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 Budget Actual Variance Sales price $ 532 $ 664 Sales revenue $ 614,000 $ 587,000 Cost of goods sold $ 367,000 $ 395,500 Material purchases at 5,000 pounds $ 290,500 $ 282,000 Materials usage 185,000 pounds) 190,500 pounds pounds Production volume 935 units 1,020 units units Wages at 4,000 hours $ 59,400 $ 61,400 Labor usage at $16 per hour $ 98,400 $ 96,700 Research and development expense $ 35,500 $ 29,000 Selling and administrative expenses $ 47,000 $ 59,500 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 Budget Actual Variance Sales price $ 532 $ 664 Sales revenue $ 614,000 $ 587,000 Cost of goods sold $ 367,000 $ 395,500 Material purchases at 5,000 pounds $ 290,500 $ 282,000 Materials usage 185,000 pounds) 190,500 pounds pounds Production volume 935 units 1,020 units units Wages at 4,000 hours $ 59,400 $ 61,400 Labor usage at $16 per hour $ 98,400 $ 96,700 Research and development expense $ 35,500 $ 29,000 Selling and administrative expenses $ 47,000 $ 59,500 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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