Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help. prefered excel! thank you Gullermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light

please help. prefered excel! thank you
image text in transcribed
image text in transcribed
Gullermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oll change takes 23 minutes and 7 quarts of oll are used. In June, Gullermo's Oil and Lube had 940 oil changes. Gulliermo's Oil and Lube Company provided the following information for the production of oll changes during the month of June: Actual number of oll changes performed: 940 Actual number of quarts of oil used: 6,740 quarts Actual price paid per quart of oils $5.30 Standard price per quart of oll: $5.25 Required: 1. Calculate the direct materials price variance (MpV) and the direct materials usage variance (MuM) for June using the formula opproach, if required, round your answers to the nearest cent. MPV 5 MUV 1 2. Calculate the total direct materials variance for oil for June. If required, round your answer to the nearest cent. 3. What if the actual number of quarts of oil purchased in June had been 6,680 quarts, and the materials price variance was calculated at the time of purchase? If required, round your answers to the nearest cent. What would be the materiais price variance (MpV)? What would be the materials usage variance (MiM)? Guilermo's Oil and tube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Gultermo has found that a typical ol change takes 24 minutes and 6.2 quarts of oil are used. In June, Gulliefmo's Oll and Lube had 980 oil changes. Guillermo's Oil and Lube Company provided the following information for the production of oil changes during the month of June: Actual number of oil changes performed: 980 Actual number of quarts of oll used; 6,020 quarts Actual price paid per quart of oil: $5.10 5tandard price per quart of oll: $5.05 Required: 1. Calculate the direct materials price variance (Mpy) and the direct materials usage variance (MuM) for June using the formula approsch. If required, round your answers to the nearest cent. 2. Calculate the total direct materials variance for oll for June. If required, round your answer to the nearest cent. 3. What if the actual number quarts of eil purchased in June had tieen 6,100 quarts, and the materials price variance was calculated at the time of purchase? What would be the materials price variance (MPV)? What would be the materials usage vartance (MUM) If required, round your answer to the nearest cent

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

Step: 3

blur-text-image

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

Performance Auditing A Measurement Approach

Authors: Ronell B. Raaum, Stephen L. Morgan

4th Edition

0894134647, 978-0894134647

More Books

Students also viewed these Accounting questions