Question 10 Direct Materials Price Variance: Cream Base Natural Oils Bottles Act

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Question 10 Direct Materials Price Variance: Cream Base Natural Oils Bottles Actual price $ $ $ Standard price Difference $ $ $ Actual quantity (units) X ozs. X ozs. X btls. Direct materials price variance $ $ $ Indicate if favorable or unfavorable Direct Materials Quantity Variance: Cream Base Natural Oils Bottles Actual quantity ozs. ozs. btls. Standard quantity Difference ozs. ozs. btls. Standard price X X X Direct materials quantity variance $ $ $ Indicate if favorable or unfavorable Question 11 Direct Labor Rate Variance: Mixing Department Filling Department Actual rate $ $ Standard rate Difference $ $ Actual time (hours) X X Direct labor rate variance $ $ Indicate if favorable or unfavorable Direct Labor Time Variance: Mixing Department Filling Department Actual time (hours) Standard time (hours) Difference Standard rate X $ X $ Direct labor time variance $ $ Indicate if favorable or unfavorable Question 12 Actual variable overhead $ Variable overhead at standard cost Factory overhead controllable variance $ Indicate if favorable or unfavorable Question 13 Normal volume (cases) Actual volume (cases) Difference Fixed factory overhead rate $ Factory overhead volume variance $ Indicate if favorable or unfavorable Question 14 Why are the standard direct labor and direct materials costs in the calculations for parts (10) and (11) based on the actual 1,500-case production volume rather than the planned 1,250 cases of production used in the budgets for parts (6) and (7)? Question 10 Direct Materials Price Variance: Cream Base Natural Oils Bottles Actual price $ $ $ Standard price Difference $ $ $ Actual quantity (units) X ozs. X ozs. X btls. Direct materials price variance $ $ $ Indicate if favorable or unfavorable Direct Materials Quantity Variance: Cream Base Natural Oils Bottles Actual quantity ozs. ozs. btls. Standard quantity Difference ozs. ozs. btls. Standard price X X X Direct materials quantity variance $ $ $ Indicate if favorable or unfavorable Question 11 Direct Labor Rate Variance: Mixing Department Filling Department Actual rate $ $ Standard rate Difference $ $ Actual time (hours) X X Direct labor rate variance $ $ Indicate if favorable or unfavorable Direct Labor Time Variance: Mixing Department Filling Department Actual time (hours) Standard time (hours) Difference Standard rate X $ X $ Direct labor time variance $ $ Indicate if favorable or unfavorable Question 12 Actual variable overhead $ Variable overhead at standard cost Factory overhead controllable variance $ Indicate if favorable or unfavorable Question 13 Normal volume (cases) Actual volume (cases) Difference Fixed factory overhead rate $ Factory overhead volume variance $ Indicate if favorable or unfavorable Question 14 Why are the standard direct labor and direct materials costs in the calculations for parts (10) and (11) based on the actual 1,500-case production volume rather than the planned 1,250 cases of production used in the budgets for parts (6) and (7)?

Explanation / Answer

14)

It is because to make variance analysis from actual data where actually it is produced 1500 cases so we should make variance analysis from actual versus standard where we know where do we have lack or limitation by comparision

10 Direct Materials Price Variance: Cream Base Natural Oils Bottles Actual price 0.016 0.32 0.42 Standard price 0.02 0.3 0.5 Difference 0.004 0.02 0.08 Actual quantity (units) 153000 ozs. 46500 ozs. 18750 btls. Direct materials price variance 612 930 1500 Indicate if favorable or unfavorable Favorable Unfavorable Favorable

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