Required: Prepare a profit variance analysis. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there s no effect, do not select either option.) WESTERN COMPANY Profit Variance Analysis Manufacturing Variances Flexible Budget Sales Activity Variance Master Budget Actual Budget Sales Price Variance Sales revenue Less:

Required: Prepare a profit variance analysis. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there s no effect, do not select either option.) WESTERN COMPANY Profit Variance Analysis Manufacturing Variances Flexible Budget Sales Activity Variance Master Budget Actual Budget Sales Price Variance Sales revenue Less:

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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Determine the flexible budget variance if the sales volume variance is $134,000 F and static - budget variance is $123,000 F. Indicate whether the variance is favourable or unfavourable. Do not enter dollar signs or commas in the input boxes. Enter the variance amount as a positive value.
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Top of Form Multiple Choice Theories Choose the best answer. A cost variance of zero indicates that the manufacturing management was * able to control production cost below budgeted costs. unable to keep production costs at budgeted costs even if the purchasing department was able to keep the budgeted price. able to control production costs at budgeted costs. unable to keep production costs at budgeted costs. In gross profit analysis, a favorable cost of sales variance that includes an unfavorable cost volume variance will mean: * The production department was able to control costs within the budget but the purchasing department went over the budget. The purchasing department was able to control costs within the budget but the production department over the budget. The production and purchasing department were able to control costs within the budget. The production and purchasing departments went over the budget. Variance that arises solely because the actual units sold differs from…
Which of the following statements is true? A) The spending variance for a variable expense will usually equal zero. B) The spending variance for a variable expense will be favorable if the amount of the expense contained in the flexible budget is greater than the actual amount of the expense. C) The spending variance for a variable expense will be favorable if the amount of the expense contained in the flexible budget is less than the actual amount of the expense. D) The spending variance for a variable expense can be favorable or unfavorable depending on whether the actual expense is greater than or less than the planned expense.
Which statement is true? A. Gross profit (GP) variance analysis, is an essential part of financial statements analysis that is used to evaluate the performance of a firm's departments responsible for the firm's line activities (functions). B. Increases and decreases in sales and cost of sales have direct relationship with increases and decreases in GP. C. If there is a negative sales price variance and there is no cost variance, the gross profit variance will be equal to the sales price variance. D. A zero cost variance indicates that there is no difference between the standard cost prices and actual cost prices. E. none of the above
Which of the following statements about fixed overhead variances is FALSE? O The budget variance represents the difference between the original budgeted fixed overhead cost and the applied fixed overhead cost during a period. O An unfavorable volume variance means that a firm's production facilities were under-utilized by producing less units of products than budgeted. O The volume variance is a measure of facility utilization. O Fixed overhead variances consist of a budget variance and a volume variance. Ne: Previous
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Rodolfo works at Johnson Incorporated and is tasked with measuring costs. When Rodolfo identifies that actual sales are less than expected sales, what type of variance did Rodolfo identify? A Fixed cost volume variance B Sales price variance C Favorable variance D Unfavorable variance
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Bulldogs Inc. wants to determine the impact of the change in selling price of its sole product in relation to the analysis of its gross profit. Which of the following must the company determine? a. Sales Volume Variance b. Cost Price Variance c. Volume Variance d. Sales Price Variance
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