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…

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

See similar textbooks

Similar questions

Compare the linear and nonlinear CVP analysis and provide analyses about the effectiveness of both.
Make an Internal Rate of Return sample problem with a diagram and solution.
What do businesses need to make variance analysis useful?
List the variable overhead variances, and briefly describe each.
Compare and contrast the difference between the retrospective analytics approachand the predictive analytics approach to data analytics.
Understand how to use sequential sampling,discovery sampling, and nonstatisticalsampling in attributes testing.
Explain how you find the portion of the mean-variance-frontier that is the efficient frontier and explain what this means.
Explain the strategic role of cost estimation.