Pukalani Jewelry produced 1,360 rings during March. The standard cost of each ounce of gold used in a ring is $1,020 per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $700, 400 at $1,030 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable. (Enter all variances as a positive number. )
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- Pearl City Jewelry produced 1,530 rings during March. The standard cost of each ounce of gold used in a ring is $1,050 per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $795,600 at $1,020 per ounce. Determine the material price variance and the material quantity variance for March. Indicate whether each variance is favorable or unfavorable. (Enter all variances as a positive number.) Material price variance $enter a dollar amount Favorable, unfavorable, or neither Material quantity variance $enter a dollar amount Favorable, unfavarorable, or neitherSheridan Gold manufactures award medals. In August, Sheridan produced 5,900 medals, 105 more than expected. During the month, the company purchased 1,350 ounces of gold for $1,092,000. The standard price for the gold is $813 per ounce. The company actually used 1,212 ounces of gold for production.Calculate Sheridan’s direct materials price variance for the month. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) Direct material price variance $ UnfavorableNot ApplicableFavorableConcord Gold manufactures award medals. In August, Concord produced 4,300 medals, 300 more than expected. During the month. the company purchased 1,000 ounces of gold for $803,000. The standard price for the gold is $800 per ounce. The company actually used 900 ounces of gold for production. Calculate Concord's direct materials price variance for the month. (If variance is zero, select "Not Applicable" and enter O for the amounts.) Direct material price variance
- During the month of March, Baker's Express purchased 10,000 pounds of flour at $1 per pound. At the end of March, Baker's Express found that it had a favorable materials price variance of $500. The standard cost per pound must be: a. $1.95. b. $1.05. c. $0.95. d. $1.00.Gipple Corporation makes a product that uses a material with the quantity standard of 9.1 grams per unit of output and the price standard of $7.80 per gram. In January the company produced 5,200 units using 26,670 grams of the direct material. During the month the company purchased 29.200 grams of the direct material at $7.90 per gram. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for January is Multple Cholce $4732 F S2.920 U $4,732 U S2.920 F Prev 8 of 10 Mc Graw Hill 10:54 AM 22 10/5/2021 W 92 F AQI 61 Type here to search DELL Hor PgUp Insert Delete F12 PrtScr F10 F11 F8 F9 FZIvanhoe Creations purchased 7100 feet of copper tubing at a price of $2.50 per foot and used 7240 feet during the period. The standard price of the copper tubing was $2.30 per foot. What is Ivanhoe Creations' direct materials price variance for the period?
- A Company has a material standard of 1 pound per unit of output. Each pound has a standard price of $25 per pound. During July, A Company paid $127,250 for 4,950 pounds, which they used to produce 4,700 units. What is the direct material price variance?Gipple Corporation makes a product that uses a material with the quantity standard of 7.5 grams per unit of output and the price standard of $6.20 per gram. In January the company produced 3,600 units using 25,070 grams of the direct material. During the month the company purchased 27,600 grams of the direct material at $6.30 per gram. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for January is: Multiple Choice $2,700 F $2,760 U $2,700 U $2,760 FLesinski Snow Removal's cost formula for its vehicle operating cost is $1,770 per month plus $483 per snow-day. For the month of February, the company planned for activity of 19 snow-days, but the actual level of activity was 24 snow-days. The actual vehicle operating cost for the month was $13,070. The spending variance for vehicle operating cost in February would be closest to: Select one: a. $2,123 U b. $292 F c. $2,123 F d. $292 U
- exeter has a materials standard of 1 pound per unit of output. Each pound has a standard price of $26 per pound. During july, exeter paid $133,000 for 5,010 pounds, which is used to produce 4780 units. What is the direct materials price variance?A.) 8,720 unfavorableB.) 1,840 favorableC.) 2,740 unfavorableD.) 10,560 unfavorableBandar 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.Jaw Titan Company established a standard direct material cost of Php30 per finished unit for its main product. The standard is calculated using direct material of 6 pounds and a standard rate of Php2.50 per pound. For the month of July, Jaw Titan expected to produce 48,000 units. During the month, Leo purchased and used 260,000 pounds of material and produced 46,500 finished units. The actual price paid per pound was Php2.70. What was the material price variance for the month of July?