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Hello I need help with these few questions please. Acme Inc. has the following information available: Actual price paid for material $0.900 Standard price for
Hello I need help with these few questions please.
Acme Inc. has the following information available: Actual price paid for material $0.900 Standard price for material $0.630 Actual quantity purchased and used in production 90 Standard quantity for units produced 80 Actual labor rate per hour $14 Standard labor rate per hour $12 Actual hours 210 Standard hours for units produced 220 Compute the material price and quantity, and the labor rate and efficiency variances. Round your answers to two decimal places. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency varianceUse the information provided to answer the questions. Actual price paid per pound of material $13.50 Total standard pounds for units produced this period 12,400 Pounds of material used 13,300 Direct materials price variance favorable $4,655.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $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 26,000 feet of rubber for $7,410. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,600 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 Direct materials quantity variance Total direct materials cost variance B. If they bought 9,000 connectors costing $190, what would the direct materials price variance be for the connectors? Round your intermediate calculations to three decimal places. Direct materials price variance $ C. If there was an unfavorable direct materials price variance of $120, how much did they pay per foot for the rubber? Round your answer to two decimal places. Actual price $Step by Step Solution
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