50.1K

Verified Solution

Link Copied!

Direct Materials Variances Bellingham Company produces a product that requires 12 standard pounds per unit. The standard price is $11 per pound. If 5,300 units used 61,700 pounds, which were purchased at $11.22 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 $ 13,574 Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance $ Favorable Direct Labor Variances Bellingham Company produces a product that requires 6 standard direct labor hours per unit at a standard hourly rate of $14.00 per hour. If 2,700 units used 15,600 hours at an hourly rate of $14.28 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 $ 4,368 Unfavorable b. Direct labor time variance $ Favorable c. Direct labor cost variance $ Favorable Standard Cost Journal Entries Bellingham Company produced 5,600 units that require 15 standard pounds per unit at a $5.5 standard price per pound. The company actually used 86,500 pounds in production. Journalize the entry to record the standard direct materials used in production. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process 462,000 Direct Materials Quantity Variance 9 Materials Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 61,500 lbs. at $1.95 per Ib. Standard: 62,700 lbs. at $1.9 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and 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. Direct Materials Price Variance Unfavorable Direct Materials Quantity Variance Favorable Total Direct Materials Cost Variance $ Unfavorable

Answer & Explanation Solved by verified expert

See Answer