--/1Question 5View PoliciesCurrent Attempt in ProgressIf the materials price variance is $3900 F and the materialsquantity and labor variances are each $3000 U, what is thetotal materials variance?O $3000 UO $3900 FO $4350 UO $900 Fhp12f10fg14418f7f6f54+

Direct material variances: The difference between the actual material cost per unit and the standard…

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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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4G 4G 13:50 - O ë 00:35:18 Remaining True or False To determine the spending variance amount, compute the difference between the amount of the cost in the actual results of operation and the amount of reflected in the static planning budget. True False 4 of 13
56
Exercise 8: Find the missing number Number of units Total variable Total Fixed Total cost Cost per cost cost unit 500 35000 20000 ? ? 1500 ? ? ? ? 1800
Question 5
8:30 W W M b b ba Bit Fren Use the following information for Short Exercises $21-2 and S21-3. Variable Costing Product Cost X 49 37% Period Cost ||| 0 < : X
Basic Variance Analysis [LO10–1, LO10–2, LO10–3] B ecton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Standard Quantity Standard Price or Rate Standard Cost Direct materials . . . . . . . . 2.5 ounces $20.00 per ounce $50.00 Direct labor . . . . . . . . . . . 1.4 hours $12.50 per hour 17.50 Variable manufacturing overhead . . . . . . . . . . . 1.4 hours $3.50 per hour 4.90 $72.40 During November, the following activity was recorded related to the production of Fludex: a. Materials purchased, 12,000 ounces at a cost of $225,000. b. There was no beginning inventory of materials; however, at the end of the month, 2,500 ounces of material remained in ending inventory. c. The company employs 35 lab technicians to work on the production of Fludex. During November, they worked an average of 160 hours at an average…
determine the following: Cost volume variance Price variance
25. A standard cost Multiple Choice a)is the average cost within an industry b)is useful in calculating equivalent units c)is a budget for the production of one unit of a product d)incorporates the opportunity cost of a unit of production e)shows the actual cost from previous years
h1
-/1 Question 21 View Policies Current Attempt in Progress Oriole has a standard of 1.5 pounds of materials per unit, at $6 per pound. In producing 2200 units, Oriole used 3500 pounds of materials at a total cost of $20475. Oriole's materials quantity variance is O $2100 U. O $675 F. O $525 U. O $1200 U. hp ins prt sc f12 f11 f1o f9 f5 f8 17 f6 080 %3D 11 7
QUESTION 7 The actual variable costs are $26000 and the actual units produced total 300 and the actual direct labour hours total 600. If the budgeted hour per unit are 3 and the budgeted variable cost allocation rate is $25 and the budgeted units to be produced are 225. What is the rate Variance, Efficiency Variance and Flexible Budget variance is the allocate variable costs based on direct labour hours. Be sure to indicate whether the variances are favourable or unfavourable. For the toolbar, press ALT+F10 (PC or ALT-FN-F10 Mack BIVS Arial 10pt 2 I. X ***
--/1 Question 18 View Policies Current Attempt in Progress A company developed the following per unit materials standards for its product: 3 pounds of direct materials at $5 per pound. If 24000 units of product were produced last month and 73000 pounds of direct materials were used, the direct materials quantity variance was $5000 favorable. O $3000 unfavorable. $5000 unfavorable. O $3000 favorable. op 12 f11 f10 f9 f8 f7 f6 f5 8. 11 60 96 96

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--/1 Question 5 View Policies Current Attempt in Progress If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance? O $3000 U O $3900 F O $4350 U O $900 F hp 12 f10 fg 144 18 f7 f6 f5 4+