Compute the materials price variance a 500 u 5 abc

Compute the materials price variance
5. ABC company has set the following standard for one unit of product: Direct materials:
0.5 pounds @ $1.00 per pound; direct labor :1 hour @ $10.00 per hours. The company
produced 35,000 units and had the following actual costs: Direct materials: 18,000
pounds at a total cost of $17,280; Direct labor: 36,000 hours at a total cost of $374,000.
Compute the total materials variance

6. XYZ company makes one product and has calculated the following amounts for direct
materials: AQ * AP = $150,000; AQ * SP = $145,000; SQ * SP= $152,000. Compute the
total materials cost variance
7. XYZ company makes one product and has calculated the following amounts for direct
materials: AQ * AP = $150,000; AQ * SP = $145,000; SQ * SP= $152,000. Compute the
total materials cost variance
8. XYZ company makes one product and has calculated the following amounts for direct
materials: AQ * AP = $150,000; AQ * SP = $145,000; SQ * SP= $152,000. Compute the
materials quantity variance
9. A manufacturing company has variable overhead costs of $2.50 per unit and fixed costs
of $5,000 per month. Each unit requires 4 hours of direct labor and the company expects
to produce 2,000 units each month. The standard overhead rate will be $1.25 per direct
labor hour
10. A company sells a product for $3. The company prepares a flexible budget at two sales
volumes. At a sales volume of 50 units, budgeted sales will be $150. At a sales volume of
60 units, budgeted sales will be $180
11. Standard costs have which of the following characteristics?
12. Match cost variance components to its definition
a. Actual quantity--- the input used to manufacture the quantity of output
b.