Question

Ruby Company produces a chair that requires 5 yards of material per unit. The standard price...

Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $9.50. During the month, 4,500 chairs were manufactured, using 22,100 yards at a cost of $9.03 per yard.

Determine the following: Enter favorable variances as negative numbers.

a. Price Variance $
b. Quantity Variance $
c. Cost Variance $
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Ruby Company produces a chair that requires 6 yards of material per unit. The standard price...
Ruby Company produces a chair that requires 6 yards of material per unit. The standard price of one yard of material is $11.20. During the month, 6,700 chairs were manufactured, using 41,000 yards at a cost of $10.64 per yard. Enter favorable variances as negative numbers. (a) Determine the price variance. $(Favorable/Unfavorable) (b) Determine the quantity variance. $(F/U) (c) Determine the cost variance. $(F/U)
Ruby Company produces a chair for which the standard specifies 6 yards of material per unit....
Ruby Company produces a chair for which the standard specifies 6 yards of material per unit. The standard price of one yard of material is $13.60. During the month, 7,700 chairs were manufactured, using 45,300 yards at a cost of $12.92 per yard. Determine the following: Enter favorable variances as negative numbers. a. Direct materials price variance $ b. Direct materials quantity variance $ c. Total direct materials cost variance $
Direct Labor Variances Tip Top Corp. produces a product that requires 8 standard hours per unit...
Direct Labor Variances Tip Top Corp. produces a product that requires 8 standard hours per unit at a standard hourly rate of $14 per hour. If 3,900 units required 32,100 hours at an hourly rate of $13.3 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance $...
Bellingham Company produces a product that requires nine standard pounds per unit. The standard price is...
Bellingham Company produces a product that requires nine standard pounds per unit. The standard price is $6 per pound. If 6,000 units used 55,100 pounds, which were purchased at $5.82 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ Favorable b. Direct materials quantity variance $...
Dvorak Company produces a product that requires 5 standard pounds per unit. The standard price is...
Dvorak Company produces a product that requires 5 standard pounds per unit. The standard price is $2.50 per pound. The company produced 1,000 units that required 4,500 pounds, which were purchased at $3.00 per pound. The product also requires 3 standard hours per unit at a standard hourly rate of $17 per hour. If 1,000 units produced required 2,800 hours at an hourly rate of $16.50 per hour. In addition, the standard variable overhead cost per unit is $1.40 per...
Direct Materials Variances Bellingham Company produces a product that requires 12 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 12 standard pounds per unit. The standard price is $10.5 per pound. If 5,900 units used 72,900 pounds, which were purchased at $10.29 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $    Unfavorable b. Direct...
Direct Materials Variances Bellingham Company produces a product that requires 15 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 15 standard pounds per unit. The standard price is $7 per pound. If 3,100 units used 44,600 pounds, which were purchased at $7.21 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance ? Unfavorable b. Direct materials...
1. Bellingham Company produces a product that requires 14 standard pounds per unit. The standard price...
1. Bellingham Company produces a product that requires 14 standard pounds per unit. The standard price is $10.5 per pound. If 2,500 units used 35,700 pounds, which were purchased at $10.08 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ Favorable b. Direct materials quantity variance...
Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is...
Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is $3.75 per pound. If 15,000 units used 36,000 pounds, which were purchased at $4.00 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Direct Materials Variances Bellingham Company produces a product that requires 8 standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires 8 standard pounds per unit. The standard price is $6.5 per pound. If 3,000 units required 24,500 pounds, which were purchased at $6.37 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ Favorable...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT