Compute material variance and material quantity variance

Assignment Help Accounting Basics
Reference no: EM132635033

Question - During June HASF company material purchases amounted to 5,000 pounds at a price of 7 per pound. Actual costs incurred in the production of 5,000 units were as follows

Total direct labor cost 100,000 @10 per hour

Cost of Material used 70,000

The standards for one units of company product are as follows

Direct Labor Direct Material

- 3 hours required for one unit - 2 pounds of Material required for one unit

- Rate 24 per hour - Price 20 per pound

Required - Compute the following

Material variance

Material quantity variance

Material price variance

Reference no: EM132635033

Questions Cloud

Find out variable cost per units and total fixed cost : Find out variable cost per units and total fixed cost. How would be your answer to requirement 2 differ if company made and sold 20,000 flanges this period why
Find rao operating income : Rao Construction recently reported $13.00 million of sales, $12.60 million of operating costs other than depreciation
What is a fair price for stock : If you want to earn 12% on this investment, what is a fair price for this stock if you buy it today?
Compute material variance and material quantity variance : During June HASF company material purchases amounted to 5,000 pounds at a price of 7 per pound. Compute Material variance and Material quantity variance
Should firms that go public engage in international offering : Should Firms That Go Public Engage in International Offerings?
Finding the selling price of bond : If you want to earn 9% rate of return on this investment, what price must you sell the bond for? Is it realistic?
Evaluate the impact of patient characteristics : The focus is on Cardiovascular and Respiratory Disorders. In this module, you will examine fundamental concepts of cellular processes and the alterations.
Prepare balance sheet assuming holding in margin account : Assume that the stock falls to $15 per share. Prepare your balance sheet assuming this is the only holding in your margin account.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd