Mia Wiz sells computers. During May, it sold 300 computers at a $800 per unit price. The fixed budget for May predicted sales of 350computers at an per unit price of $780.AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price1&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. (Indicate theeffect of each variance by selecting favorable, unfavorable, or no variance.)Actual Sales$Flexible Budget00$0Budgeted Sales

Variance measures the difference between planned or expected values and actual outcomes. It…

Answered: Mia Wiz sells computers. During May, it…

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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Wilson Manufacturing has provided you with the following variances for the month of March: Direct materials price variance Direct materials quantity variance Direct labor rate variance Direct labor efficiency variance Required: $3,230 Favorable (4,700) Unfavorable (3,900) Unfavorable (9,500) Unfavorable a. Calculate the direct materials spending variance. Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). b. Calculate the direct labor spending variance Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). a. Direct materials spending variance b. Direct labor spending variance
Jerry Jay is the CEO of Jerry's Jackets (JJ). In June, Jerry expects to produce and sell 3100 jackets, and he expects his June utilities cost to be $8,000 plus $0.60 per jacket. After the month ended, it was reported that 2990 jackets were sold in June and $10,190 was spent on utilities. What is the activity variance for utilities in June? Round to the nearest whole number. If the variance is Favorable, enter a positive value. If unfavorable, enter a negative value.
am. 117.
Mia Wiz sells computers. During May, it sold 500 computers at a $800 per unit price. The fixed budget for May predicted sales of 550 computers at an per unit price of $780. AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Identify it as favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)
The Amherst Company produces engine parts for car manufacturers. A new accountant intern at Amherst has Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole dollar.) Actual Flexible-Budget Results Variance Units sold 106,000 Revenues (sales) $ 683,700 470,000 Variable costs Contribution margin 213,700 200,700 Fixed costs $ 13,000 Operating income Flexible Budget Question Viewer
Komatsu company’s budget for sales was 1,000 of small size tractor for $1,200 per the tractor. The company’s actual sales was $1,365,000, sales units for 1,300 bikes. What are the Sales Price Variance and Sales Activity Variance? And show in graph.
By year-end, Oriole Corp. had recognized standard cost variances for all of its production costs, including DM, DL, variable-MOH, and fixed-MOH. The following variances exist per the trial balances; the balance of COGS at this time is $130,390. DM price variance DM efficiency variance DL price variance DL efficiency variance $5,920 Credit 4,080 Debit 1,830 Debit 2,420 Credit Variable-MOH price variance Variable-MOH efficiency variance Fixed-MOH price variance Fixed-MOH volume variance $3,860 Debit 240 Debit 1,860 Debit 870 Credit
Using the accompanying data of restaurant sales, determine if the variance of weekday sales is the same as that of weekend sales for each of the three variables (lunch, dinner, and delivery). Click the icon to view the restaurant sales data. Is there sufficient evidence at the 0.01 level of significance to conclude that the variance of weekday sales is the same as that of weekend sales for lunch sales? Determine the null hypothesis, Ho, and the alterative hypothesis, H₁ Let weekend sales be population 1 and weekday sales be population 2. 2 2 100 0 2 2 0 Ho 0-0 H₁: 0-0 (Type integers or decimals. Do not round.) Compute the test statistic. 3.95 (Round to two decimal places as needed.) Find the one-tail p-value for the test. Survey data Date 4-Apr 11-Apr Day Wednesday Wednesday Lunch Sales $ 358 Dinner Sales $ Delivery Sales S 789 293 386 665 299 18-Apr Wednesday 426 628 269 25-Apr Wednesday 331 729 253 3-Apr Tuesday 296 648 325 10-Apr Tuesday 308 572 326 17-Apr Tuesday 297 568 358 24-Apr…
ty Variance OF Master Budget (19,200 units) 57,600
Revenue variances Rockport Industries Inc. gathered the following data for March: Sales price per unit Number of units of sales Total sales Planned $150 x 12,500 Actual $144 x 12,900 $1,875,000 $1,857,600 Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Compute the revenue price variance. b. Compute the revenue volume variance. $ c. Compute the total revenue variance.
Clementine Company makes skateboards. They prepare master and flexible budgets and then perform variance analysis after the budget plan period elapses. Their data is as follows: Selling price per unit Budget $98 Variable cost per unit Quantity sold 1,044 $50 Actual $97 $46 1,036 What is the Clementine's flexible budget variance for VARIABLE COSTS? If the variance is unfavorable put a minus sign in front of your answer. Enter your answer without commas or decimals.

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