For each of the following independent cases, fill in the missing amounts in the table:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance).CaseABсDETDirect Labor Rate Direct Labor Efficiency Direct Labor SpendingVarianceVarianceVariance$$$1,350 U1,400 F1,600 FUU1,250 U$$5A5A5A$$2,400 FU|F1,100 U1,700 F1,750 U$$$$2,300 U3,000 F3,700 U2,550 UEU

Name: For each of the following independent cases, fill in the missing amou
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Description: For each of the following independent cases, fill in the missing amounts in the table:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zerovariance).CaseABсDETDirect Labo

The variance is the difference between the actual data and standard output of the production. The…

Business

Accounting

For each of the following independent cases, fill in the missing amounts in the table: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Case A C D EF Direct Labor Rate Variance $ $ $ 1,350 U 1,400 F 1,600 F U U 1,250 U Direct Labor Efficiency Direct Labor Spending Variance Variance $ $ $ $ 2,400 F U F 1,100 U 1,700 F 1,750 U $ $ $ $ 2,300 U 3,000 F 3,700 U 2,550 U U

For each of the following independent cases, fill in the missing amounts in the table: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Case A C D EF Direct Labor Rate Variance $ $ $ 1,350 U 1,400 F 1,600 F U U 1,250 U Direct Labor Efficiency Direct Labor Spending Variance Variance $ $ $ $ 2,400 F U F 1,100 U 1,700 F 1,750 U $ $ $ $ 2,300 U 3,000 F 3,700 U 2,550 U U

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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Select all that were the source for the Indirect Costs favorable efficiency variance. a. Actual indirect costs per direct labor hour was less than budgeted indirect cost per direct labor hour. b. Actual indirect costs per direct labor hour was greater than budgeted indirect cost per direct labor hour. c. Actual number of jobs completed was less than budgeted number of jobs. d. Actual number of jobs completed was greater than budgeted number of jobs. e. Actual number of direct labor hours per job was less than budgeted direct labor hours per job. f. Actual number of direct labor hours per job was greater than budgeted direct labor hours par job. QUESTION 5 Select all that were the source for the Sales Activity favorable variance. a. Actual number of units completed was greater than budgeted number of units. b. Actual selling price per unit was less than budgeted. c. Actual number of units completed was less than budgeted number of units. d. Actual selling price per unit was greater than…
Which of the following is true of direct labor variances? a. The labor efficiency variance measures the difference between what was paid to direct laborers and what should have been paid. b. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that should have been used. c. The labor rate variance measures the difference between the labor hours that were originally budgeted and the labor hours that should have been used. d. The labor rate and labor efficiency variances will always add up to the total labor variance. e. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that were originally budgeted.
Required: Calculate all variances and prepare an operating statement for the month endedJune 2015 by using the following table format. Sales variances £ Favourable (F)/Adverse (A) Sales price variance: Sales volume variance: Total sales variance Direct material variances £ Favourable (F)/Adverse (A) Material price variance: Material usage variance: Total direct material variance Direct labour variances £ Favourable (F)/ Adverse (A) Labour rate variance: Labour efficiency variance: Total direct labour variance Variable overhead variances £ Favourable (F)/ Adverse (A) Variable…
Select all that were the source for the Direct Labor favorable rate variance. a. Actual direct labor hours per job were less than budgeted direct labor hours per job. b. Actual direct labor cost per hour was less than budgeted direct labor cost per hour. c. Actual direct labor hours per job were greater than budgeted direct labor hours per job. d. Actual number of jobs completed was greater than budgeted number of jobs. e. Actual number of jobs completed was less than budgeted number of jobs. f. Actual direct labor cost per hour was greater than budgeted direct labor cost per hour.
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Which of the following statements about fixed overhead variances is FALSE? O The budget variance represents the difference between the original budgeted fixed overhead cost and the applied fixed overhead cost during a period. O An unfavorable volume variance means that a firm's production facilities were under-utilized by producing less units of products than budgeted. O The volume variance is a measure of facility utilization. O Fixed overhead variances consist of a budget variance and a volume variance. Ne: Previous
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The labor efficiency variance is the difference between the actual quantity of hours at the standard rate and the standard direct labor hours at the standard rate. A. True B. False
Variable factory overhead is applied on the basis of standard direct labor hours. If, for a given period, the direct labor efficiency variance is unfavorable, the variable factory overhead efficiency variance will be favorable Zero unfavorable the same amount as the labor efficiency variance