Resources' requirements, standard pounds per unit Resources' standard price, per pound Units produced Resources used for production, pounds Resources' actual price, per pound 2.5 $3.35 15,000 36,900 $3.55 Using formulas and cell references, perform the required analysis, and input your an Amount column. Select the corresponding type of variance in the dropdowns in cells results for the green entry cells (C15:C17) into the appropriate fields in CNOWV2 for Amount Favorable or Unfavorable a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance Favorable or Unfavorable Favorable or Unfavorable

Resources' requirements, standard pounds per unit Resources' standard price, per pound Units produced Resources used for production, pounds Resources' actual price, per pound 2.5 $3.35 15,000 36,900 $3.55 Using formulas and cell references, perform the required analysis, and input your an Amount column. Select the corresponding type of variance in the dropdowns in cells results for the green entry cells (C15:C17) into the appropriate fields in CNOWV2 for Amount Favorable or Unfavorable a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance Favorable or Unfavorable Favorable or Unfavorable

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Description: **DATA**- Resources' requirements, standard pounds per unit: 2.5- Resources' standard price, per pound: $3.35- Units produced: 15,000- Resources used for production, pounds: 36,900- Resources' actual price, per pound: $3.55Using formulas and cell re

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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Can you help me interpret these results i)Revenue Variance, Price, and Volume Variance Revenue variance = Actual revenues – Static revenues = $2,200,000 - $1,9800,000 = $220,000 Price variance = Actual revenues – Flexible revenues =$2,2000,000 - $2,200,000 =$0 Volume variance = Flexible revenues – Static revenues =$2,200,000 - $1,980,000 = $220,000 ii) Cost Variance, Volume Variance and Management Variance Cost variance = Static cost - Actual cost =$1,350,000 -$1,625,000 = $-275,000 Volume = Static cost – Flexible costs = $1,350,000 - =$1,475,000 = $-125,000 Management variance = Flexible cost- Actual cost =$2,200,000 - 1,625,000 =$575,000 iii) Profit Variance Profit Variance= Actual Profit - Static Profit = 225,000 - 130,000 = 95,000 Revenue Variance = Actual Revenue - Static Revenue = 2, 200,000 - 1,980,000 = 220,000 Cost Variance = Static Cost - Actual Costs = 1,850,000 - 1,975,000 = (125,000) Can you help me interpret these results
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Material Material Actual Standard Actual Standard Price Usage Total Supplier Price Price Quantity Quantity Var Var Variance Current $7.50 $7.50 25,000 24,240 $0 Alternative #1 $7.35 $7.50 25,500 24,240 $0 Alternative #2 $7.58 $7.50 24,400 24,240 $0 Standard Quantity is 2.02 components Quantity produced is 12,000 You are a plant manager and have been approached by your purchasing manager about swapping out one of your suppliers. The manager has identified a vendor who will supply a key component at a 2% discount to your current supplier. At the same time, the supervisor of the group approaches you to indicate that the current supplier is not consistently meeting tolerances. The supervisor suggests a second vendor who promises better quality. You decide to run three batches, each with a different component. Results are in the table above. Task 1 Calculate the Material Price Variance for each component. Task 2 Calculate the Material Usage Variance for each component. Task 3 Based on the…
What is the DM Quantity Variance, given the following info: Actual Costs = 4,600 lbs. at $5.50 Standard Costs = 4,500 lbs. at $6.00 Group of answer choices $600.00 favorable $550.00 favorable $600.00 unfavorable $550.00 unfavorable
K The following direct materials variance computations are incomplete = $5.400 U Price variance Efficiency variance = ?U Flexible budget variance 5? (52-54)×10 800 kg (?-10 200 kg)x54 Requirement 1. Fill in the missing values and identify the flexible budget variance as favourable or unfavourable in the first computation the missing value is the (Enter the amount as a positive number. Round your answers to the nearest whole number) In the second computation the first missing value is the The flexible budget variance is This variance is ats (Round your answer to the nearest cent) Ap The second missing value is the ▼ats F (Enter the amount as a positive nember. Round your answers to the nearest whole number) Time Remaining:02:51:45 Next
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Calculate the value of A. Enter Favourable variances as a positive number and Unfavourable variances as a negative number. 1 2 Units 3 4 Less: Total Variable Costs 5 Direct Materials Revenues 6 Direct Labour 7 Variable Manuf. OH. 8 Total Variable Costs 9 Total Contribution Margin 10 Total Fixed Costs 11 Operating Income $ B Static 120,000 C Actual $ D Flex Budget 80,000 E Flex Budget Variance $70,000 F $20,000 U $20,000 U
Using the information provided will this produce a favorable or unfavorable Variable Overhead Efficiency Variance? Percent of capacity Direct labor hours Units of output Variable overhead Fixed overhead Total overhead The standard for hours is 2,000. 100% 2,500 1,000 $7,000 $ 6,000 $13,000
02 (20 Marks): Use the Problem Table Method to calculate the Pinch Temperatures a values of QHmin and Qcmin and maximum energy recovery (MER) from the data below. Stream Stream Supply number type Target Temperature Temperature Heat Duty MW C °C 1 Hot 150 30 7.2 2 Hot 40 40 10 3 Hot 130 100 3 45 Cold 150 150 10 Cold 50 140 3.6 5 ATmin = 10°C
Use the following returns for X and Y. Returns Year 1 22.8% 29.4% - 17.8 10.8 4.8 31.4 4 21.6 - 16.6 5.8 35.4 a. Calculate the average returns for X and Y. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) b. Calculate the variances for X and Y. (Do not round intermediate calculations and round your answers to 6 decimal places, e.g., 32.161616.) c. Calculate the standard deviations for X and Y. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Y a. Average return % % b. Variance с. Standard deviation %
Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B30 enter the formula "= B20". Notes: In the text, variances are always displayed as positive numbers. To accomplish this, you can use the ABS() function in Excel. For example, the formula in cell C31 would be "=ABS(E31-B31)". Cells D31 through D39 and G31 through G39 already contain formulas to compute and display whether variances are Favorable or Unfavorable. Do not enter data or formulas into those cells-if you do, you will overwrite these formulas. After entering formulas in all of the cells that contained question marks, verify that the amounts match the numbers in the example in the text. Required: 1. Check your worksheet by changing the revenue in cell D4 to $16.00; the cost of ingredients in cell D5 to $6.50; and the wages and salaries in cell B6 to $10,000. The activity variance for net operating income should now be $850 U and the spending variance for total…