Cost Code Variance 03-3100M ($25,000) Description Concrete Material Budget $150,000 Committed $175,000 Cost to Date $135,000 The current project schedule update tells us that the concrete scope of work is 72% poured/placed. What percent of cost have we expended? A. 90% B. 77% C. 72% D. 23%

Cost Code Variance 03-3100M ($25,000) Description Concrete Material Budget $150,000 Committed $175,000 Cost to Date $135,000 The current project schedule update tells us that the concrete scope of work is 72% poured/placed. What percent of cost have we expended? A. 90% B. 77% C. 72% D. 23%

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

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

Cost Code
Variance
03-3100M
($25,000)
Description
Concrete Material
Budget
- $150,000
Committed
$175,000
- Cost to Date
$135,000
The current project schedule update tells us that the concrete scope of work is 72% poured/placed.
What percent of cost have we expended?
A. 90%
B. 77%
C. 72%
D. 23%

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