Standard costs and variance analysis quantity

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Chapter 6 / Exercise 14
Cornerstones of Cost Management
Hansen/Mowen
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Standard Costs and Variance Analysisquantity variance of P2,500. The materials price variance for the units used inNovember was A. P 2,500 UC.P12,500 U lbsFor the month of May, Dulce’s direct materials price variance was:B.P11,000 UD. P 3,500 F
12. Sheridan Company has a standard of 15 parts of component BBcosting P1.50 each. Sheridan purchased 14,910 units ofcomponent BB for P22,145. Sheridan generated a P220 favorableprice variance and a P3,735 favorable quantity variance. If therewere no changes in the component inventory, how many units offinished product were produced?.Information on Katrina Company’s direct material costs is as follows:Standard unit priceP 3.60Actual quantity purchased1,600Standard quantity allowed for actual production1,450Materials purchase price variance – favorableP 240What was the actual purchase price per unit, rounded to the nearest centavos?
13.The standard usage for raw materials is 5 pounds at P40.00 per pound. CaveCompany spent P131,200 in purchasing 3,200 pounds. Cave used 3,150pounds to produce 600 units of finished product. The material quantityvariance is:.Palmas Company, which has a standard cost system, had 500 units of raw material X in itsinventory at June 1, purchased in May for P1.20 per unit and carried at a standard cost ofP1.00. The following information pertains to raw material X for the month of June:Actual number of units purchased1,400Actual number of units used1,500Standard number of units allowed for actual production 1,300
14.The Bohol Company uses standard costing. The following data are availablefor October:Actual quantity of direct materials used23,500 poundsStandard price of direct materialsP2 per poundMaterial quantity varianceP1,000 The standard quantity of materials allowed for October production is:U
15.Information on Dulce’s direct material costs for May is as follows:Actual quantity of direct materials purchased and used30,000 lbs.Actual cost of direct materialsP84,000Unfavorable direct materials usage varianceP 3,000
Standard quantity of direct materials allowed for May production29,000 lbsFor the month of May, Dulce’s direct materials price variance was:
16.Information on Katrina Company’s direct material costs is as follows:Standard unit priceP 3.60Actual quantity purchased1,600Standard quantity allowed for actual production1,450Materials purchase price variance – favorableP 240What was the actual purchase price per unit, rounded to the nearest centavos?
17.Palmas Company, which has a standard cost system, had 500 units of raw material X in itsinventory at June 1, purchased in May for P1.20 per unit and carried at a standard cost ofP1.00. The following information pertains to raw material X for the month of June:Actual number of units purchased1,400Actual number of units used1,500Standard number of units allowed for actual production 1,300Standard cost per unitP1.00Actual cost per unitP1.10 The unfavorable materials purchase price variance for raw material X for June was:
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Cornerstones of Cost Management
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Chapter 6 / Exercise 14
Cornerstones of Cost Management
Hansen/Mowen
Expert Verified

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