please guve the the accurate answers only please What is the labor efficiency variance? answer: ??????? since it is unfavorable What is the variable overhead efficiency variance? answer: ?????????? since its unfavorable What is the variable overhead rate variance? answer:??????????? since it is unfavorable
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.
please guve the the accurate answers only please
What is the labor efficiency variance?
answer: ??????? since it is unfavorable
What is the variable
answer: ?????????? since its unfavorable
What is the variable overhead rate variance?
answer:??????????? since it is unfavorable
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Chapter 10: Applying Excel
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Data
4 Exhibit 10-1: Standard Cost Card
5
6
Direct materials
7 Direct labor
8 Variable manufacturing overhead
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10 Actual results:
11 Actual output
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13
14 Actual direct materials cost
15 Actual direct labor cost
16
17 Enter a formula into each of the cells marked with a ? below
18 Main Example: Chapter 10
19
A
Actual variable manufacturing overhead cost
Inputs
20 Exhibit 10-4: Standard Cost Variance Analysis-Direct Materials
21 Standard Quantity Allowed for the Actual Output, at Standard Price
22 Actual Quantity of Input, at Standard Price
23 Actual Quantity of Input, at Actual Price
24 Direct materials variances:
25 Materials quantity variance
Materials spending variance
Labor efficiency variance
Labor rate variance
Ready
41 Actual Hours of Input, at Actual Rate
42 Variable overhead variances:
43 Variable overhead efficiency variance
44
Variable overhead rate variance
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Variable overhead spending variance
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Chapter 10 Form
J Accessibility: Investigate
26 Materials price variance
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29 Exhibit 10-6: Standard Cost Variance Analysis - Direct Labor
30 Standard Hours Allowed for the Actual Output, at Standard Rate
31 Actual Hours of Input, at Standard Rate
32 Actual Hours of Input, at Actual Rate
33 Direct labor variances:
34
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36 Labor spending variance
37
38 Exhibit 10-8: Standard Cost Variance Analysis-Variable Manufacturing Overhead
39 Standard Hours Allowed for the Actual Output, at Standard Rate
40 Actual Hours of Input, at Standard Rate
Standard Quantity
3.0 pounds
0.50 hours
0.50 hours
2,030 units
$6,975
Actual Quantity
5,855 pounds
1,125 hours
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6,300 pounds x
6,350 pounds x
6,350 pounds x
-$200 U
-$635 U
-$835 U
1,050 hours *
1,020 hours x
1,020 hours *
$660 F
-$102 U
$558 F
1,050 hours x
1,020 hours x
1,020 hours *
$180 F
$1,020 F
$1,200 F
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Standard Price
$4.00 per pound
$22.00 per hour
$6.00 per hour
Actual price
$4.20 per pound
$22.10 per hour
$4.00 per pound =
$4.00 per pound =
$4.10 per pound =
$22.00 per hour =
$22.00 per hour =
$22.10 per hour =
$6.00 per hour =
$6.00 per hour =
$5.00 per hour =
F
$25,200
$25,400
$26,035
$23,100
$22,440
$22,542
$6,300
$6,120
$5,100
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Answers:
$940.00
-$1,171.00
-$112.50
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Variance analysis is one of useful technique used in management accounting. Under this, all the standard costs are compared with actual costs and on that basis, deviations and variances are being calculated for purpose of decision making.
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