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Calculate the variances and identify whether the variance is favorable (F) or unfavorable (U). (b) Total Direct Materials Variance (c) Total Direct Labor Variance (e) Total Variable Overhead Variance

Calculate the variances and identify whether the variance is favorable (F) or unfavorable (U). (b) Total Direct Materials Variance (c) Total Direct Labor Variance (e) Total Variable Overhead Variance

FINANCIAL ACCOUNTING
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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Question
 
Total Flexible Budget Product Cost Variance
 
 
 
 
 
 
 
 
 
 
 
(a)
 
 
 
 
 
 
 
Total Direct
    
 
Total Direct
        
 
Total Manufacturing
  
 
Materials Variance
    
 
Labor Variance
        
 
Overhead Variance
  
(b)
    
(c)
          
(d)
  
Direct Materials
Direct Materials
 
Direct Labor
Direct Labor
  
 
Total Variable
 
 
Total Fixed
Cost Variance
Efficiency Variance
 
Cost Variance
Efficiency Variance
  
 
Overhead Variance
    
Overhead Variance
$540
F
$155
U
  
$180
U
$425
F
  
 
(e)
    
(f)
                   
Variable Overhead
Variable Overhead
  
Fixed Overhead
 
  
 
              
Cost Variance
Efficiency Variance
  
Cost Variance
 
 
 
 
 
 
 
 
 
 
$225
U
$575
F
 
$110
F
**Variance Calculation Exercise** To enhance your understanding of variance analysis, complete the table below with the missing variances: - **Click the icon to view the table.** [Icon link provided] **Instructions:** 1. **Calculate the variances** and determine whether each variance is **favorable (F)** or **unfavorable (U).** - **(b) Total Direct Materials Variance** - Enter your answer here: [Input box] - Indicate: Favorable (F) / Unfavorable (U) [Input box] - **(c) Total Direct Labor Variance** - Enter your answer here: [Input box] - Indicate: Favorable (F) / Unfavorable (U) [Input box] - **(e) Total Variable Overhead Variance** - Enter your answer here: [Input box] - Indicate: Favorable (F) / Unfavorable (U) [Input box] **Additional Information:** - **Graphs and Diagrams:** This section does not contain any visual diagrams. All data input is textual. **Objective:** By completing this exercise, you will gain proficiency in identifying different types of variances and their implications on business operations.
Transcribed Image Text:**Variance Calculation Exercise** To enhance your understanding of variance analysis, complete the table below with the missing variances: - **Click the icon to view the table.** [Icon link provided] **Instructions:** 1. **Calculate the variances** and determine whether each variance is **favorable (F)** or **unfavorable (U).** - **(b) Total Direct Materials Variance** - Enter your answer here: [Input box] - Indicate: Favorable (F) / Unfavorable (U) [Input box] - **(c) Total Direct Labor Variance** - Enter your answer here: [Input box] - Indicate: Favorable (F) / Unfavorable (U) [Input box] - **(e) Total Variable Overhead Variance** - Enter your answer here: [Input box] - Indicate: Favorable (F) / Unfavorable (U) [Input box] **Additional Information:** - **Graphs and Diagrams:** This section does not contain any visual diagrams. All data input is textual. **Objective:** By completing this exercise, you will gain proficiency in identifying different types of variances and their implications on business operations.
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