Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead 11,100 Direct materials Direct labor Variable overhead $ 241,560 204,960 283,650 Price Variance $ 3.96 per liter x 5 liters per unit of output $33.60 per hour x 0.50 hour per unit $30.50 per direct labor-hour $ 246,480 (63,200 liters) 183,312 (5,360 hours) 292,000 (58% is variable) Variable overhead is applied on the basis of direct labor-hours. Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. 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. Check my work Efficiency Variance Production Volume Variance

Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead 11,100 Direct materials Direct labor Variable overhead $ 241,560 204,960 283,650 Price Variance $ 3.96 per liter x 5 liters per unit of output $33.60 per hour x 0.50 hour per unit $30.50 per direct labor-hour $ 246,480 (63,200 liters) 183,312 (5,360 hours) 292,000 (58% is variable) Variable overhead is applied on the basis of direct labor-hours. Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. 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. Check my work Efficiency Variance Production Volume Variance

Name: Z4 -4Anthon Corporation has provided the following information regardi
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Description: Z4 -4Anthon Corporation has provided the following information regarding last month's activities.Units produced (actual)Master production budgetDirect materialsDirect laborOverheadStandard costs per unitDirect materialsDirect laborVariable overheadAc

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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Concept explainers

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.

Topic Video

Question

-4
Anthon Corporation has provided the following information regarding last month's activities.
Units produced (actual)
Master production budget
Direct materials
Direct labor
Overhead
Standard costs per unit
Direct materials
Direct labor
Variable overhead
Actual costs
Direct materials purchased and used
Direct labor
Overhead
Saved
Direct materials
Direct labor
Variable overhead
11,100
Price Variance
$ 241,560
204,960
283,650
$ 246,480 (63,200 liters)
183,312 (5,360 hours)
292,000 (58% is variable)
$ 3.96 per liter × 5 liters per unit of output
$ 33.60 per hour x 0.50 hour per unit
$30.50 per direct labor-hour
Variable overhead is applied on the basis of direct labor-hours.
Required:
Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume
variances.
Help
Efficiency Variance
Save & Exit Submit
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.
Production Volume
Check my work
Variance
2

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Step 1: Introduction of variance analysis :

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Step 2: .Working notes for variance

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Step 3: Calculation of material variances :

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Step 4: Calculation of labor variances :

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Step 5: Calculation of variable overhead variance :

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Step 6: Calculation of fixed overhead variance :

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