Latif Shop sells a variety of magic Toys. In a recent month, it's accounting information system revealed the following information: Budget Actual Units Sales revenue 2,500 3,200 $10,000 $12,000 Variable product costs 1,200 2,000 Fixed manufacturing costs 800 700 Variable selling costs 1,500 1,400 Fixed nonmanufacturing costs 500 600 Calculate the following variances: i. Revenue budget variance. ii. Sales price variance. iii. Revenue sales quantity variance.

Latif Shop sells a variety of magic Toys. In a recent month, it's accounting information system revealed the following information: Budget Actual Units Sales revenue 2,500 3,200 $10,000 $12,000 Variable product costs 1,200 2,000 Fixed manufacturing costs 800 700 Variable selling costs 1,500 1,400 Fixed nonmanufacturing costs 500 600 Calculate the following variances: i. Revenue budget variance. ii. Sales price variance. iii. Revenue sales quantity variance.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter12: Activity-based Management

Section: Chapter Questions

Problem 5CE: Uchdorf Manufacturing just completed a study of its purchasing activity with the objective of...

See similar textbooks

Similar questions

PLEASE ANSWER THE FOLLOWING QUESTIONS: Requirements 1. Compute the total sales-volume variance, the total sales-mix variance, and the total sales-quantity variance. (Calculate all variances in terms of contribution margin.) Show results for each product in your computations. 2. What inferences can you draw from the variances computed in requirement 1? Data table Budget for 2020 Selling Variable Cost Cartons Product Price per Carton Sold Kostor $11.00 $ Limba $ 23.00 $ 6.40 16.15 Actual for 2020 Selling Variable Cost Cartons Price per Carton Sold 7.40 138,600 16.35 59,400 132,000 $11.60 S 88,000 $ 24.40 $
Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $12 per hour Research and development expense Selling and administrative expenses $ $ $ $ $ $ $ Budget 400 $ 360,000 $ 192,500 $ 137,500 $ 90,000 $ 950 units 30,000 $ 48,000 $ 11,000 $ 24,500 $ Actual 390 390,000 180,000 140,000 89,000 900 units 29,350 48,500 12,500 20,000 Prev ***KKANAK-ANA Variance units 3 of 4 Next BEETERMEER******
Q.Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.)
Need help with the following question,
Please help with the following question,
Given the following information, calculate the purchasing department's efficiency variance. Standard number of transaction per day Standard labor cost per day Actual number of days for processing transactions Actual number of transactions processed Actual labor cost per day Multiple choice question. $2,400 favorable $4,400 favorable $4,400 unfavorable $2,400 unfavorable 20 $200 120 1,960 $180
Please redo this problem and show me steps on how to get the following questions correct, its stating I am wrong. Please help Direct Labor Variances The following data relate to labor cost for production of 6,600 cellular telephones: Actual: 4,480 hrs. at $16.10 $72,128 Standard: 4,410 hrs. at $16.40 $72,324 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter all values as a positive number and then identify the variance (e.g. Favorable or Unfavorable) in the adjacent column. Rate variance $ Favorable Time variance $ Unfavorable Total direct labor cost variance $ Favorable b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower labor rate than planned. The lower level of experience or training may have resulted in less efficient performance. Thus, the actual time required was more than standard. LIz C
CT Co uses a standard absorption costing system and manufactures and sells a single product called the DG. The standards cost and selling price details for the DG are as follows. $ per unit Variable cost 12 Fixed cost 4 16 Standard profit 6 Standard selling price 22 The sales volume variance reported in June was $12,000 adverse. CT Co is considering using standard marginal costing as the basis for variance reporting in the future. (a) Calculate the sales volume variance that would be shown in a marginal costing operating statement for June.
need correct solutions
Using the format dicaksed in Exthbit 21.10 and Exhibit 21.11 of your textbook or formulas solve for the following variance. You may use EXCEL WORD. Picture of Paper, or enter your work into Camvas. I will cover how to do this during the Zoom recorded lecture for that week or during a recording Standard Quantities and Costs: DM (.25 it per unit at $10 per foot)=$2.50 DL(5hour per unit at 520 per hour)=$10.00Total Dirsct Cost per unit=$12.50 Additional information: During the period, MK, Inc, badgeted to produce 2.000 widgets, it actually produced 1.900 widgets. K Actual Quantibes, and Costs: DM purchased & used = 505 feet at $9.80Dthours used +990 hours at $19.75 Required: Calculate the following variances using the matrix format mentioned above or formulas: -Price Variance - Quantity Variancer - Total DM Vanance - Rate Variarice - Eificiency Variance - Total DL Variance
Please help me with show all calculation thanku
Parkdale Courier Service employs several delivery specialists. The following reports the information for these specialists for April: $18.20 per hour $19.30 per hour 16,400 hours $ 14,560 U Standard rate Actual rate paid. Standard hours allowed for actual deliveries Labor efficiency variance Required: Based on these data, what was the number of actual hours worked and what was the labor price variance? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Actual hours worked Labor price variance hours