pointsThe "spending variance" is the difference between actual costs and planning budget costs.TrueFalse85 pointsA company has the following information:Revenues - Planning Budget$50,000Costs - Planning Budget$45,000Revenues - Flexible Budget$55,000Costs - Flexible Budget$50,000Revenues - Actual$52,000Costs - ActualI$48,000The revenue variance is$2,000 favorable$2,000 unfavorable$3,000 favorable$3,000 unfavorable

The objective of the question is to verify the statement about spending variance and to calculate…

Answered: points The "spending variance" is the…

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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Flexible Analysis Report Actual Flexible Sales-Volume Static Budget Results Budget Variances Budget Variance 18,500 A) B) C) 20,000 Units Sold D) $185,000 Fav E) F) G) Revenues H $92,500 Un I) $90,000 Fav J) Variable Costs K) $50,000 Fav L) M) $500,000 Fixed Costs N) O) P) Q) R) Operating Income A) B) C) D) E) F) G) H) I) J) K) L) M) N) O) P) Q) Q)
MC Qu. 6-26 Ralston has the following budgeted costs... Ralston has the following budgeted costs at its anticipated production level (expressed in hours): variable overhead, $172,200; fixed overhead, $330,000. If Ralston now revises its anticipated production slightly upward, it would expect: Multiple Choice total fixed overhead of $330,000 and a lower hourly rate for variable overhead. total fixed overhead of $330,000 and the same hourly rate for variable overhead. total fixed overhead of $330,000 and a higher hourly rate for variable overhead. total variable overhead of less than $172,200 and a lower hourly rate for variable overhead. total variable overhead of less than $172,200 and a higher hourly rate for variable overhead.
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Problem #3 Given the following information, explain the salary variance. Costs in the de- partment are considered 50 percent variable. Salaries Paid Hours Volume Actual $228,800 20,800 19,000 Budget $237,120 19,760 20,000
QUESTION 7 The actual variable costs are $26000 and the actual units produced total 300 and the actual direct labour hours total 600. If the budgeted hour per unit are 3 and the budgeted variable cost allocation rate is $25 and the budgeted units to be produced are 225. What is the rate Variance, Efficiency Variance and Flexible Budget variance is the allocate variable costs based on direct labour hours. Be sure to indicate whether the variances are favourable or unfavourable. For the toolbar, press ALT+F10 (PC or ALT-FN-F10 Mack BIVS Arial 10pt 2 I. X ***
Sales in units Contribution margin Estimated demand Actual demand Calculate the following: Total sales-mix variances Question 9 O $200,000 U $800,000 U $200,000 F $(1,000,000) F Listen Static Budget Retall Wholesale 10,000 20,000 30,000 4,000,000 10,000,000 14,000,000 Sales in units Contribution margin Estimated demand Actual demand 400,000 units 350,000 units Static Budget Retail Wholesale 10,000 20,000 30,000 4,000,000 10,000,000 14,000,000 400,000 units 350.000 units Calculate the following: Total sales-quantity variances $(1,600,000) F $5,600,000 F $(4,000,000) F $5,600,000 U Total Total Wholesale 12,000 5,000,000 Wholesale 12,000 5,000,000 Actual Results Retall 30,000 1,200,000 Actual Results Retail 30,000 1,200,000 Total 42,000 6,200,000 Total 42,000 6,200,000

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