Please do not give solution in image format thanku Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of aproduct:Split cost:Direct materialDirect laborDetermine the following variances:Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" forUnfavorable.Materials VariancesActual cost:Standard cost:Actual CostsLabor VariancesActual cost:11,70018,600Split cost:Standard cost:Standard Costslbs. @$5.30hrs. @ $8.40$Answer$Answer$Answera. Materials price$Answer AnswerFUb. Materials efficiency $Answer AnswerFU$Answer$Answer$Answerc. Labor rate$Answer AnswerFUd. Labor efficieny $Answer AnswerFU12,000 lbs. @18,000 hrs. @$5.10$8.70

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Description: Please do not give solution in image format thanku Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of aproduct:Split cost:Direct materialDirect labor

The difference between the standard cost of direct materials and the actual cost of direct materials…

Business

Accounting

Materials Variances Actual cost: Split cost: Standard cost: $Answer $Answer $Answer a. Materials price $Answer AnswerFU b. Materials efficiency $Answer AnswerFU Labor Variances Actual cost: Split cost: Standard cost: c. Labor rate $Answer $Answer $Answer $Answer AnswerFU

Materials Variances Actual cost: Split cost: Standard cost: $Answer $Answer $Answer a. Materials price $Answer AnswerFU b. Materials efficiency $Answer AnswerFU Labor Variances Actual cost: Split cost: Standard cost: c. Labor rate $Answer $Answer $Answer $Answer AnswerFU

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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

Please do not give solution in image format thanku

Material and Labor Variances
The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a
product:
Split cost:
Direct material
Direct labor
Determine the following variances:
Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for
Unfavorable.
Materials Variances
Actual cost:
Standard cost:
Actual Costs
Labor Variances
Actual cost:
11,700
18,600
Split cost:
Standard cost:
Standard Costs
lbs. @
$5.30
hrs. @ $8.40
$Answer
$Answer
$Answer
a. Materials price
$Answer AnswerFU
b. Materials efficiency $Answer AnswerFU
$Answer
$Answer
$Answer
c. Labor rate
$Answer AnswerFU
d. Labor efficieny $Answer AnswerFU
12,000 lbs. @
18,000 hrs. @
$5.10
$8.70

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