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Direct Materials Variances Bellingham Company produces a product that requires 14 standard pounds per unit. The standard price is $15 per pound. If 3,700 units used 50,800 pounds, which were purchased at $7.72 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. 1 a. Direct materials price variance b. Direct materials quantity variance 4 c. Direct materials cost variance HUD Direct Labor Variances Ada Clothes Company produced 12,000 units during April. The Cutting Department used 2,300 direct labor hours at an actual rate of $12.30 per hour. The Sewing Department used 3,800 direct labor hours at an actual rate of $12.00 per hour. Assume there were no work in process inventories in either department at the beginning or end of the month. The standard labor rate is $12.20. The standard labor time for the Cutting and Sewing departments is 0.2 hour and 0.3 hour per unit, respectively. a. Determine the direct labor rate, direct iabor time, and total direct labor cost variance for the (1) Cutting Department and (2) Sewing Department. Enter a favorable variance as a negative number using a minus Sign and an unfavorable variance as a positive number. Cutting Department Sewing Department Direct Labor Rate Variance D V D V Direct Labor Time Variance D V D V Total Direct Labor Cost Variance D V D V l]. The two departments have opposite results. The Cutting Department has a(n) 7 rate variance and a(n) 7 time variance, resulting in a totai 'V cost variance. In contrast, the Sewing Department has a(n) '7 rate variance but has a(n) \"V time variance, resulting in a total '7 cost variance. Factory Overhead Cost Variances U The following data relate to factory overhead cost for the production of 5,000 computers: Actual: Variable factory overhead $105,500 Fixed factory overhead 34,000 Standard: 5,000 hrs. at $26 130,000 If productive capacity of 100% was 8,000 hours and the total factory overhead cost budgeted at the level of 5,000 standard hours was $142,750, determine the variable factory Revenue variances Rockport Industries Inc. gathered the following data for March: Planned Actual Sales price per unit $150 $144 Number of units of sales x 12,500 x 12,900 Total sales $1,875,000 $1,857,600 Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Compute the revenue price variance. $SV h. Compute the revenue volume variance. $SV c. Compute the total revenue variance. $EV Revenue variances Rosenberry Company computed the Following revenue variances For January: Revenue price variance $850,000) Favorable Revenue volume variance 50,000 Unfavorable Assuming that the planned selling price per unit was $10 and that actual sales were 175,000 units, determine the following: 3. Actual selling price of January. 34: h. Planned number of units that were to be sold in January. Factory Overhead Cost Variances Thomas Textiles Corporation began November with a budget for 22,000 hours of production in the Weaving Department. The department has a full capacity of 29,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of November was as follows: Variable overhead $50,600 Fixed overhead 34,800 Total $85,400 The actual factory overhead was $86,400 for November. The actual fixed factory overhead was as budgeted. During November, the Weaving Department had standard hours at actual production volume of 23,000 hours. Determine the variable factory overhead controllable variance and the xed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required. 3. Variable factory overhead controllable variance: D V b. Fixed factory overhead volume variance: D V Recording Standards in Accounts Ciof' Manufacturing Company incorporates standards in its accounts and identies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions: a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. If an amount box does not require an entry, leave it blank. did 030 b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units oiC copper tubing are required, at standard, to produce one air conditioner. If an amount box does not require an entry, leave it blank. b. did BUD Recording Standards in Accounts The Assembly Department produced 4,000 units of product during March. Each unit required 1.25 standard direct labor hours. There were 5,400 actual hours used in the Assembly Department during March at an actual rate of $11.5 per hour. The standard direct labor rate is $12 per hour. Assuming direct labor for a month is paid on the fifth day of the following month, journalize the direct labor in the Assembly Department on March 31. For a compound transaction, 1f an amount box does not require an entry, leave it blank. March 31 V Edda DDUD Direct Labor Variances Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a standard hourly rate of $9.00 per hour. If 4,100 units used 12,800 hours at an hourly rate of $8.55 per hourr 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 sign and an unfavorable variance as a positive number: 1 a. Direct labor rate variance b. Direct labor time variance 4 1:. Direct labor cost variance Factory Overhead Controllable Variance Bellingham Company produced 2,800 units of product that required 1.5 standard direct labor hours per unit. The standard variable overhead cost per unit is $4.30 per direct labor hour. The actual variable factory overhead was $17,450. 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. Dv Factory Overhead Volume Variance Bellingham Company produced 1,200 units of product that required 3 standard direct labor hours per unit. The standard fixed overhead cost per unit is $2.25 per direct labor hour at 3,900 hours, which is 100% of normal capacity. Determine the fixed factory overhead vnlume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Dv Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chpcplate (2,571 bars) are as follows: Ingredient Quantity Price Cocoa 630 lbs. $0.40 per lb. Sugar 180 lbs. $0.60 per lb. Milk 150 gal. $1.20 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round tn the nearest cent. Standard Product Cost Atlas Furniture Companyr manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $17.00 per hr. standard time per unit 4 hrs. Direct materials (oak): standard price $8.00 per bd. ft. standard quantity 18 bd. ft. Variable factoryr overhead: standard rate $2.40 per direct labor hr. Fixed factory overhead: standard rate $1.20 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of V . Using this principle, V cost deviations from standards can be investigated and corrected. Direct Materiais Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 58,900 lbs. at $1.95 per lb. Standard: 60,700 lbs. at $1.90 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materiais cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance D 7 Direct Materials Quantity Variance D V Total Direct Materials Cost Variance D 7 h. The direct materials price variance should normally be reported to the V . When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the V . When the favorable use of raw materiais is caused by the purchase of higherquality raw materials, the variance should be reported to the \"V . Direct Labor Variances The following data relate to labor cost for production of 3,400 cellular telephones: Actual: 2,270 hrs. at $15.30 Standard: 2,230 hrs. at $15.60 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance { Time variance Total direct labor cost variance 1 HUD h. The employees may have been lessexperienced or poorly trained, thereby resulting in a V labor rate than planned. The lower level of experience or training may have resulted in V efficient performance. Thus, the actual time required was V than standard