Direct material quantity variance

Assignment Help Cost Accounting

Reference no: EM1376221

The data below relate to a product of Colfax Company.
Standard costs:
Material, 2 pounds at $6 per pound = $12 per unit
Labor, 3 hours at $15 per hour = $45 per unit
Budgeted production for the year 4,000 units

Actual results were:
Production 3,600 units
Material purchases, 8,000 pounds at $46,400
Labor, 10,360 hours at $160,580
Material used in production 7,300 pounds
Requirements:
calculate the following: (Be sure to indicate whether the variance is favorable or unfavorable.)
Direct material price variance
Direct material quantity variance
Direct labor rate variance
Direct labor efficiency variance

Reference no: EM1376221

Questions Cloud

Calculate monthly returns and average monthly returns : Choose two firms from different industrial sectors, e.g. high tech computers, health, customer non durables, cyclical etc.

Filed for bankruptcy : In late 1990s more than twenty-five domestic steel firms have filed for bankruptcy. A combination of low values with strong competition through foreign competitors and so-called legacy expenses of unions are cited as the primary reason why so many s..

Increases in real gdp per capita : Economic growth, as examined through raise in real GDP per capita, is a target for most countries. This is often interpreted as an raise in economic welfare for citizens.

What kind of fraud does the product apply : Will you give me some insight about the fraud prevention products online trading sites use and To what kind of fraud does the product apply?

Direct material quantity variance : Calculate the Direct material price variance and direct material quantity variance

What is mullineaux''s wacc : Computing WACC Mullineaux Corporation has a target capital structure of 60 percent common stock, 5 percent preferred stock and 35 percent debt

Explain the purpose of a flexible budget : Suppose a manager claims flexible budgets are useful because costs are difficult to predict and flexibility is needed to modify budgeted costs as input prices change.

Determine the concentration ratio in the industry : There are six companies in the industry. Assume their sales in the year 2006 are as follows, Determine the concentration ratio in the industry

Compute the taxable gain : Matt elects to identify the total gain on the property in the year of sale, compute the taxable gain:

User Account

All Pages