### Acme Inc. Variance Analysis Information**Acme Inc. has the following information available:**| Item | Amount ||-------------------------------------------|-----------------|| Actual price paid for material | $1.00 || Standard price for material | $0.90 || Actual quantity purchased and used in production | 100 || Standard quantity for units produced | 90 || Actual labor rate per hour | $15 || Standard labor rate per hour | $14 || Actual hours | 200 || Standard hours for units produced | 190 |**NOTE:** All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e., $12,345). For the variance conditions, your answer is either "F" (for Favorable) or "U" (for Unfavorable) - capital letter and no quotes. **Complete the following table of variances and their conditions:**| Variance | Variance Amount | Favorable (F) or Unfavorable (U) ||--------------------------------|-----------------|-----------------------------------|| Material Price | | || Material Quantity | | || Total DM Cost Variance | | || Labor Rate | | || Labor Efficiency | | || Total DL Cost Variance | | |Fill in the table with the appropriate variance amounts and indicate whether each variance is favorable (F) or unfavorable (U). This provides essential insights into the cost management and efficiency of Acme Inc.'s production processes. ### Understanding Variances:- **Material Price Variance:** The difference between the actual price paid for materials and the standard price, multiplied by the actual quantity purchased.- **Material Quantity Variance:** The difference between the actual quantity used and the standard quantity allowed for the actual production, multiplied by the standard price.- **Total Direct Material (DM) Cost Variance:** The sum of the material price variance and the material quantity variance.- **Labor Rate Variance:** The difference between the actual hourly labor rate paid and the standard labor rate, multiplied by actual hours worked.- **Labor Efficiency Variance:** The difference between the actual hours worked and the standard hours allowed for the actual production, multiplied by the standard labor rate.- **Total Direct Labor (DL) Cost

Material Price Variance = (Standard Price - Actual Price) x Actual Quantity Material Quantity…

Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced Variance NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F" (for Favorable) or "U" (for Unfavorable) - capital letter and no quotes. Complete the following table of variances and their conditions: Material Price Material Quantity Total DM Cost Variance Labor Rate Labor Efficiency Total DL Cost Variance $1.00 $0.90 100 90 Variance Amount $15 $14 200 190 Favorable (F) or Unfavorable (U)

Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced Variance NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F" (for Favorable) or "U" (for Unfavorable) - capital letter and no quotes. Complete the following table of variances and their conditions: Material Price Material Quantity Total DM Cost Variance Labor Rate Labor Efficiency Total DL Cost Variance $1.00 $0.90 100 90 Variance Amount $15 $14 200 190 Favorable (F) or Unfavorable (U)

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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Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $0.90 Actual quantity purchased and used in production 110 Standard quantity for units produced 130 Actual labor rate per hour $14 Standard labor rate per hour $11 Actual hours 210 Standard hours for units produced 220 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $ Material quantity variance $ Labor rate variance 2$ Labor efficiency variance $ B. What are some possible causes for this combination of favorable and unfavorable variances?
The direct-material price variance is. O $13,800U. O $13,600U. O $13,400U. O $13,800F. O $13,600F.
K Juda Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Juda allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Data table X Sales Static Budget Actual Results (1,025 recliners) (1,005 recliners) (1,025 recliners x $515 each) (1,005 recliners x $480 each) $ 527 875 S 482 400 Variable Manufacturing Costs: Direct Materials (6,150 yds @ $8.90/ yd.) (6,300 yds @ $8.707 yd.) 54.735 54.810 Direct Labor (10,250 DLHr @ $11.30/DLHr) (9,850 DLHr @ $11.40/DLHr) 115 825 112 290 Variable Overhead (6,150 yds @ $5.107 yd.) 31,365 (6,300 yds. @$6.50/yd.) 40.950 Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold 62,730 64,730 264,655 272,780 263,220 $ 209,620 Gross Profit
Required A Required B Calculate the variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing costs Variances
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Required: Compute the following cost variances from the available data. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (l.e., zero variance). Do not round Intermediate calculations.) Direct-material price variance Direct-material purchase price variance Direct-material quantity variance Direct-labor rate variance Direct-labor efficiency variance Variable-overhead spending variance Variable-overhead efficiency variance Fixed-overhead budget variance Fixed-overhead volume variance Answer is not complete. $ Unfavorable (4,200) S (4,200) Unfavorable S (2,100) Unfavorable $ (4,400) Unfavorable $ (11,200) Unfavorable 2,750 Favorable Unfavorable Unfavorable $ $ (1,260.00) $ (5,700) 00000000
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d) Calculate the variable overhead efficiency variance. Actual Quantity: 3150 Standard Quantity for Actual Output: 5850 Variable Overhead Efficiency Variance: $36990 Favorable <
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arker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year llows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($345,800 910,000 units) arker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,040,000 11,400,000 $ 9,120,000 308,000 $ 3,449,600 $ 689,000 $365,000 Standard Unit C $9.96 3.15 0.66 0.38
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