12)A favorable laber rate variance is created whenA) actual units produced exceed standard hours allowed.Bactual wages paid are less than amounts that should have been paid for themumber of heurs workedC)actual units prodced exceed budgeted production levelsD) actual labor hours worked exceed standard hours allowedE)actual hours worked are less than standard hours allowed

Name: 12)A favorable laber rate variance is created whenA) actual units pro
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Description: 12)A favorable laber rate variance is created whenA) actual units produced exceed standard hours allowed.Bactual wages paid are less than amounts that should have been paid for themumber of heurs workedC)actual units prodced exceed budgeted producti

Business

Accounting

12A fvorable laher rate variance is created when A) actual units produced exceed standard hours allowed actual wages paid are less than mounts that should have been paid for the munber of hours worked C)actal units proded exceed budgeted production levels D) actal labor hours worked exceed standard hours allowed Datal hours worked are less than standard hours allowed.

12A fvorable laher rate variance is created when A) actual units produced exceed standard hours allowed actual wages paid are less than mounts that should have been paid for the munber of hours worked C)actal units proded exceed budgeted production levels D) actal labor hours worked exceed standard hours allowed Datal hours worked are less than standard hours allowed.

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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Subject: acounting
Find the values of the missing items (a) through (x). Assume the actual sales volume equals actual production volume. Marketing and Administrative Sales Price Variance Variance Units Sales Revenue Less: Variable Manufacturing Costs Variable marketing and administrative costs Contribution margin Fixed manufacturing costs Fixed marketing and administrative costs Operating Profit PreviousNext Reported income statement (based on actual sales volume) Manufacturing variance (a) (g) (n) (q) (r) (t) $4,320 $3,600 (0) $1,800 U $ 400 F (u) (p) (s) (v) (w) $3,600 F (X) $3,600 F Flexible Budget (based on actual sales volume (b) (h) (m) Sales Activity Variance 4,000 F (1) $19,200 (i) $4,800 $800 U $12,000 (k) $3,000 $4,000 (1) Master Budget (based on budgeted sales volume) 20,000 $30,000 (c) (d) (e) (f) $16,000 $10,000
Select all that were the source for the Direct Labor favorable rate variance. a. Actual direct labor hours per job were less than budgeted direct labor hours per job. b. Actual direct labor cost per hour was less than budgeted direct labor cost per hour. c. Actual direct labor hours per job were greater than budgeted direct labor hours per job. d. Actual number of jobs completed was greater than budgeted number of jobs. e. Actual number of jobs completed was less than budgeted number of jobs. f. Actual direct labor cost per hour was greater than budgeted direct labor cost per hour.
QUESTION 6 Which of the following may be the likely reason for a favorable direct labor rate variance? O overestimated standard labor cost, O changes to the product specification which reduced manufacturing time. O reduction in direct labor costs due to a strike in the factory. O overestimated standard labor time per unit.
Question 21 The variable overhead spending variance is the difference between the actual variable overhead actually incurred and the master budget fixed overhead. O True False Question 22 The material purchases budget begins with budgeted sales units. True O False
M8(7)
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Required information [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level Answer is complete but not entirely correct. Standard overhead applied Budgeted (flexible) overhead Volume variance Volume Variance ✓ S $ Compute the volume variance and identify it as favorable or unfavorable. $ $ 28,525 $ 31,620 28,525 X 12,600 x (2,400) Unfavorable $ 2.10 per unit $ 12,600 12,600 units 10,200 units
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