Number of units produced 350 400 What is the standard direct material price per
ID: 2536947 • Letter: N
Question
Number of units produced 350 400 What is the standard direct material price per pound for the butter in the cookies? A) $5.50/1b. B) S5.75/lb. C) $6.00/1b. D) $7.25/lb. 25) Tommy's Toys produces two types of toys: trains and dolls. Tommy's uses stainless steel to manufacture the trains and plastic to manufacture the dolls. Information regarding the usage of steel and plastic for the past year follos: Product Names Direct materials information Standard pounds per unit Standard price per pound Actual quantity used per unit Actual price paid for material Actual quantity purchased and used Price variance Quantity variance Steel Plastic 1 lb $1.50 1.5 lbs. $1.25 2,500 lbs 0.5 lb 0.75 lbs $2.00 1,200 lbs. $900 F $206 U $522 F 550 exible budgent variance Number of units produced 275 What is the direct material quantity variance for plastic in the dolls? A) $378 favorable C) $378 unfavorable B) $1,422 unfavorable D) $1,422 favorable 26) Culinary Kitchen Supply produces bamboo cutting boards. The standard material cost for the bamboo used in each lamp is $18 per square foot. Each board requires 3 square feet of bamboo. I August, the company produced 1,200 cutting boards. There were 3,400 square feet of bamboo us during the month. The bamboo used had an actual cost $20 per square foot. What was the mater quantity variance in August for bamboo? A) $3,600 unfavorable C) $4,000 favorable B) $3,600 favorable D) $4,000 unfavorableExplanation / Answer
25.
Given Price Variance for Plastic in dolls = $900 (F)
SP = Standard Price per unit; AP= Actual Price per unit
(SP-AP)*AQ = $900
(SP-AP)*1200 = $ 900
SP-2 =900/1200
SP-2 = 0.75
SP = 2.75
Standard Price per pound = 2.75
Material Quantity Variance (MQV) = SP*(SQ-AQ)
SP = Standard Price; sQ = Standard Quantity for actual output; AQ = Actual Quantity consumed
MQV = 2.75*[(550 units*0.5 lb)-(550 units * 0.75lb)]
= 2.75* (275-412.5)
= 2.75* (-137.5)
= 378.125 Unfavourable (C)
26.
Material Quantity Variance = SP*(SQ-AQ)
SP = $ 18 per square foot
AQ = 3400 Square foot (Given)
SQ = 1200 * 3 = 3600 (Standard material for actual output)
MQV = 18 * (3600-3400)
= 18* 200
= 3600 Favourable (B)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.