Acme, Inc manufactures widgets. Information about a production week is as follows: Standard wage per hr. Standard labor time per unit Standard number of pounds of plastic per unit Standard price per pound of plastic Actual price per pound of plastic Actual pounds of plastic used during the week Number of units produced during the week Actual wage per hr. Actual hrs. for the week How much is the time variance? O ($820)F O($800)F O $200U $180U none of these answer choices $8.00 12 min. 4.4 pounds $6.00 $5.90 25,000 pounds 5,000 $8.20 900 hrs.
Acme, Inc manufactures widgets. Information about a production week is as follows: Standard wage per hr. Standard labor time per unit Standard number of pounds of plastic per unit Standard price per pound of plastic Actual price per pound of plastic Actual pounds of plastic used during the week Number of units produced during the week Actual wage per hr. Actual hrs. for the week How much is the time variance? O ($820)F O($800)F O $200U $180U none of these answer choices $8.00 12 min. 4.4 pounds $6.00 $5.90 25,000 pounds 5,000 $8.20 900 hrs.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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Transcribed Image Text:Acme, Inc manufactures widgets. Information about a production week is as follows:
Standard wage per hr.
Standard labor time per unit
Standard number of pounds of plastic per unit
Standard price per pound of plastic
Actual price per pound of plastic
Actual pounds of plastic used during the week
Number of units produced during the week
Actual wage per hr.
Actual hrs. for the week
How much is the time variance?
O ($820)F
($800)F
O $200U
$180U
none of these answer choices
$8.00
12 min.
4.4 pounds
$6.00
$5.90
25,000 pounds
5,000
$8.20
900 hrs.
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