QUESTION 18 The organization budgeted $400,000 for 40,000 hours of direct labor to complete 16,000 units of finished product. The firm used 42,000 direct labor hours and completed 17,000 units of finished product. What is the direct labor rate variance? Cannot be determined from the information provided 20,000 unfavorable 25,000 unfavorable 25,000 favorable

Q: Standard quantity per unit of output 5.3 meters Standard price $ 19.20 per meter The following data…

A: The question is based on the concept of Cost Accounting.

Q: Planned                        Actual                    Production…

A: The measurement of the variation between the expected and actual performances is a component of…

Q: Factory overhead is applied at a rate of $9 per labor hour, of which $6 is variable. The actual…

A: controllable variance is the difference between the actual Variable overhead and the standard…

Q: Question 2 The following report has been produced for the production department for the ABC Company…

A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…

Q: 0:29:44 The following materials standards have been established for a particular product: Standard…

A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…

Q: Calculate ALL variances and prepare and operating statement for the month ending 31 January 2022.

A:

Q: Irving Corporation makes a product with the following standards for direct labor and variable…

A: Variable overhead rate variance is the variance between standard variable rate and actual variable…

Q: Reyes Corporation applies overhead based upon machine-hours using the predetermined overhead rate of…

A: Lets start with, Applied overhead :- Applied overhead is the amount of the manufacturing overhead…

Q: Bellingham Company produces a product that requires 3 standard direct hours at an hourly rate of…

A: Variance shows the comparison of the standard performance and actual performance of the company. The…

Q: #4 Yoder Enterprises' actual production for the period required 2,000 standard direct labo hours.…

A: FMOH means fixed manufacturing overhead costs being incurred in business. FMOH budget variance means…

Q: Required: Calculate the following: Blank #1: Fixed overhead budget variance Blank #2: Is the fixed…

A: Lets understand the basics. Fixed overhead budget variance is a variance between the budeted fixed…

Q: A manufacturing company that has only one product has established the following standards for its…

A: A variable overhead variance is said to be favourable when the actual variable overheads are less…

Q: actory Overhead Cost Variances The following data relate to factory overhead cost for the production…

A: Variance arises when the actual costs  differ from the standard costs. The results are favorable…

Q: GB Corporation has a standard cost system in which it applies manufacturing overhead to products on…

A: Fixed overhead budget variance = Budgeted fixed manufacturing overhead cost - Actual fixed…

Q: 13. Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in…

A: Ans a Direct Materials standard cost per unit = Standard Price x Standard qty per unit…

Q: Q11

A: In this question, we have to calculate the direct labor flexible budget variance.

Q: QS 21-11 (Algo) Direct labor rate and efficiency variances LO P3 A company reports the following…

A: The variance is calculated as difference between the actual production data and budgeted production…

Q: QUESTION 5 The actual cost of raw materials is $10.50 per pound. The budgeted cost of raw materials…

A: The variance is the difference between the standard and the actual cost data. The variance can be…

Q: Question 25 options: Zippo, Inc budgeted and incurred (actual) fixed manufacturing overhead costs…

A: Production volume variance=(Budgeted production-Actual production)×Overhead rate per unit

Q: A company had net income of $60,000 on their direct (variable) costing Income Statement for a given…

A: According to the Variable costing income statement, the net income =$60,000. In Variable costing the…

Q: QUESTION 3

A: Variable Overhead Efficiency Variance = Standard Rate(Actual hours - Standard Hours) Standard Hours…

Q: a. Determine the total budgeted cost to perform the three b. Determine the total actual cost to…

A: “Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want…

Q: DBC's actual and budgeted fixed overhead amounts for the last year were $480,000 and $420,000.…

A: The fixed overhead volume variance measures the difference between the actual fixed overhead cost…

Q: Javon Company set standards of 2 hours of direct labor per unit at a rate of $15.50 per hour. During…

A: Labor Rate Variance -The difference between the actual and anticipated or standard costs of labor…

Q: From the following information for Alfred Industries, compute the overhead spending variance and the…

A: Overhead Spending Variance:

Q: Compute the following to assist you in identifying the errors in the factory overhead cost variance…

A: Variable factory overhead controllable variances:   The difference between the actual variable…

Q: A flexible budget graph for the Assembly Department shows the following: 1. At zero direct labor…

A: In this question, we will find out budgeted cost as per the labor hours.

Q: The following data is given for the GB Company. Budgeted production Adual production 26,000 units…

A: The variance is the difference between the actual data and standard output of the production.

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

A: Standard cost per unit = standard cost for material output/Actual output

Q: Williams Corporation reports the following direct labor information for November:…

A: Labor efficiency variance = (Number of actual hours worked  - Standard hours allowed)*Standard rate…

Q: 116 Frames, Inc. evaluates factory overhead by using variance analysis. The following information…

A: The variation in fixed overhead expenditure is a measurement of the discrepancy between actual fixed…

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

A:

Q: ertain to operations ctual hours onufacturing ove

A: Answer : Variable overhead efficiency variance = (Standard hours - Actual hours)* Standard rate…

Q: Sea Eagle is a kayak manufacturer. For July 2021, Sea Eagle had the following standard costs for…

A: Direct material price variance  = (Standard price  - Actual price) × Actual quantity purchased

Q: Current Attempt in Progress Sweet Acacia Company's standard labour cost per unit of output is $28.70…

A: The variance is the difference between the standard and actual cost data. The variance can be…

Q: Budgeted overhead for the Henderson Company at normal capacity (the denominator level of activity)…

A: The Overhead Volume Variance is a phrase commonly utilized in variance analysis and cost accounting…

Q: Joe Malay received the following report on the Division's operation for the month of August: Direct…

A: The variance is the difference between standard and actual cost of production for the period.

Q: Direct Materials and Direct Labor Variance Analysis Jericho Fixture Company manufactures faucets in…

A: Lets understand the basics.Material variances are generated due to purchases of units made at a…

Q: Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating…

A: Here it's not specifically given for which transaction you are looking for the solution so we are…

Q: Direct labor variances Bellingham Company produces a product that requires 4 standard direct labor…

A: DIRECT LABOUR COST VARIANCE Direct Labour Cost Variance is the difference between the actual direct…

Q: The following data is given for the GB Company. Budgeted production Adual production Materials:…

A: Working Note: Standard hours for actual output = Standard hours for 1 unit x Actual production…

Q: Question 3 A shoe company had the following journal entries recorded for the end of June. Materials…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: 5

A: Standard Costing: It is the techniques of cost control comprises of ascertainment and use of…

Q: Question 8.2…

A:

Q: The following data are given for Harry Company: Budgeted production Actual production Materials:…

A: Direct labor rate variance = (Actual rate - Standard rate)*Actual hours.If the actual rate is more…

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.