Exercise 15-5A (Algo) Determining amount and type (favorable vs. unfavorable) of variance LO 15-3 Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorab (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 $16 per hour Research and development expense Selling and administrative expenses Budget 529 $ $ 608,000 $364,000 $ 286,000 $ $ $ $ 182,000 lbs 920 units 59,100 97,800 31,000 44,000 Actual $ 658 $ 584,000 $ 391,000 $ 279,000 186,000 lbs 990 units $ 60,800 $ 96,400 $ 26,000 $ 55,000 Variance lbs units For U

Exercise 15-5A (Algo) Determining amount and type (favorable vs. unfavorable) of variance LO 15-3 Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorab (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 $16 per hour Research and development expense Selling and administrative expenses Budget 529 $ $ 608,000 $364,000 $ 286,000 $ $ $ $ 182,000 lbs 920 units 59,100 97,800 31,000 44,000 Actual $ 658 $ 584,000 $ 391,000 $ 279,000 186,000 lbs 990 units $ 60,800 $ 96,400 $ 26,000 $ 55,000 Variance lbs units For U

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Description: Exercise 15-5A (Algo) Determining amount and type (favorable vs. unfavorable) ofvariance LO 15-3RequiredCompute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U):(Select "None" if there is no ef

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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Exercise 10A-1 (Algo) Fixed Overhead Variances [LO10-4] Primara Corporation applies overhead to products based on the standard direct labor-hours allowed for the actual output. Data concerning the most recent year appear below: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours (denominator level of activity) Actual direct labor-hours Standard direct labor-hours allowed for the actual output Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. Note: Round Fixed portion of the predetermined overhead rate to 2 decimal places. 1. Fixed portion of the predetermined overhead rate 2. Budget variance 2. Volume variance $ 476,000 $ 471,500 2. Compute the fixed overhead budget variance and volume variance. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values. per DLH…
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Required 1 Required 2 Calculate the activity variances for March. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Utilities Maintenance Supplies Indirect labor Depreciation Total FAB Corporation Activity Variances For the Month Ended March 31 Show Transcribed Text Required 1 Required 2 FAB Corporation Spending Variances For the Month Ended March 31
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