RequiredCompute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U):Note: Select "None" if there is no effect (i.e., zero variance).ItemSales priceSales revenueBudgetActualVarianceEffect$EA528 $656 $(127) F606,000 $583,000 $22,000 UCost of goods soldMaterial purchases at 5,000 poundsMaterials usageProduction volume$363,000 $389,500 $(26,000) UEA284,500 $278,000 $181,000 $184,500 $915 units980 unitsWages at 4,000 hours$59,000 $60,600 $6,000 F(3,000) U(60) units F(1,500) ULabor usage at $16 per hour$97,600 $96,300 $1,200 FResearch and development expense$29,500 $25,000 $4,000 FSelling and administrative expenses6999$43,000 $53,500 $(10,000) U

The standard costing is used to determine the variances. Variance analysis is important to control…

Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Item Budget Actual Variance Effect Sales price $ 528 $ 656 $ (127) Sales revenue $ 606,000 $ 583,000 $ 22,000 U Cost of goods sold $ 363,000 $ 389,500 $ (26,000) U Material purchases at 5,000 pounds $ 284,500 $ 278,000 $ 6,000 F Materials usage $ 181,000 $ 184,500 $ Production volume 915 units 980 units (3,000) U (60) units F Wages at 4,000 hours $ 59,000 $ 60,600 $ (1,500) U Labor usage at $16 per hour $ 97,600 $ 96,300 $ 1,200 F Research and development expense $ 29,500 $ 25,000 $ 4,000 F Selling and administrative expenses $ 43,000 $ 53,500 $ (10,000) U

Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Item Budget Actual Variance Effect Sales price $ 528 $ 656 $ (127) Sales revenue $ 606,000 $ 583,000 $ 22,000 U Cost of goods sold $ 363,000 $ 389,500 $ (26,000) U Material purchases at 5,000 pounds $ 284,500 $ 278,000 $ 6,000 F Materials usage $ 181,000 $ 184,500 $ Production volume 915 units 980 units (3,000) U (60) units F Wages at 4,000 hours $ 59,000 $ 60,600 $ (1,500) U Labor usage at $16 per hour $ 97,600 $ 96,300 $ 1,200 F Research and development expense $ 29,500 $ 25,000 $ 4,000 F Selling and administrative expenses $ 43,000 $ 53,500 $ (10,000) U

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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Required Compute variances for the following items and indicate whether each variance is favorable or unfavorable: Note: Select "None" if there is no effect (i.e., zero variance). Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses $ $ $ $ Budget $ $ $ $ 658 $ 584,000 $ 391,000 $ 279,000 $ Actual 186,000 pounds 182,000 pounds 990 units 920 units 60,800 $ 96,400 $ 26,000 $ 55,000 $ 529 608,000 364,000 286,000 59,100 97,800 31,000 44,000 Variance pounds units Effect
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