Chapter 8 Homework (1).docx

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MANAGERIAL

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Economics

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Feb 20, 2024

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Chapter 8 Homework 1. What is the main difference between a flexible budget and a master budget? Flexible budget can be used for any level of production, master budget is based on one specific level of production. 2. When might an unfavorable variance be a good outcome? when it results from cost saving measures 3. What are some possible causes of a direct labor time variance? less qualified workers 4. Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. a. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. Direct labor rate- $8,000(favorable) Direct time - $8,525 (unfavorable) total direct labor- $525 (unfavorable) b. If the standard rate per hour was $16.00, what would change? direct labor rate would change to unfavorable, total direct labor would change to -$16,525 (unfavorable) 5. Acme Inc. has the following information available: a. Compute the material price and quantity, and the labor rate and efficiency variances. material price - $10 material quantity - $9
Chapter 8 Homework labor rate- $200 labor efficiency - $140 b. Describe the possible causes for this combination of favorable and unfavorable variances.
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