nt Company installs solar panels on residential houses. The standard material cost for Type-C house is P1,250 based on 1,000 units at a cost of P1.25 each. During April, Ant Company installed solar panels at accost of P1.20 per unit, and a total cost of P26,400. What is the material price variance?

nt Company installs solar panels on residential houses. The standard material cost for Type-C house is P1,250 based on 1,000 units at a cost of P1.25 each. During April, Ant Company installed solar panels at accost of P1.20 per unit, and a total cost of P26,400. What is the material price variance?

Name: Ant Company installs solar panels on residential houses. The standard
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Description: Ant Company installs solar panels on residential houses. The standard material cost for Type-C house is P1,250 based on 1,000 units at a cost of P1.25 each. During April, Ant Company installed solar panels at accost of P1.20 per unit, and a total cos

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5PA: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...

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Joyous Company purchases 12,000 pounds of materials. The materials price variance is P6,000 favorable. What is the difference between the standard and actual price paid for the materials?
Boracay Company manufactures desks with vinyl tops. The standard material cost for the vinyl used for Model S desk is P27.00 based on 12 square feet of vinyl at a cost Ph2.25 per square foot. A production of run of 1,000 desks in March resulted in usage of 12,600 square feet of vinyl at a cost of Ph2.00 per square foot, a total cost of Ph 25,200. The usage variance resulting from the above production run was ? Ph 1,200 unfavorable Ph 1,350 unfavorable Ph 1,800 favorable Ph 3,150 favorable
Joyous Company purchases 12,000 pounds of materials. The materials price variance is P6,000 favorable. What is the difference between the standard and actual price paid for the materials? A. 1.00 B. 0.50 C. 2.00 D. 6.00
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Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?
The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per month. How much is the favorable or unfavorable variance If 5,500 units were produced for a total of $61,000?
Buzz Company uses 40,000 gallons of materials for which they paid P7.00 a gallon. The materials price variance was P80,000 favorable. What is the standard price per gallon? A. 2.00 B. 5.00 C. 7.00 D. 9.00
Will Co. produces chairs. The standard direct material cost to produce one unit of chair is 4 meters of raw materials at P5.00 per meter. During 2020, 8,400 meters of raw materials were purchased at a cost of P20,160. All the purchased materials were actually used to produce 2,000 units of chairs. 1. Compute the actual price per meter material price and quantity variance and prepare journal entry to record the variance, assuming the price variance is determined at the time of usage.
Bandar Industries manufàctures sporting equipment. During the quarter ending June 30, the company manufactured 30,000 helmets, using 15,800 kilograms of plastic. The actual plastic cost $112,000. According to standard costs, each helmet should require 0.5 kilgrams of plastic at a cost of $7 per kilogram. 1. What is the materials price variance (dollars)? 2. Is the materials price variance favorable or unfavorable? 3. What is the materials quantity variance (dollars)? 4. Is the materials quantity variance favorable or unfavorable? 5. What is the total materials variance (dollars)? 6. Is the total materials variance favorable or unfavorable? Enter your answers in the same order as above.
For the raw materials used to make its stoves, Kleslia, SRL has a standard price of $10.92 per gram and standard quantity per unit output of 4.3 grams. Last month there were 8,500 grams of raw material purchased for a total cost of $87,140, while 8,966 grams of raw material were used in the production of 2,201 stoves. What was the materials price variance for the month? $BLANK (favorable or Unfavorable)
Perfect Builders makes all sorts of moldings. Its standard quantity of material allowed is 1 foot of wood per 1 foot of molding at a standard price of $2.00 per foot. During August, it purchased 500,000 feet of wood at a cost of $1.90 per foot, which produced only 499,000 feet of molding. Calculate the materials price variance and the materials usage variance, respectively. $50,000 F and $2,000 U $49,900 U and $2,000 F $49,900 F and $1,900 U $50,000 F and $1,900 U
Grace Company manufactures tables with glass tops. The standard material cost for the glass used per Style-R table is P7.80 based on 6 square feet of vinyl at a cost of P1.30 per square foot. A production run of 1,000 tables in January resulted in usage of 6,400 square feet of vinyl at a cost of P1.20 per square foot, a total cost of P7,680. The usage variance resulting from the above production run was: Group of answer choices 520 unfavorable 640 favorable 120 favorable 480 unfavorable