2 1) Finding direct materials variances Budgeted and actual results for direct materials in June: i. Budgeted units 250 widgets ii. Actual units 300 widgets iii. Budgeted DM 25 lbs./unit $2.00/lb. iv. Actual DM 7,800 lbs. $2.50/lb. A. Total DM variance = B. DM price variance = Possible causes: C. DM usage variance = Possible causes: 2) Finding directlabor variances Acme Widgets had the following budgeted and actual direct labor results for June: i. Budgeted units 250 widgets ii. Actual units 300 widgets iii. Budgeted DL 1 DLH/unit' $8.00/DLH iv. Actual DL 325 DLH $8.20/DLH A. Total DL variance = B. DL price variance = Possible causes: C. DL usage variance = Possible causes: 3) Findingvariable manufacturing overhead variances Acme Widgets allocates VMOH based on MH: i. POHR for VMOH = $6/MH ii. Standard for MH = 4 MH per widget iii. Actual VMOHcosts = $7,540 iv. Actual usage = 1,300 MHA. VMOH spending variance = Possible causes: B. VMOH efficiency variance = Possible causes: C. Total VMOH variance = 4)Finding fixed manufacturing overhead variances Acme Widgets also allocates FMOH based on MH: i. POHR for FMOH = $20/MH ii. Standard for MH = 4 MH per widget iii.Actual FMOH costs = $20,500 iv. Actual usage = 1,300 MH A. FMOH spending variance = Possible causes: B. FMOH volume variance = Possible causes: C. Total FMOHvariance =

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Description: 2 1) Finding direct materials variances Budgeted and actual results for direct materials in June: i. Budgeted units 250 widgets ii. Actual units 300 widgets iii. Budgeted DM 25 lbs./unit $2.00/lb. iv. Actual DM 7,800 lbs. $2.50/lb. A. Total DM varian

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1) Finding direct materials variances Budgeted and actual results for direct materials in June: i. Budgeted units 250 widgets ii. Actual units 300 widgets iii. Budgeted DM 25 lbs./ unit $2.00/lb. iv. Actual DM 7,800 lbs. $2.50/lb. A. Total DM variance = B. DM price variance = Possible causes: C. DM usage variance = Possible causes: 2) Finding direct

1) Finding direct materials variances Budgeted and actual results for direct materials in June: i. Budgeted units 250 widgets ii. Actual units 300 widgets iii. Budgeted DM 25 lbs./ unit $2.00/lb. iv. Actual DM 7,800 lbs. $2.50/lb. A. Total DM variance = B. DM price variance = Possible causes: C. DM usage variance = Possible causes: 2) Finding direct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

1) Finding direct materials variances Budgeted and actual results for direct materials in June: i. Budgeted units 250 widgets ii. Actual units 300 widgets iii. Budgeted DM 25 lbs./
unit $2.00/lb. iv. Actual DM 7,800 lbs. $2.50/lb. A. Total DM variance = B. DM price variance = Possible causes: C. DM usage variance = Possible causes: 2) Finding direct
labor variances Acme Widgets had the following budgeted and actual direct labor results for June: i. Budgeted units 250 widgets ii. Actual units 300 widgets iii. Budgeted DL 1 DLH
/unit' $8.00/DLH iv. Actual DL 325 DLH $8.20/DLH A. Total DL variance = B. DL price variance = Possible causes: C. DL usage variance = Possible causes: 3) Finding
variable manufacturing overhead variances Acme Widgets allocates VMOH based on MH: i. POHR for VMOH = $6/MH ii. Standard for MH = 4 MH per widget iii. Actual VMOH
costs = $7,540 iv. Actual usage = 1,300 MHA. VMOH spending variance = Possible causes: B. VMOH efficiency variance = Possible causes: C. Total VMOH variance = 4)
Finding fixed manufacturing overhead variances Acme Widgets also allocates FMOH based on MH: i. POHR for FMOH = $20/MH ii. Standard for MH = 4 MH per widget iii.
Actual FMOH costs = $20,500 iv. Actual usage = 1,300 MH A. FMOH spending variance = Possible causes: B. FMOH volume variance = Possible causes: C. Total FMOH
variance =

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Can you answer part E of this qu
But why? for number 3
Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
What is the answer to d e and f?