### 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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For each of the following independent cases, fill in the missing amounts: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your per unit rates to 2 decimal places. Round your other final answers to the nearest whole numbers. Units produced Standard hours per unit Standard hours Standard rate per hour Actual hours worked Actual labor cost Direct labor rate variance Direct labor efficiency variance Casey Company 2,800 5.10 $ $ 31.70 13,500 5,200 F Kevin, Incorporated $ $ 1.70 2,890 3,005 2,900 F 1,518 U $ $ $ Jess Company 200 660 10.00 6,500 200 U Valerie, Incorporated $ 1,000 10.00 15,200 $ 140,000 $ 5,800 U
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Jordan Manufacturing Company established the following standard price and cost data. Sales price $ 8.50 per unit Variable manufacturing cost $ 3.60 per unit Fixed manufacturing cost $ 2,300 total Fixed selling and administrative cost $ 700 total Jordan planned to produce and sell 2,500 units. Actual production and sales amounted to 2,700 units. Required Determine the sales and variable cost volume variances. Classify the variances as favorable (F) or unfavorable (U). Determine the amount of fixed cost that will appear in the flexible budget. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity.
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a.Compute for the actual cost paid per kilogram b.Compute for the Labor Efficiency Variance Present your answer as 1000 FAVORABLE OR 1000 UNFAVORABLE if applicable Topic: Standard Costing and Variance Analysis
1 S 3. Compute the variable manufacturing overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Book Variable overhead sponding variance S Variable overhead efficiency variance 1 U 1 F Print 4. Compute the fixed overhead budget and volume variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (I.e., zero variance).) Fixed overhead budget variance $ Fixed overhead volumne variance $ 1U 0 Nono
Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places and round your answers to the nearest dollar, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials quantity variance Direct labor time variance
Subject :- Accounting
5. Using the data below, find the graphical solution for variance on quantity first and material cost first, then find the total variance. Product Element Estimate Material cost per unit $30.00 Number of units 150 Actual $40.00 250
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Number 1 fill in table