Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the followingdata from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during theperiod was used in production.Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e.zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places.Standard price or rate per unit of inputStandard quantity per unit of outputActual quantity used per unit of outputActual price or rate per unit of inputActual outputDirect-material price varianceDirect-material quantity varianceTotal direct-material varianceDirect-labor rate varianceDirect-labor efficiency varianceTotal direct-labor variance$$$Direct Laborper hourhours per unit3.50 hours21.00 per hour5,500 units30,000 F10,750 F$$$$Direct Material8.00 per poundpounds per unitpounds per unit7.00 per pound5,500 units36,300 F25,900 F

Name: Part of your company's accounting database was destroyed during a ran
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Description: Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the followingdata from your files. Reconstruct the remaining information using the available data. All of the raw material purchased du

Lets understand the basics.The variance is calculated as difference between actual data and standard…

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Accounting

in production. he effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for Round "Standard Quantity per Unit of Output" to 2 decimal places. ate per unit of input per unit of output ed per unit of output - per unit of input e variance ntity variance al variance $ Direct Labor per hour hours per unit 3.50 hours 21.00 per hour 5,500 units $ $ SA $ $ Direct Material 8.00 per pound pounds per unit pounds per unit 7.00 per pound 5,500 units 36,300 F 25,900 F

in production. he effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for Round "Standard Quantity per Unit of Output" to 2 decimal places. ate per unit of input per unit of output ed per unit of output - per unit of input e variance ntity variance al variance $ Direct Labor per hour hours per unit 3.50 hours 21.00 per hour 5,500 units $ $ SA $ $ Direct Material 8.00 per pound pounds per unit pounds per unit 7.00 per pound 5,500 units 36,300 F 25,900 F

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

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.

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Question

Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the following
data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the
period was used in production.
Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e.
zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places.
Standard price or rate per unit of input
Standard quantity per unit of output
Actual quantity used per unit of output
Actual price or rate per unit of input
Actual output
Direct-material price variance
Direct-material quantity variance
Total direct-material variance
Direct-labor rate variance
Direct-labor efficiency variance
Total direct-labor variance
$
$
$
Direct Labor
per hour
hours per unit
3.50 hours
21.00 per hour
5,500 units
30,000 F
10,750 F
$
$
$
$
Direct Material
8.00 per pound
pounds per unit
pounds per unit
7.00 per pound
5,500 units
36,300 F
25,900 F

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Subject: acounting
Find the values of the missing items (a) through (x). Assume the actual sales volume equals actual production volume. Marketing and Administrative Sales Price Variance Variance Units Sales Revenue Less: Variable Manufacturing Costs Variable marketing and administrative costs Contribution margin Fixed manufacturing costs Fixed marketing and administrative costs Operating Profit PreviousNext Reported income statement (based on actual sales volume) Manufacturing variance (a) (g) (n) (q) (r) (t) $4,320 $3,600 (0) $1,800 U $ 400 F (u) (p) (s) (v) (w) $3,600 F (X) $3,600 F Flexible Budget (based on actual sales volume (b) (h) (m) Sales Activity Variance 4,000 F (1) $19,200 (i) $4,800 $800 U $12,000 (k) $3,000 $4,000 (1) Master Budget (based on budgeted sales volume) 20,000 $30,000 (c) (d) (e) (f) $16,000 $10,000
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