Question

Adams Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges...

Adams Fruit Basket Company makes baskets of assorted fruit. The standard and actual costs of oranges used in each basket of fruit follow. Standard Actual Average number of oranges per basket 4.80 6.60 Price per orange × $ 0.30 × $ 0.25 Cost of oranges per basket $ 1.44 $ 1.65 Adams actually produced 25,100 baskets.

Required Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U).

Determine the materials usage variance and indicate whether it is favorable (F) or unfavorable (U).

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The Basket Co. produces intricate baskets. The direct materials and direct labor standards for one basket...
The Basket Co. produces intricate baskets. The direct materials and direct labor standards for one basket is as follows: Standard Quantity of Hours Standard Rate or Cost Standard Cost per Basket Direct Materials 2 meters of plastic $2.00/meter $4.00 Direct Labour 1.5 hours $12/hour $18 Variable Overhead 1.5 hours $4/direct labour hour $6 The budgeted fixed overhead is $10,000. The allocation base is direct labour hours which was estimated to be 2,100 hours. During the most recent month, the following...
The following data were drawn from the records of Perez Corporation. Planned volume for year (static...
The following data were drawn from the records of Perez Corporation. Planned volume for year (static budget) 3,000 units Standard direct materials cost per unit 2.30 pounds @ $ 1.60 per pound Standard direct labor cost per unit 2.20 hours @ $ 3.50 per hour Total expected fixed overhead costs $ 13,200 Actual volume for the year (flexible budget) 3,200 units Actual direct materials cost per unit 1.80 pounds @ $ 2.20 per pound Actual direct labor cost per unit...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber’s costs were as follows: Actual purchase price $ 3.20 per lb. Actual direct labor rate $ 8.40 per hour Standard purchase price $ 3.00 per lb. Standard quantity for sets produced 1,060,000 lbs. Standard direct labor hours allowed 21,000 Actual quantity purchased in October 1,365,000 lbs. Actual direct labor hours 19,000 Actual quantity used in October 1,090,000 lbs....
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber’s costs were as follows: Actual purchase price $ 2.00 per lb. Actual direct labor rate $ 7.20 per hour Standard purchase price $ 1.80 per lb. Standard quantity for sets produced 940,000 lbs. Standard direct labor hours allowed 15,000 Actual quantity purchased in October 1,085,000 lbs. Actual direct labor hours 9,000 Actual quantity used in October 970,000 lbs....
Adams Car Wash, Inc. expected to wash 1,000 cars during the month of August. Washing each...
Adams Car Wash, Inc. expected to wash 1,000 cars during the month of August. Washing each car was expected to require 0.2 hour of labor. The company actually used 207 hours of labor to wash 910 cars. The labor usage variance was $400 unfavorable. Required Determine the standard labor price. If the actual labor rate is $13, indicate whether the labor price variance would be favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)...
Q1: The standard costs and actual costs for direct materials for the manufacture of 2,600 actual...
Q1: The standard costs and actual costs for direct materials for the manufacture of 2,600 actual units of product are Standard Costs Direct materials (per completed unit) 1,040 kilograms @$8.61 Actual Costs Direct materials 2,600 kilograms @ $8.20 Round your final answer to the nearest dollar. The amount of direct materials price variance is $426 favorable $426 unfavorable $1,066 favorable $1,066 unfavorable Q2: The standard costs and actual costs for direct materials for the manufacture of 2,650 actual units of...
The accountants for ABC, Inc. have developed the following information regarding the standard cost and actual...
The accountants for ABC, Inc. have developed the following information regarding the standard cost and actual cost of a product manufactured in March: Direct materials: Standard: 84,000 oz @ $0.20 per ounce Actual: 91,000 oz @ $0.22 per ounce Direct labor: Standard: 4,200 hours @ $12 per hour Actual: 3,500 hours @ $13 per hour Compute the following cost variances for ABC, Inc. Indicate whether each variance is favorable (F) or unfavorable (U). 1. Materials price variance: $__________ 2. Materials...
Steinberg Company had the following direct materials costs for the manufacturing of product T in March:...
Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials $ 8.20 Standard direct materials allowed for units of product T produced 3,100 pounds Decrease indirect materials inventory 200 pounds Direct materials used in production 3,300 pounds Standard price per pound of material $ 7.55 Required: 1. What was Steinberg’s direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance...
Goldman Company manufactures shirts. During June​, Goldman made 1 comma 600 shirts and gathered the following...
Goldman Company manufactures shirts. During June​, Goldman made 1 comma 600 shirts and gathered the following additional​ data: LOADING...​(Click on the icon to view the​ data.) Read the requirements LOADING.... 7. Calculate the direct materials cost variance. Select the​ formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable​ (F) or unfavorable​ (U). ( Actual Cost - ▼ ) x Actual Quantity = Direct Materials Cost Variance ( - )...
Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials,...
Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows: Standard Costs Actual Costs Direct materials 229,400 lbs. at $5.60 227,100 lbs. at $5.50 Direct labor 18,500 hrs. at $18.30 18,930 hrs. at $18.50 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 19,310 direct labor hrs.: Variable cost, $3.70 $67,770 variable...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT