BEC Study Group October November 2013 - Page 33

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  • October 17, 2013 at 7:44 pm #483869
    Jennifer241
    Member

    Materials Price Variance = Difference (of standard-actual prices) times Actual Usage

    The actual pounds of material is given at 17,500 for a total cost of $70,000. Divide the $70k over 17.5k and you get $4 per pound. This will be your actual usage per pound.

    The standard price per pound isn't give so we must somehow find it. Material usage variance is given for some reason so we can try using that. The formula for it is:

    Material Usage Variance = Difference (of standard-actual usage) times the Standard Price

    Plug in the numbers that we have and we get:

    -$2500 = (17,000 – 17,500) x S

    Use algebra to find S (which is the standard usage) and we get $5 per pound. Plug that in the material price variance formula and we get:

    Material Price Varaince = ($5 – $4) x 17,500

    Material Price Varaince = $17,500 favorable

    AUD - Jan 9,13 Pass
    REG - Aug 30,13 Pass
    BEC - Oct 26,13 Pass
    FAR - Dec 4,13 Pass

    Licensed CPA in the state of Oregon

    October 17, 2013 at 7:44 pm #483887
    Jennifer241
    Member

    Materials Price Variance = Difference (of standard-actual prices) times Actual Usage

    The actual pounds of material is given at 17,500 for a total cost of $70,000. Divide the $70k over 17.5k and you get $4 per pound. This will be your actual usage per pound.

    The standard price per pound isn't give so we must somehow find it. Material usage variance is given for some reason so we can try using that. The formula for it is:

    Material Usage Variance = Difference (of standard-actual usage) times the Standard Price

    Plug in the numbers that we have and we get:

    -$2500 = (17,000 – 17,500) x S

    Use algebra to find S (which is the standard usage) and we get $5 per pound. Plug that in the material price variance formula and we get:

    Material Price Varaince = ($5 – $4) x 17,500

    Material Price Varaince = $17,500 favorable

    AUD - Jan 9,13 Pass
    REG - Aug 30,13 Pass
    BEC - Oct 26,13 Pass
    FAR - Dec 4,13 Pass

    Licensed CPA in the state of Oregon

    October 17, 2013 at 9:27 pm #483871
    JOJO
    Member

    @DannyB_Live……..hope this helps

    actual material used is 17500 units

    standard material was 17000 units

    differance is excess use of 500 units

    material usage variance is $2500

    you can arrive at std cost by dividing material usage variance with actual excess units used, which in this case would be 2500/500 = $5 per unit

    Actual rate per unit $4 ( $70000/17500units )

    Standard rate per unit $5

    Diff is $1 – favorable

    Hence material price variance is 17500 units times $1. ( Actual rate – std rate ) x actual quantity

    October 17, 2013 at 9:27 pm #483888
    JOJO
    Member

    @DannyB_Live……..hope this helps

    actual material used is 17500 units

    standard material was 17000 units

    differance is excess use of 500 units

    material usage variance is $2500

    you can arrive at std cost by dividing material usage variance with actual excess units used, which in this case would be 2500/500 = $5 per unit

    Actual rate per unit $4 ( $70000/17500units )

    Standard rate per unit $5

    Diff is $1 – favorable

    Hence material price variance is 17500 units times $1. ( Actual rate – std rate ) x actual quantity

    October 17, 2013 at 10:35 pm #483873
    zxiao
    Member

    I just finished B5 homework and have 80% overall grade.

    B5 is not as bad as B2.

    It does get better!!

    I Can Do This!!!!!

    BEC: 89
    AUD: 99
    REG: 93
    FAR: 8/2/2014

    October 17, 2013 at 10:35 pm #483889
    zxiao
    Member

    I just finished B5 homework and have 80% overall grade.

    B5 is not as bad as B2.

    It does get better!!

    I Can Do This!!!!!

    BEC: 89
    AUD: 99
    REG: 93
    FAR: 8/2/2014

    October 17, 2013 at 11:17 pm #483875
    Anonymous
    Inactive

    @Jennifer and @JOJO thanks so much, you guys are the best! I was having so much trouble getting to that standard rate, but it makes sense now 🙂

    October 17, 2013 at 11:17 pm #483890
    Anonymous
    Inactive

    @Jennifer and @JOJO thanks so much, you guys are the best! I was having so much trouble getting to that standard rate, but it makes sense now 🙂

    October 18, 2013 at 2:19 am #483877
    Journhi
    Member

    Hi guys,

    I'm starting BEC, again for the 3rd time, today. My exam is schedule on 11/25. I'm sooo nervous already! Hopefully this is enough time. I don't know why BEC is so hard for me.

    Keep on swimming…

    FAR: 62;79
    AUD: 76
    REG:67; 77
    BEC: 68;66; 12/05/13

    October 18, 2013 at 2:19 am #483891
    Journhi
    Member

    Hi guys,

    I'm starting BEC, again for the 3rd time, today. My exam is schedule on 11/25. I'm sooo nervous already! Hopefully this is enough time. I don't know why BEC is so hard for me.

    Keep on swimming…

    FAR: 62;79
    AUD: 76
    REG:67; 77
    BEC: 68;66; 12/05/13

    October 18, 2013 at 5:11 am #483879
    Amay
    Member

    @Journhi what are you doing different this time around?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    October 18, 2013 at 5:11 am #483892
    Amay
    Member

    @Journhi what are you doing different this time around?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    October 18, 2013 at 5:11 am #483881
    Amay
    Member

    @Journhi what are you doing different this time around?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    October 18, 2013 at 5:11 am #483893
    Amay
    Member

    @Journhi what are you doing different this time around?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    October 18, 2013 at 6:01 am #483883
    Journhi
    Member

    @amay

    I'm trying out Yeager on top of Roger review (which is what I used previously). I still have my Roger notes and will be referring to it as he has great mnemonics. But mostly, the last 2 times that I took the test was prior to me discovering the NINJA way of studying. I think I know how to study better now and how much studying it takes to understand all the materials & concepts instead of just memorizing it. Also, I'm supplementing in NINJA notes and audio and possibly Wiley test bank. Hopefully, this will result in a great turnout.

    FAR: 62;79
    AUD: 76
    REG:67; 77
    BEC: 68;66; 12/05/13

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