Calculate the direct-material price and quantity variances, Cost Accounting

Assignment Help:

Quicksilver Compnay has set the follwoing standards for one unit of product:

Direct material
Quantity: 6.2 lbs per unit
Price per lb: $11 per lb

Direct Labor
Quantity: 6 hrs per unit
Rate per hr: $23 per hr

Actual costs incurred in the production of 2,800 units were as follows:

Direct material: $194,350 ($11.50 per lb)
Direct labor: $393,750 ($22.50 per hr)
All Materials purchased were consumed during the period.

Required:
Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable.

 


Related Discussions:- Calculate the direct-material price and quantity variances

Which of the following is a reason, . Which of the following is a reason wh...

. Which of the following is a reason why traditional product costing techniques have become obsolete in a lean operating environment? a. More complex accounting is required in a le

Non-profit cash flows statement, Are non-profit and governments required to...

Are non-profit and governments required to depreciate assets? Why or why not? Would it make sense for them to use double declining balance? Is there a difference between a non-p

Generally accepted accounting principles, Generally Accepted Accounting Pri...

Generally Accepted Accounting Principles (GAAP) -Rules, conventions and procedures essential to define accepted accounting practice at a specific time. The highest level of such pr

Determine expected net income and net cash flow, Elite Company is planning ...

Elite Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $300,000 cost with an expected four-year life a

Paramecium, Place a prepared slide of Paratuecium under the microscope and...

Place a prepared slide of Paratuecium under the microscope and focus it under low power (5x x 5x) and observe the following: i) It has a cigar-shaped or slipper-shaped body

Goal definition and communication - standard costing, Goal Definition and C...

Goal Definition and Communication - Behavioural Aspects of Standards Goal Definition The desired goals should be clearly defined to individuals, departments and the organ

Select the correct answer, If fixed costs are $743,122 and variable costs a...

If fixed costs are $743,122 and variable costs are 69% of sales, what is the break-even point in sales dollars? Select the correct answer. A. $512,754 B. $2,397,168 C. $1,255,876 D

Cost audit, what is cost audit? types of cost audit explain

what is cost audit? types of cost audit explain

Determine operating segments, Vincent Ltd operates solely in Western Austra...

Vincent Ltd operates solely in Western Australia and the chief operating decision maker has identified five operating segments: Mining, Insurance, Retailing, Manufacturing and Tran

Write Your Message!

Captcha
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