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 Budget Actual Variance $ 652 $ 526 $ 581,000 $ 602,000 Cost of goods sold $ 386,500 $ 361,000 Material purchases at 5,000 pounds $ 276,000 $ 281,500 Materials usage 181,500 pounds 179,000 pounds pounds Production volume 960 units 905 units units Wages at 4,000 hours $ 60,200 $ 58,800 Labor usage at $16 per hour $ 96,100 $ 97,200 Research and development expense $ 23,000 $ 26,500 Selling and administrative expenses $ 50,500 $ 41,000 Effect

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 Budget Actual Variance $ 652 $ 526 $ 581,000 $ 602,000 Cost of goods sold $ 386,500 $ 361,000 Material purchases at 5,000 pounds $ 276,000 $ 281,500 Materials usage 181,500 pounds 179,000 pounds pounds Production volume 960 units 905 units units Wages at 4,000 hours $ 60,200 $ 58,800 Labor usage at $16 per hour $ 96,100 $ 97,200 Research and development expense $ 23,000 $ 26,500 Selling and administrative expenses $ 50,500 $ 41,000 Effect

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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