Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $12 per hour Research and development expense Selling and administrative expenses $ $ $ $ $ $ $ $ $ Budget 400 $ 360,000 $ 192,500 $ 137,500 $ 90,000 $ 950 units 30,000 $ 48,000 $ 11,000 $ 24,500 $ Actual 390 390,000 180,000 140,000 89,000 900 units 29,350 48,500 12,500 20,000 Variance units Effect

Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $12 per hour Research and development expense Selling and administrative expenses $ $ $ $ $ $ $ $ $ Budget 400 $ 360,000 $ 192,500 $ 137,500 $ 90,000 $ 950 units 30,000 $ 48,000 $ 11,000 $ 24,500 $ Actual 390 390,000 180,000 140,000 89,000 900 units 29,350 48,500 12,500 20,000 Variance units Effect

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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