Don't use ai given answer accounting questions Art Studio's cost formula for its supplies cost is $890 per month plus $24per canvas. For the month of December, the company planned for activityof 425 canvases, but the actual level of activity was 418 canvases. Theactual supplies cost for the month was $11,200.The variance for supplies cost in December would be

Step 1: Definition of Variance AnalysisVariance analysis is the process of comparing budgeted costs…

Answered: Art Studio's cost formula for its…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...

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Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
Lowell Manufacturing Inc. has a normal selling price of 20 per unit and has been selling 125,000 units per month. In November, Lowell Manufacturing decided to lower its price to 19 per unit expecting it can increase the units sold by 16%. a. Compute the normal revenue with a 20 selling price. b. Compute the planned revenue with a 19 selling price. c. Compute the actual revenue for November, assuming 135,000 units were sold in November at 19 per unit. d. Compute the revenue price variance, assuming 135,000 units were sold in November at 19 per unit. e. Compute the revenue volume variance, assuming 135,000 units were sold in November at 19 per unit. f. Analyze and interpret the lowering of the price to 19.
Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $18 per hour. Desired inventory levels are: Â Prepare a sales budget, production budget. direct materials budget for silicon and solution, and a direct labor budget.
Lens & Shades sells sunglasses for $37 each and is estimating sales of 21,000 units in January and 19,000 in February. Each lens consist of 2.00 mm of plastic costing $2.50 per mm, 1.7 oz of dye costing $2.80 per ounce. and 0.50 hours direct labor at a labor rate of $18 per unit. Desired inventory levels are: Prepare a sales budget, production budget, direct materials budget for silicon and solution, and a direct labor budget.
Photo Framing's cost formula for its supplies cost is $1,190 per month plus $19 per frame. For the month of November, the company planned for activity of 617 frames, but the actual level of activity was 609 frames. The actual supplies cost for the month was $12,500. The variance for supplies cost in November would be
Petrus Framing's cost formula for its supplies cost is $1,790 per month plus $10 per frame. For the month of March, the company planned for activity of 619 frames, but the actual level of activity was 624 frames. The actual supplies cost for the month was $8,500. The activity variance for supplies cost in March would be closest to:
Pittman Framing's cost formula for its supplies cost is $1,040 per month plus $14 per frame. For the month of November, the company planned for activity of 614 frames, but the actual level of activity was 604 frames. The actual supplies cost for the month was $9,200. The spending variance for supplies cost in November would be closest to:
Pratte Boat Wash's cost formula for its cleaning equipment and supplies is $2,640 per month plus $47 per boat. For the month of April, the company planned for activity of 60 boats, but the actual level of activity was 14 boats. The actual cleaning equipment and supplies for the month was $3,420. The activity variance for cleaning equipment and supplies in April would be closest to:
Courington Detailing's cost formula for its materials and supplies is $1,990 per month plus $4 per vehicle. For the month of August, the company planned for activity of 94 vehicles, but the actual level of activity was 54 vehicles. The actual materials and supplies for the month was $2,250. The activity variance for materials and supplies in August would be closest to:
Bade Midwifery's cost formula for its wages and salaries is $1,230 per month plus $240 per birth. For the month of October, the company planned for activity of 105 births, but the actual level of activity was 101 births. The actual wages and salaries for the month was $26,470. The activity variance for wages and salaries in October would be closest to:
What is the variance for materials cost in October on these general accounting question?
Dure Corporation's cost formula for its selling and administrative expense is $24,500 per month plus $1 per unit. For the month of July, the company planned for activity of 7,200 units, but the actual level of activity was 7,160 units. The actual selling and administrative expense for the month was $31,460. The activity variance for selling and administrative expense in July would be closest to: $40 U $240 U $240 F $40 F

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