlds labour force;

Answered: 1 week ago

Question

Compare wages in Romania to wages in your home country.

Answered: 1 week ago

Question

Which were the causes of high employee turnover at Fomco Group?

Answered: 1 week ago