What is the materials price variance for january

Assignment Help Financial Accounting
Reference no: EM13509324

Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows:

Standard Standard Cost
Quantity per Bag
Direct material......................................... 20 pounds $8.00
Direct labor............................................. 0.1 hours $1.10
Variable overhead.................................... 0.1 hours $0.40

The company had no beginning inventories of any kind on Jan. 1. Variable overhead is applied to production on the basis of standard direct labor-hours. During January, the following activity was recorded by the company:

• Production of Fastgro: 4,000 bags
• Direct materials purchased: 85,000 pounds at a cost of $32,300
• Direct labor worked: 390 hours at a cost of $4,875
• Variable overhead incurred: $1,475
• Inventory of direct materials on Jan. 31: 3,000 pounds

The materials price variance for January is:

Reference no: EM13509324

Questions Cloud

Calculate the dollar amount of ending inventory : Calculate the dollar amount of ending inventory shown on ABC's May 31 balance sheet using the FIFO method.
Find the gravitational potential energy of the locomotive : How much work does a steam crane need to do in order to lift a 108,500 kg locomotive back onto the track if the locomotive has been derailed into a ditch 3.25 meters below the level of the tracks
Cooperate-level strategy is applied to cooperative strategy : The rationale for a firm's cooperate-level strategy is applied to cooperative strategy
Compute the break-even point in composite unites : Compute the selling price per composite unit, compute the variable costs per composit unit and compute the break-even point in composite unites?
What is the materials price variance for january : Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows.
Find the normal force on the truck to the highway surface : A 1026 kg car and a 2210 kg pickup truck approach a curve on the expressway that has a raduis of 264 m.  find the normal force on the truck to the highway surface
Prove that the algorithm for decomposing a relation schema : Prove that the algorithm for decomposing a relation schema with a set of FDs into a collection of BCNF relation schemas as described in Section 19.6.1 is correct (i.e., it produces a collection of BCNF relations, and is lossless-join) and terminates.
What is the air pressure inside the tube : The air pressure inside the tube of a car tire is 431 kPa at a temperature of 14.5 °C. What is the air pressure inside the tube
What is the number of hours that must be billed : What is the number of hours that must be billed to reach the breakeven point and what is the new breakeven point in hours?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Annual cash outflow for operating costs

He guesses that the equipment could be sold at that time for 4 percent of its original cost. Jim uses a 16 percent discount rate.

  Question 1 karen is single and is an active participant in

question 1. karen is single and is an active participant in her employer retirement plan. she contributed 5500 the

  Calculation of gross margin in absorption and marginal

calculation of gross margin in absorption and marginal costing.gregson enterprises in its 1stnbspyear of operations

  Prepare the journal entry to record pension expense

Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010. Preparation of a pension worksheet is not required. Benefits paid in 2010 were $35,000.

  Compute the cost-driver rate for each overhead activity

hat is a likely explanation for this? Direct your response in terms of the current allocation base used and how the recently adopted robotics system is changing the past cost allocation system.

  Analysis of acceptance of special order wrt

analysis of acceptance of special order w.r.t relevant.relevant costs special sales order-idle versus full capacity

  Calculate the debt ratio based on the information below be

calculate the debt ratio based on the information below. be sure to label your answer clearly and show all

  Show all workmary kay cosmeticsselected data and additional

show all workmary kay cosmeticsselected data and additional information from the companys records are presented

  Partial adjusted trial balance for the accounts provided

Prepare in journal form, without explanations, the end of month adjusting entries for Flip's Copy Shop for the month of June and prepare a partial adjusted trial balance for the accounts provided

  Find cash payments for wages and salaries

Evaluate Cash receipts from selling merchandise and find Cash payments for wages and salaries.

  Determine the fte (full-time equivalent)

Determine the FTE (full-time equivalent) needed to perform these activities. On this problem you should provide the exact decima or fractional answer and Do Not want to round to the whole employee.

  Admission of new partner under differ methods

Journalizing the admission of new partner under differ methods - Journalize the admission of New under each of the following independent assumptions. New invests $20,000 for a 30% ownership interest in CarmCo.

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