Note: Use the minus sign to indicate negative values (when the budgeted amount is greater than the actual). If a company calculates that the actual cost for materials used was $4,800,000, and the amount budgeted for those materials was $3,400,000, the actual cost for materials used less the budgeted cost for materials used is s This tells you that the actual cost at actual materials used is greater than :v the budgeted cost at actual hours worked. What type of variance is this? Unfavorable direct materials price variance If a company calculates that the budgeted cost for actual materials used is $100,000, and the budgeted cost at the budgeted amount of materials to have been used is $110,000, the budgeted cost at actual materials used less the budgeted cost at budgeted materials to have been used is $ This tells you that the actual materials used at budgeted cost is less than V the budgeted materials used at budgeted cost. What type of variance is this? Favorable direct materials quantity variance

Note: Use the minus sign to indicate negative values (when the budgeted amount is greater than the actual). If a company calculates that the actual cost for materials used was $4,800,000, and the amount budgeted for those materials was $3,400,000, the actual cost for materials used less the budgeted cost for materials used is s This tells you that the actual cost at actual materials used is greater than :v the budgeted cost at actual hours worked. What type of variance is this? Unfavorable direct materials price variance If a company calculates that the budgeted cost for actual materials used is $100,000, and the budgeted cost at the budgeted amount of materials to have been used is $110,000, the budgeted cost at actual materials used less the budgeted cost at budgeted materials to have been used is $ This tells you that the actual materials used at budgeted cost is less than V the budgeted materials used at budgeted cost. What type of variance is this? Favorable direct materials quantity variance

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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Benson Company has provided the following Year 2 data. Budget Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense BENSON COMPANY Internal Income Statement for Year 2 Budget Required Prepare a budgeted and actual Income statement for Internal use. Sales Variable expenses: Product costs $504,000 186,000 46,000 3,300 16,500 23,400 1,900 700 Selling expenses Other expenses Contribution margin Fixed expenses: Product costs Selling expenses Other expenses Operating income (loss) Interest expense Net income (loss) 8,600 Unfavorable 4,200 Favorable 2,300 Unfavorable 1,700 Unfavorable 310 Favorable 490 Favorable 190 Unfavorable 90 Favorable Actual
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Vaughn Manufacturing uses flexible budgets. At normal capacity of 15000 units, budgeted manufacturing overhead is: $90000 for variable costs and $180000 for fixed costs. If Vaughn had actual overhead costs of $225000 for 20000 units produced, what is the difference between actual and budgeted costs? O $75000 unfavorable. O $75000 favorable. O$300000 favorable. O $225000 unfavorable.
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If Swannanoa Company's budgeted sales are $800,000, fixed costs are $250,000, and variable costs are $500,000, what is the budgeted contribution margin ratio? If the contribution margin ratio is 35%, sales are $900,000, and fixed costs are $200,000, what is the operating income?
A partial responsibility accounting report for a cost center is below. The value of letter (c) would be: Over (Under) Budget Controllable Costs Budgeted Actual Direct materials.... $52,800 $ a Direct labor....... 24,000 26,000 Utilities 19,200 C Totals... $96,000 $96,600 A $19,000 B $19,400 C) $54,000 D) $2,000 E None of the above $(1,200) b (200) $ 600
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Requirement 1. Compute the budgeted fixed manufacturing overhead rate per barrel for each of the denominator-level capacity concepts. Explain why they are different. Begin by determing the formula to calculate the budgeted fixed manufacturing overhead rate per barrel, then compute the rate for each of the denominator-level capacity concepts. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Use the given data shown in the graph. A. What is the budgeted fixed cost per period? B. What is the budgeted variance cost per unit? C. What is the value of F (that is, the flexible budget for an activity of 8,000 units)? D. What is the flexible budget cost amount if the actual activity had been 16,000 units?
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