What is the correct answer? General Accounting A manufacturing company has the following data for March 2024:Data Table:CostCategoryStandard Inputs × StandardPricesCostsIncurredActual Inputs × StandardPricesDirect$75,000$78,000$80,000MaterialsDirect Labor$120,000$125,000$122,000Calculate the spending variance for materials and indicate whether it is favorable or unfavorable.

Step 1: Define Spending VarianceSpending variance measures the difference between the actual cost…

Answered: A manufacturing company has the…

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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GIRU Company
What is variance?
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Preparing a standard cost income statement Use the following information to prepare a standard cost income statement for Whitmer Company for 2021. Cost of Goods Sold at standard $ 367,000 Direct Labor Efficiency Variance $ 18,000 F Sales Revenue at standard 550,000 Variable Overhead Efficiency Variance 3,400 U Direct Materials Cost Variance 8,000 U Fixed Overhead Volume Variance 12,000 F Direct Materials Efficiency Variance 2,800 U Selling and Administrative Expenses 77,000 Direct Labor Cost Variance 42,000 U Variable Overhead Cost Variance 700 F Fixed Overhead Cost Variance 1,900 F
. For the month of January 2024, compute the following variances, indicating whether each isfavorable (F) or unfavorable (U):a. Direct materials price variance, based on purchasesb. Direct materials efficiency variancec. Direct manufacturing labor price varianced. Direct manufacturing labor efficiency variancee. Total manufacturing overhead spending variancef. Variable manufacturing overhead efficiency varianceg. Production-volume variance
A manager prepared the following table by which to analyze labor costs for the month: Actual hours at Actual rate is P10,000; Actual hours at Standard rate is P9,800 and Standard hours at Standard rate, P 8,820. What variance is P1,180? * idle labor variance labor efficiency variance labor spending variance total labor variance
Required:1) Prepare a schedule of total standard manufacturing costs for the 24000 production of blocks in April 2021. 2) For the month of April, compute the following variances, indicating whether each is favourable (F) or unfavourable (U):a. Direct materials price variance (based on purchases) b. Direct materials efficiency variance
Given the following information, calculate the purchasing department's efficiency variance. Standard number of transaction per day Standard labor cost per day Actual number of days for processing transactions Actual number of transactions processed Actual labor cost per day Multiple choice question. $2,400 favorable $4,400 favorable $4,400 unfavorable $2,400 unfavorable 20 $200 120 1,960 $180
points The following data relate to direct materials costs during November 2023 : Standard Costs: 2,600 pounds @ $8.75 per pound Actual Costs: 2,500 pounds @ $8.00 per pound What is the direct materials price variance ? $ 875 favorable $800 favorable $ 1,950 unfavorable None of the listed choices are correct $ 1,875 favorable
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Here is a question from my study material. Question included in the image attached. __________ A. What was the total overhead spending variance (variable and fixed) for 2019? B. What was the fixed overhead volume variance for 2019?

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