Homework Help is Here – Start Your Trial Now!
Business
Accounting
Nivola, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017: Variable Fixed Actual costs incurred $31,500 $ 13,500 Costs allocated to products 35,000 15,400 Flexible budget 14,400 Actual input x budgeted rate 30,800 Requirement Fill in the blanks. Use F for favorable and U for unfavorable. Sr. No. Title 1 Spending variance 2 Efficiency variance 3 Production-volume variance 4 Flexible-budget variance 5 Underallocated (overallocated) manufacturing Variabl Fixed The budgeted contribution for R Limited for the last month was Rs.32,000. The following variances were reported.| Variance Sales volume contribution Material price Material usage Labor efficiency Variable overhead efficiency Rs. 800 adverse 880 adverse 822 favorable 129 favorable 89 favorable No other variances were reported for the month. The actual contribution earned by R Limited for the last month is Rs.

Nivola, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017: Variable Fixed Actual costs incurred $31,500 $ 13,500 Costs allocated to products 35,000 15,400 Flexible budget 14,400 Actual input x budgeted rate 30,800 Requirement Fill in the blanks. Use F for favorable and U for unfavorable. Sr. No. Title 1 Spending variance 2 Efficiency variance 3 Production-volume variance 4 Flexible-budget variance 5 Underallocated (overallocated) manufacturing Variabl Fixed The budgeted contribution for R Limited for the last month was Rs.32,000. The following variances were reported.| Variance Sales volume contribution Material price Material usage Labor efficiency Variable overhead efficiency Rs. 800 adverse 880 adverse 822 favorable 129 favorable 89 favorable No other variances were reported for the month. The actual contribution earned by R Limited for the last month is Rs.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

need correct answer

Nivola, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017: Variable Fixed Actual costs incurred $31,500 $ 13,500 Costs allocated to products 35,000 15,400 Flexible budget 14,400 Actual input x budgeted rate 30,800 Requirement Fill in the blanks. Use F for favorable and U for unfavorable. Sr. No. Title 1 Spending variance 2 Efficiency variance 3 Production-volume variance 4 Flexible-budget variance 5 Underallocated (overallocated) manufacturing Variabl Fixed The budgeted contribution for R Limited for the last month was Rs.32,000. The following variances were reported.| Variance Sales volume contribution Material price Material usage Labor efficiency Variable overhead efficiency Rs. 800 adverse 880 adverse 822 favorable 129 favorable 89 favorable No other variances were reported for the month. The actual contribution earned by R Limited for the last month is Rs.
Transcribed Image Text:Nivola, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017: Variable Fixed Actual costs incurred $31,500 $ 13,500 Costs allocated to products 35,000 15,400 Flexible budget 14,400 Actual input x budgeted rate 30,800 Requirement Fill in the blanks. Use F for favorable and U for unfavorable. Sr. No. Title 1 Spending variance 2 Efficiency variance 3 Production-volume variance 4 Flexible-budget variance 5 Underallocated (overallocated) manufacturing Variabl Fixed The budgeted contribution for R Limited for the last month was Rs.32,000. The following variances were reported.| Variance Sales volume contribution Material price Material usage Labor efficiency Variable overhead efficiency Rs. 800 adverse 880 adverse 822 favorable 129 favorable 89 favorable No other variances were reported for the month. The actual contribution earned by R Limited for the last month is Rs.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS