Jordan Manufacturing Company established the following standard price and cost data. $8.70 per unit $3.90 per unit $ 2,300 total $ 500 total Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost Jordan planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units. Required a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). d. Determine the amount of fixed cost that will appear in the flexible budget. e. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity. Complete this question by entering your answers in the tabs below. Req A and B Reg D a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (.e., zero variance). Volume Variances Sales Variable manufacturing Complete this question by entering your answers in the tabs below. Req A and B Reg E Req D Req E Determine the amount of fixed cost that will appear in the flexible budget. Flexible Budget Foxed manufacturing cost Fixed sefing and administrative costs Complete this question by entering your answers in the tabs below. Fixed cost per und Reg A and B Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity. Note: Round your answers to 2 decimal places. Master Budget Flexible Budget Reg D Req E
Jordan Manufacturing Company established the following standard price and cost data. $8.70 per unit $3.90 per unit $ 2,300 total $ 500 total Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost Jordan planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units. Required a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). d. Determine the amount of fixed cost that will appear in the flexible budget. e. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity. Complete this question by entering your answers in the tabs below. Req A and B Reg D a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (.e., zero variance). Volume Variances Sales Variable manufacturing Complete this question by entering your answers in the tabs below. Req A and B Reg E Req D Req E Determine the amount of fixed cost that will appear in the flexible budget. Flexible Budget Foxed manufacturing cost Fixed sefing and administrative costs Complete this question by entering your answers in the tabs below. Fixed cost per und Reg A and B Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity. Note: Round your answers to 2 decimal places. Master Budget Flexible Budget Reg D Req E
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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Transcribed Image Text:Jordan Manufacturing Company established the following standard price and cost data.
Sales price
Variable manufacturing cost
Fixed manufacturing cost
$8.70 per unit
$3.90 per unit
$ 2,300 total
$500 total
Fixed selling and administrative cost
Jordan planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units.
Required
a. Determine the sales and variable cost volume variances.
b. Classify the variances as favorable (F) or unfavorable (U).
d. Determine the amount of fixed cost that will appear in the flexible budget.
e. Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity.
Complete this question by entering your answers in the tabs below.
Req A and B
Reg D
a. Determine the sales and variable cost volume variances.
b. Classify the variances as favorable (F) or unfavorable (U).
Note: Select "None" if there is no effect (1.e., zero variance).
Volume Variances
Sales
Variable manufacturing
Complete this question by entering your answers in the tabs below.
Reg E
Req A and B
Req D
Determine the amount of fixed cost that will appear in the flexible budget.
Flexible Budget
Fixed manufacturing cost
Fixed selling and administrative costs
Req A and B
Complete this question by entering your answers in the tabs below.
Fixed cost per unit
Req D
E
Req E
Determine the fixed cost per unit based on planned activity and the fixed cost per unit based on actual activity.
Note: Round your answers to 2 decimal places.
Master Budget
Flexible Budget
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