Direct Labor Under normal conditions, Sarah pays her employees $8.50 per hour, and it will take 2.80 hours of labor per pair of shoes. During August, Sole Purpose Shoe Company incurred actual direct labor costs of $65,340 for 7,260 hours of direct labor in the production of 2,100 pairs of shoes. Complete the following table, showing the direct labor variance relationships for August for Sole Purpose Shoe Company. If required, round your answers to two decimal places. When entering variances, use a negative number for a favorable variance, and a positive number for an unfavorable variance. Actual Cost Actual Hours X X $ Actual Rate Direct Labor Variance: Actual Hours X X Total Direct Labor Variance: Standard Rate Direct Labor Variance: Standard Hours Stand

Q: Develop the link between estimation, budget, variance, project and schedule

A: All these five terms are interlinked and are inter-connected. All these terms important in the…

Q: Sales budget formula

A: Sales budget depends on the expected demand of sales units and the standard price of unit. Sales…

Q: Briefly explain “Self-Impose Budget or Participative” and “Master Budget”.

A: Here are given two terms. (1) Self imposed budget or participative budget (2) Master budget Lets…

Q: Define the term budgeting cycle.

A: Budget Cycle: The budget cycle refers to the whole time period starting from the creation of the…

Q: explain the difference between operating budgets and capital expenditure budget

A: A budget, which is used by governments, businesses, and individuals, is an estimate of revenue and…

Q: Explain the term of operating budget.

A: Introduction Budget is monetary plan for future. It deals with where the company wants to reach in…

Q: When preparing a master budget or a projected income statement , which of the following budgets is…

A: The objective of the question is to identify the first budget that is prepared when creating a…

Q: The master budget will comprise of what?

A: A MASTER BUDGET IS A SERIES OF SMALLER BUDGETS THAT ARE ROLLED UP INTO ONE LARGER BUDGET TO PROVIDE…

Q: A budgeted income statement is prepared from which budgets

A: The budget is prepared to estimate the requirements for the future period.

Q: What is the first step in preparing a master budget ?

A: The master budget seems to be the budget that combines all of the other budgets into a single budget…

Q: Define: 1.Budgeted Statement of Retained Earnings 2. Budgeted Balance Sheet

A: Budgets are the estimates that are made for future. Budgets help in forecasting future income and…

Q: What are some quantitative and some qualitative reasons for budget variances?

A: Budget variance is a measure used by entities, government organizations, corporations, or…

Q: TB Problem 21-167 (Algo) The Murdock Corporation reported the following balance sheet data for 2021…

A: Cash flow statement is the financial statement that records the cash inflow and cash outflow…

Q: Q.Describe the steps in developing a flexible budget.

A: Flexible Budget: A flexible budget is a financial plan prepared for a particular period of time on…

Q: Understand commonerrors made in preparingp erformance reports based on budgets and actual results.

A: Budget:   A budget is a statement of estimated revenues and expenditures for a specific period of…

Q: Which of the following includes only financial budgets?A. capital asset budget, budgeted income…

A: Budgets are the forecasts or estimates that are made for future period of time. Process of making…

Q: Briefly tell how Program Based Budgeting (PBB) interface with the GIFMIS?

A: SOLUTION- Program-Based Budgeting is a budgeting tool where all budgetary information is organized…

Q: Direct Materials Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take…

A: Material cost variance: Material cost variance is the difference between standard cost of material…

Q: uses and advantage of budget

A: Budget is referred to as an estimation of the expenses as well as revenues of the individual or the…

Q: Example of preparing a Pro Forma Balance Sheet Statement Budget

A: Pro Forma:   A pro forma statement could be a prediction, and a budget is a plan. Your budget could…

Q: Brief description of flexible budgeting

A: A flexible budget is a budget that perceives the distinction in conduct among fixed and variable…

Q: I would like to apply case to prepare profit and loss budget

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Define static budget.

A: Budget is a estimation of revenue and expenses for a future period of time

Q: Operating budget considers all the factors except Capital expenditure budget Production budget Sales…

A: An operating budget is a detailed projection of all the income a business expects to earn and all…

Q: The effects of financial choices can be understood by performing which of these? Check two. O Micro…

A: Decision making is the most important function of management. But when it comes to financial…

Q: BUDGETED GROSS MARGIN FORMULA Please give me the formula method for find the Budgeted Gross Margin.

A: Gross margin shows the revenues of company which are left over after paying all the direct expenses.

Q: How to compute the flexable budget items.

A: Flexible Budget: When the sales volume and price value and production volume etc  stable conditions…

Q: Describe major sections of budget.

A: What is Budget:   Budget is the estimation of Income and Expense. management prepare budget to…

Q: Determine the allocation of the distributions by completing the table below. Assume that the…

A: SOLUTION:- Particulars in $ Accumulated E&P $174,000 Current E&P $522,000 Total…

Q: Which of the following budgets provides data for different levels of sales volume? Group of answer…

A: The objective of the question is to identify the type of budget that provides data for different…

Q: master-budget

A: following budgets is based on many other master-budget components.

Q: Explain participative budgeting

A: Budgeting is a process of making a financial plan with respect to income and expenditure. The…

Q: Briefly describe the sequence of the budgeting process.

A: The strategic implementation of a business plan is budgeting. A fully descriptive business plan with…

Q: Budgeted

A: See below step

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.