Please help with variance analysis K-9 Grooming & CampMILESTONE 3 - Variance AnalysisINSTRUCTIONS:Prepare the variances and identify whether they are favorable or unfavorable.The below website will provide further assistance with variances:http://accounting-simplified.com/management/variance-analysis/material/price.htmlDATA FOR VARIANCE ANALYSIS:StandardStandardActualActualHours / QtyHours / QtyRateRateGrooming Labor150 $12.00180 $11.50Grooming Materials1,000 $2.001,200 $3.00Favorable/VarianceUnfavorableGroomer Direct Labor Time Variance(Actual Hours - Standard Hours) x Standard RateGroomer Direct Labor Rate Variance(Actual Rate - Standard Rate) x Actual HoursDirect Materials Quantity/Efficiency Variance(Actual Quantity - Standard Quantity) x Standard PriceDirect Materials Price Variance(Actual Price - Standard Price) x Actual Quantity

Variance analysis means the comparison of actual cost with the standard cost which is calculated based on the flexible budget.

Business

Accounting

K-9 Grooming & Camp MILESTONE 3 - Variance Analysis INSTRUCTIONS: Prepare the variances and identify whether they are favorable or unfavorable. The below website will provide further assistance with variances: http://accounting-simplified.com/management/variance-analysis/material/price.html DATA FOR VARIANCE ANALYSIS: Standard Standard Actual Actual Hours / Qty Rate Hours / Qty Rate Grooming Labor 150 $ 12.00 180 $ 11.50 Grooming Materials 1,000 $ 2.00 1,200 $ 3.00 Favorable/ Unfavorable Variance Groomer Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate Groomer Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price $ Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity %24 %24

K-9 Grooming & Camp MILESTONE 3 - Variance Analysis INSTRUCTIONS: Prepare the variances and identify whether they are favorable or unfavorable. The below website will provide further assistance with variances: http://accounting-simplified.com/management/variance-analysis/material/price.html DATA FOR VARIANCE ANALYSIS: Standard Standard Actual Actual Hours / Qty Rate Hours / Qty Rate Grooming Labor 150 $ 12.00 180 $ 11.50 Grooming Materials 1,000 $ 2.00 1,200 $ 3.00 Favorable/ Unfavorable Variance Groomer Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate Groomer Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price $ Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity %24 %24

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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