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 Budget 658 $ 584,000 $ 391,000 $ $ $ $ $ 279,000 186,000 pounds 990 units Actual 529 608,000 364,000 286,000 $ 182,000 pounds 920 units 50 100 Variance pounds units Effect Unfavorable Favorable None

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 Budget 658 $ 584,000 $ 391,000 $ $ $ $ $ 279,000 186,000 pounds 990 units Actual 529 608,000 364,000 286,000 $ 182,000 pounds 920 units 50 100 Variance pounds units Effect Unfavorable Favorable None

Name: RequiredCompute variances for the following items and indicate whethe
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Description: RequiredCompute 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).ItemSales priceSales revenueCost of goods soldMaterial purchases at 5,00

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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Exercise 8-3A (Algo) Determining amount and type (favorable vs. unfavorable) of variance LO 8-2 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). Sales price Sales revenue Cost of goods sold Item 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 69 $ $ $ $ $ 69 $ 69 $ Budget 656 $ 583,000 $ 389,500 $ 278,000 $ 184,500 $ 980 units 60,600 $ 96,300 $ 25,000 53,500 $ Actual 528 606,000 363,000 284,500 181,000 915 units 59,000 97,600 29,500 43,000 Variance units Effect
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Chanandler Bong Company manufactures transponsters. The company's controller misplaced some of the company's data. Use the following information to replace the lost data. F denotes a favorable variance and U denotes an unfavorable variance. Actuals Units Sold 11,250 11,250 Variable Costs Revenues $46,000 ? Fixed Costs Flexible Budget ? ? $15,975 $9,140 Flexible Budget Variance $1,000 F $200 U $860 F What is the actual operating income?
Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.35 per pound. 16,200 units used 36,400 pounds, which were purchased at $3.55 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ fill in the blank 2 b. Direct materials quantity variance $ fill in the blank 4 c. Direct materials cost variance $ fill in the blank 6
TB MC Qu. 16-80 (Static) The net effect of AR-10's sales volume variance on profit: Duo, Incorporated Duo, Incorporated, carries two products and has the following year-end income statement (000s omitted) Product ZR-7 Units Sales $ Variable costs Product AR-10 Multiple Choice Budget 2,000 $ 6,000 2,400 1,800 $4,200 $ 1,800 Actual 2,800 $ 7,560 2,800 1,900 $4,700 $ 2,860 Fixed Costs Total Costs Operating income The net effect of AR-10's sales volume variance on profit is: Budget 6,000 $ 12,000 6,000 2,400 $ 8,400 $ 3,600 Actual 5,600 $ 11,760 5,880 2,400 $ 8,280 $ 3,480
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Revenue variances Rockport Industries Inc. gathered the following data for March: Sales price per unit Number of units of sales Total sales Planned $150 x 12,500 Actual $144 x 12,900 $1,875,000 $1,857,600 Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Compute the revenue price variance. b. Compute the revenue volume variance. $ c. Compute the total revenue variance.