Records at the Farnsworth Corporation contained the following data for the most recent period of activity:Actual total direct labor cost$502,460Actual direct labor-hours workedStandard direct labor-hours allowed for actual output (flexible budget)Direct labor price varianceActual variable overheadStandard variable overhead rate per standard direct labor-hourVariable overhead is applied based on standard direct labor-hours allowed.Direct laborRequired:Compute the labor and variable overhead price and efficiency variances.Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" forunfavorable. If there is no effect, do not select either option.Price varianceEfficiency varianceVariable overheadPrice varianceEfficiency variance15,26014,520$46,900 F$ (28,440) U$ 15,540 U$ 348,900$21

Name: Records at the Farnsworth Corporation contained the following data fo
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Description: Records at the Farnsworth Corporation contained the following data for the most recent period of activity:Actual total direct labor cost$502,460Actual direct labor-hours workedStandard direct labor-hours allowed for actual output (flexible budget)Di

DIRECT LABOUR COST VARIANCEDirect Labour Cost Variance is the difference between the actual direct…

Business

Accounting

Actual total direct labor cost Actual direct labor-hours worked i Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour $502,460 15,260 14,520 $46,900 F $ 348,900 $21

Actual total direct labor cost Actual direct labor-hours worked i Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour $502,460 15,260 14,520 $46,900 F $ 348,900 $21

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: accounting
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Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits Required: Prepare a profit variance analysis for Fournier Fixtures actual orders for 414,400 units) $ 7,873,600 for 370,000 units) $ 7,400,000 2,646,400 238,000 1,218,400 876,000 $ 4,978,800 $ 2,894,800 1,632,000 556,600 372,000 $ 2,560,600 $ 334,200 2,350,000 218,000 1,082,000 786,000 $ 4,436,000 $ 2,964,000 1,660,000 540,000 405,000 $ 2,605,000 $ 359,000 Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Sales revenue Variable costs: Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Fixed costs: Manufacturing overhead Marketing…
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