User Account

All Pages

What was the total direct materials variance

Assignment Help Accounting Basics
Reference no: EM131723532

Q1) Which of the following is one of the steps in effective management of variance analysis?

a. Identifying questions and their explanations

b. Preparing standard cost performance reports

c. Taking corrective and strategic actions

d. Computing and analyzing variances

e. All of the above

Q2) Which formula may be used to compute the material usage variance?

a. (Actual quantity - Standard quantity) x Actual price

b. (Actual quantity - Standard quantity) x Standard price

c. (Actual price - Standard price) x Actual quantity

d. (Actual price - Standard price) x Standard quantity

Q3) Budgeted materials are 24,000 units at $5 per unit for 6,000 units of finished product. Actual materials usage was 24,900 units at $4.80 for the 6,000 units of finished product. What was the total direct materials variance?

a. $480, favorable

b. $480, unfavorable

c. $4,800, unfavorable

d. $4,800, favorable

Q4) Leland Manufacturing produced 3,700 units of finished product, using 15,000 pounds of raw material. The actual price was $9.90 per pound. The material standards for the product are 4 pounds per unit at $10 per pound. How much are the materials quantity variance and the materials price variance, respectively?

a. $2,000 unfavorable; $1,500, favorable.

b. Cannot be determined from the information given.

c. $2,000 unfavorable; $1,500, unfavorable.

d. $2,000 favorable; $1,500, unfavorable.

e. $2,000 favorable; $1,500, favorable.

Q5) Jan-Lee Outlets recorded actual sales of 7,200 units at $11 per unit. The flexible budget for 7,200 units shows sales at $79,440. What is the sales price variance?

a. $510, unfavorable

b. $240, favorable

c. $510, favorable

d. $240, unfavorable

Reference no: EM131723532

Questions Cloud

Find the current through each resistor in given figure : Find the current through each resistor in Figure 1. Write the loop equations in standard form for the bridged-T circuit in Figure 2.
Describe the different identification method : Describe the different identification methods that organizations can use to identify their employees and to grant access to the organizational
Confidence interval for mean rate : Assume that the population is approximately normal. Find upper bound 99% confidence interval for mean rate.
Calculate the coefficient of determination : Use use the value of the linear correlation coefficient to calculate the coefficient of determination what does this tell you about the explained variation
What was the total direct materials variance : Actual materials usage was 24,900 units at $4.80 for the 6,000 units of finished product. What was the total direct materials variance
Discuss logical access control : Adhere to APA formatting and reference guidelines when writing your response. Additionally, your response should be free of grammatical
Difference between americans and europeans : Suppose the figures given in this feature are actually only sample data. Would any of the techniques presented in this chapter be appropriate
What is break-even number of service calls : What is the break-even number of service calls? Would the bank set up its own service call center or outsource service call handlings?
What are the total selling expenses for the quarter : Sales commissions equal 20% of sales and are paid each month. What are the total selling expenses for the quarter

Reviews

Write a Review

Accounting Basics Questions & Answers

  Net periodic pension cost reported in the income statement

The net periodic pension cost reported in the income statement for 2011 would be

  Break even analysis to produce or sell the new product

George Fine, owner of Fine Manufacturing, is considering the introduction of a new product line. George has considered factors such as costs of raw materials, new equipment, and requirements of a new production process.

  Contractors upon successful completion of the projects

Deposits of $ 93,750 were returned to contractors upon successful completion of the projects on which they had been working. In addition, these contractors received $ 8,750 of earnings on their deposits.

  Mckerchie inc manufactures industrial components one of its

mckerchie inc. manufactures industrial components. one of its products used in the construction of industrial air

  Discuss the independent projects

Capital budgeting; regular payback period; discounted payback period.

  Equity process to account for the investment

Pepe uses the equity method to account for its investment in Devin. What is the gain or loss on equipment reported by Devin for 2009?

  Calculate the current and debt ratios for the company.

Using the work sheet data that you prepared, journalize the closing entries and post the adjusting and closing entries to T-accounts. Use dates and show the ending balance of each account.

  Using peachtree accounting softwarenbspnbsppeachtree

using peachtree accounting softwarenbspnbsppeachtree software is an accounting system in which small businesses can

  What advantages would motivate management to conduct

What advantages would motivate management to conduct fraud related to source of capital processes?

  Determine the cost of goods sold

What is Wilkens' inventory turnover ratio for 2017? However based upon the information above how do I determine the cost of goods sold

  For each of the following items indicate whether it would

for each of the following items indicate whether it would appear on a statement of cash flow prepared using the direct

  What are the provisions in the sarbanes-oxley act

What are the provisions in the Sarbanes-Oxley Act 2002 and the New York Stock Exchange listing requirements that are aimed at improving corporate governance.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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