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Complete the standard cost variance analysis

Complete the standard cost variance analysis

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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Complete the standard cost variance analysis 

Data Input Range Actual Budget Units produced and sold 68,000 64,000 Price per unit 235 | $ 240 Direct material: Quantity purchased and used (kg) 96,500 89,600 Quantity per unit 1.42 1.40 Price per kg 80.00 | $ 82.00 Direct labour: Direct labour hour per unit 1.80 2.00 Direct labour hour rate 28.00 $ 26.00 Variable overhead 310,000 $ 315,000 Fixed overhead 254,500 $ 252,000 %24 %24 %24 %24 %24
Transcribed Image Text:Data Input Range Actual Budget Units produced and sold 68,000 64,000 Price per unit 235 | $ 240 Direct material: Quantity purchased and used (kg) 96,500 89,600 Quantity per unit 1.42 1.40 Price per kg 80.00 | $ 82.00 Direct labour: Direct labour hour per unit 1.80 2.00 Direct labour hour rate 28.00 $ 26.00 Variable overhead 310,000 $ 315,000 Fixed overhead 254,500 $ 252,000 %24 %24 %24 %24 %24
Standard Cost Variance Analysis Actual quantity of material purchased or used Actual cost of materials purchased Standard material cost, based on actual quantity purchased or used Direct material price variance Standard price Actual quantity used Standard quantity, based on actual output Direct material quantity variance Actual hours worked Actual labour rate paid Standard labour rate Direct labour rate variance Standard labour rate Actual hours worked Standard hours, based on actual output Direct labour efficiency variance Actual variable overhead Actual level of allocation base Standard variable overhead rate Variable overhead spending variance Standard variable overhead rate Actual level of allocation base Standard level of allocation base, based on actual output Variable overhead efficiency variance Actual fixed overhead Budgeted fixed overhead Fixed overhead budget variance Budgeted fixed overhead Applied fixed overhead Fixed overhead volume variance
Transcribed Image Text:Standard Cost Variance Analysis Actual quantity of material purchased or used Actual cost of materials purchased Standard material cost, based on actual quantity purchased or used Direct material price variance Standard price Actual quantity used Standard quantity, based on actual output Direct material quantity variance Actual hours worked Actual labour rate paid Standard labour rate Direct labour rate variance Standard labour rate Actual hours worked Standard hours, based on actual output Direct labour efficiency variance Actual variable overhead Actual level of allocation base Standard variable overhead rate Variable overhead spending variance Standard variable overhead rate Actual level of allocation base Standard level of allocation base, based on actual output Variable overhead efficiency variance Actual fixed overhead Budgeted fixed overhead Fixed overhead budget variance Budgeted fixed overhead Applied fixed overhead Fixed overhead volume variance
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