Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. During May, 6,000 pounds of raw materials were bought at a cost of $2.60 per pound. If there was favorable materials price variance of $900 for December, standard cost per pound should be:

 

a. $2.75

 

b. $2.60

 

c. $2.45

 

d.none of the above

 

2. During April, 80,000 units of product weremanufactured. Standard quantity of material allowed per unit was two pounds at standard cost of $5 per pound. If there was favorable materials usage variance of $40,000 for April, actual quantity of materials used should have been

 

a. 168,000 pounds

 

b. 152,000 pounds

 

c. 84,000 pounds

 

d. 76,000 pounds

 

Max Company has developed standards for one of its products which are given below:
Direct materials 15 pounds X $16 per pound
Direct labor 4 hours X $24 per hour
Variable overhead 4 hours X$14 per hour
following activities occurred during month of October:

company records materials price variances at time of purchase.

 

Materials purchased 10,000 pounds costing $170,000 
Materials used 7,200 pounds 
Units produced 500 units 
Direct labor 2,300 hours at $23.60 per hour 
Actual variable overhead $30,000

 

3. Max's variable standard cost per unit would be:

a. $392

b. $336

c. $296

d. $152

 

4. Max's materials price variance would be:

a. $50,000 favorable

b. $50,000 unfavorable

c. $10,000 unfavorable

d. $10,000 favorable

 

5. Max's labor efficiency variance would be:

a. $7,200 unfavorable

b. $7,200 favorable

c. $6,280 unfavorable

d. $6,280 favorable

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921505

Have any Question? 


Related Questions in Accounting Basics

Culturally diverse individuals are effective workerssuppose

Culturally Diverse Individuals Are Effective Workers Suppose you work as a human resource (HR) executive at Total Solutions, Inc., a culturally and geographically diverse organization. A recent government study on human ...

Hildebrand consumer products incas you know we have

Hildebrand Consumer Products, Inc. As you know, we have recently experienced stagnant growth. In preparation for my upcoming meeting with the Board of Directors, I am asking you to prepare a formal report that will brief ...

Westerville company reported the following results from

Westerville Company reported the following results from last year % 2013 operations: Sales $ 1,000,000 Variable expenses 300,000 -------------------------------------- Contribution margin 700,000 Fixed expenses 500,000 - ...

Course project portfolio of international accounting

Course Project: Portfolio of International Accounting Findings Throughout your course work, you explored topics such as cost and revaluation models of accounting, revenue recognition, assets and liabilities, translation ...

Assume a local subway reported the following results for

Assume a local Subway reported the following results for April and May August September Unit Sales      2,000             2,500 Cost of Food Sold  $   1,000  $         1,250 Wages and Salaries      1,525             1,67 ...

Assignmentapplication break-even analysiswhen expenses and

Assignment Application: Break-Even Analysis When expenses and revenues are equal, this is known as the "break-even point" or BEP. To determine break-even, an examination of fixed and variable costs (expenses) in relation ...

Accounting discussion questionaccounts receivable bad debt

Accounting Discussion Question "Accounts Receivable Bad Debt Expense (Direct Write Off Method Vs Allowance Method)": • Discuss the primary advantages and disadvantages of applying the direct write-off over the allowance ...

Accountingflexible budgets and cost variances please

Accounting Flexible Budgets and Cost Variances: Please respond to one of the following: Option 1 Suggest how management can use the real-time variance data analysis to improve operations. Evaluate the potential risk that ...

Careers in accountingaccounting is the study of how

Careers in Accounting Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

1 what does it mean to create a culture of honesty openness

1. What does it mean to create a "Culture of Honesty, Openness, and Assistance?" Give some examples from an organization with which you have been affiliated. (250 words) 2. Review the section Preventing Fraud-A Sumary an ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro