O)The flexible-budget variance for materials is $5,000 (U). The sales-volume variance is $13,000 (U). The price ariance for material is $31000 (F). The efficiency variance for direct manufacturing labor is $7,000 (F). Calculate e efficiency variance for materials.

O)The flexible-budget variance for materials is $5,000 (U). The sales-volume variance is $13,000 (U). The price ariance for material is $31000 (F). The efficiency variance for direct manufacturing labor is $7,000 (F). Calculate e efficiency variance for materials.

Name: 10)The flexible-budget variance for materials is $5,000 (U). The sale
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Description: 10)The flexible-budget variance for materials is $5,000 (U). The sales-volume variance is $13,000 (U). The pricevariance for material is $31000 (F). The efficiency variance for direct manufacturing labor is $7,000 (F). Calculatethe efficiency varian

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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The management of Earth Barber Lawnmowers has calculated the following variances: Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Select one: $8000 U 5000 F Fixed overhead cost variance 4000 F Fixed overhead volume variance 2,500 F When determining the total product cost flexible budget variance, what is the total fixed overhead variance of the company? A. $7000 F B. $4000 F C. $9000 F D. $5000 F 37,000 F 18,000 F 12,000 U 3000 F
If the materials price variance is $3,600 F and the materials quantity and labor variances are each $2,700 U, what is the total materials variance?
Requirement: Compute for the following variances1. Fixed Spending Variance2. Variable Spending Variance3. Efficiency Variance4. Controllable Variance5. Volume Variance6. Spending Variance 7. Total Variance
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a.Compute for the actual cost paid per kilogram b.Compute for the Labor Efficiency Variance Present your answer as 1000 FAVORABLE OR 1000 UNFAVORABLE if applicable Topic: Standard Costing and Variance Analysis
The standard material costs of finished product PEP are as follows: 2 kg raw material A @ R10 per kg Actual information: Purchase of raw material A 2 000 kg @ R9.50 per kg Issue of raw material A 1 200 kg Units of product PEP manufactured 280 units Required Calculate the following in respect of material A (a) Purchase price variance (3) (b) Issue price variance (c) Quantity variance (d) Total variance.
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