Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards:(Click the icon to view the standards.) (Click the icon to view the actual results.)Read the requirements.Requirement 1. Compute the direct labor rate variance and the direct labor efficiency variance. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to thenearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL= Direct labor)Begin with the direct labor rate variance. First determine the formula for the rate variance, then compute the rate variance for direct labor.DL rate variancex (x ()Requirements1. Compute the direct labor rate variance and the direct labor efficiency variance.2. What is the total variance for direct labor?3. Who is generally responsible for each variance?4. Interpret the variances.Print- XDone Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards:(Click the icon to view the standards.) (Click the icon to view the actual results.)Read the requirements.RequirenearestBegin wActual ResultsGrand Display allocated fixed manufacturing overhead to production based on standard direct laborhours. Last month, the company reported the following actual results for the production of 1,400flower pots:Direct materials..Direct labor....Actual variable manufacturingoverhead ......Actual fixed manufacturing overheadStandard fixed manufacturingoverhead allocated based on actualproduction......Purchased 13,700 pounds at a cost of $6.10 per pound;used 13,300 pounds to produce 1,400 potsWorked 2.4 hours per flower pot (3,360 total DLH) at acost of $10.00 per hour$5.70 per direct labor hour for total actual variablemanufacturing overhead of $19,152$25,500$28,000PrintDone- XStandard Price and Volume9 pounds per pot at a cost of $6.00 per. poundDirect materials (resin).Direct labor....Standard variable manufacturing overhead rate..... $5.00 per direct labor hourBudgeted fixed manufacturing overhead ... $26,000Standard fixed MOH rate.....….... $10.00 per direct labor hour (DLH)Print2.0 hours at a cost of $11.00 per hourDone-X

Name: Grand Display is a manufacturer of large flower pots for urban settin
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Description: Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards:(Click the icon to view the standards.) (Click the icon to view the actual results.)Read the requirements.Requirement 1. Compute the direct labo

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Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the actual results.) (Click the icon to view the standards.) Read the requirements. Requirement 1. Compute the direct labor rate variance and the direct labor efficiency variance. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL= Direct labor) Begin with the direct labor rate variance. First determine the formula for the rate variance, then compute the rate variance for direct labor. x( ) = DL rate variance Requirements 1. Compute the direct labor rate variance and the direct labor efficiency variance. 2. What is the total variance for direct labor? 3. Who is generally responsible for each variance? 4. Interpret the variances. Print Done - Х

Grand Display is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the actual results.) (Click the icon to view the standards.) Read the requirements. Requirement 1. Compute the direct labor rate variance and the direct labor efficiency variance. (Enter the variances as positive numbers. Enter the currency amounts in the formulas to the nearest cent, then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL= Direct labor) Begin with the direct labor rate variance. First determine the formula for the rate variance, then compute the rate variance for direct labor. x( ) = DL rate variance Requirements 1. Compute the direct labor rate variance and the direct labor efficiency variance. 2. What is the total variance for direct labor? 3. Who is generally responsible for each variance? 4. Interpret the variances. Print Done - Х

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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Determine the following variances, and state clearly whether each is favourable or unfavourable. (i) direct materials price, inventory, and quantity variances; (ii) direct labor rate and efficiency variances; (iii) variable overhead rate and efficiency variances; (iv) fixed overhead budget and volume variances; and (v) sales price and sales volume variances
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Use the information provided below to calculate the following manufacturing variances for March2022. Note: Each answer must state whether the variance is favourable or unfavourable.1. Labour rate variance2. Labour efficiency variance3. Variable overheads efficiency variance4. Variable overheads expenditure varianceINFORMATIONNevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 perlabour hour.Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurredwas R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.
Please help me with the functions needed to populate the correct answers in the highlighted areas. Thank you! Accessibility tab summary: Financial information for Patterson Incorporated, is presented in cells A4 to G14 and rows 16 to 17. A statement of requirement is presented in rows 19 to 24. A table for Standard Cost Variance Analysis - Direct Materials for student presentation is presented in cells A26 to B29 and A31 to C32. A table for Standard Cost Variance Analysis - Variable Manufacturing Overhead for student presentation is presented in cells A43 to B45 and A47 to C48. A statement of requirement is presented in row 50. A table for student presentation is presented in cell A52 to E62. Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: Direct materials: Standard 2.4 yards @ $2.75 per yard $6.60 Actual 3.0 yards @ $2.70 per yard $8.10 Direct…
Best, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) variable overhead, $3,800; actual fixed overhead, $3, 500; actual direct labor hours, 1,400. Read the requirements. Data table Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standardco \table [[,, Formula,Variance], [VOH cost variance, = , 1 = , ], [VOH efficiency variance, =,1 =, 0
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The following table contains a hypothetical partial master budget performance report for European Fudge Company. (Click the icon to view the partial master budget performance report.) Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable (U). (Enter the variances as positive numbers. Label each variance as favorable (F) or unfavorable (U). If the variance is 0, make sure to enter in a "0". A variance of zero is considered favorable.) European Fudge Company Flexible Budget Performance Report: Sales and Operating Expenses For Year Ended December 31 Sales volume (number of cases sold) Shipping expense ($4 per case sold) Actual Sales revenue ($34 per case) $ 419,500 $ Less variable expenses: Sales expense ($5 per case sold) Contribution margin 12,500 $ 60,100 49,500 309,900 Flexible Budget Variance Flexible Budget 2200 F 400 U 12,500 5,500 U $425,000 2900 F $ 62,500 50,000 312,500 Volume Variance 40800 F $ 6000 U$ 1200 U 33600 F Master Budget…
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Identifying favorable and unfavorable variances. Tred-America, Inc., manufactures tires for large auto companies. It uses standard costing and allocates variable and fixed manufacturing overhead based on machine-hours. For each independent scenario given, indicate whether each of the manufacturing variances will be favorable or unfavorable or, in case of insufficient information, indicate "CBD" (cannot be determined). Fixed Variable Variable Fixed Overhead Overhead Overhead Overhead Production- Spending Efficiency Variance Spending Variance Volume Scenario Variance Variance Production output is 8% more than budgeted, and actual fixed manufacturing overhead costs are 7% less than budgeted Production output is 11% more than budgeted; actual machine-hours are 5% less than budgeted Production output is 15% less than budgeted Actual machine-hours are 18% greater than flexible-budget machine-hours Relative to the flexible budget, actual machine-hours are 10% greater, and actual variable…
Please answer 1 and 2. Thank you.