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Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).)

Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).)

FINANCIAL ACCOUNTING
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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Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor Variable-overhead spending variance Variable-overhead efficiency variance $ 6.00 per direct-labor hour 2 hours per unit of output Fixed-overhead budget variance Fixed-overhead volume variance $100,000 25,000 units 20,000 units $320,000 $ 97,000 Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) 50,000 hours
Transcribed Image Text:Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor Variable-overhead spending variance Variable-overhead efficiency variance $ 6.00 per direct-labor hour 2 hours per unit of output Fixed-overhead budget variance Fixed-overhead volume variance $100,000 25,000 units 20,000 units $320,000 $ 97,000 Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) 50,000 hours
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