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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The direct-material price variance is. O $13,800U. O $13,600U. O $13,400U. O $13,800F. O $13,600F.
In 75 words or fewer, explain what a cost variance is and describe its potential causes.
Using the format dicaksed in Exthbit 21.10 and Exhibit 21.11 of your textbook or formulas solve for the following variance. You may use EXCEL WORD. Picture of Paper, or enter your work into Camvas. I will cover how to do this during the Zoom recorded lecture for that week or during a recording Standard Quantities and Costs: DM (.25 it per unit at $10 per foot)=$2.50 DL(5hour per unit at 520 per hour)=$10.00Total Dirsct Cost per unit=$12.50 Additional information: During the period, MK, Inc, badgeted to produce 2.000 widgets, it actually produced 1.900 widgets. K Actual Quantibes, and Costs: DM purchased & used = 505 feet at $9.80Dthours used +990 hours at $19.75 Required: Calculate the following variances using the matrix format mentioned above or formulas: -Price Variance - Quantity Variancer - Total DM Vanance - Rate Variarice - Eificiency Variance - Total DL Variance
d) Calculate the variable overhead efficiency variance. Actual Quantity: 3150 Standard Quantity for Actual Output: 5850 Variable Overhead Efficiency Variance: $36990 Favorable <
Answer the following question: Explain how to decide whether it is F (favorable) and U (Unfavorable) and show the numbers for example ( number > number which makes it favorable). Do not give answer in image
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Variance Performance Analysis Cryolab Inc makes and sells a lawn fertilizer called Hypergro. The company has developed standard costs for one bag of Hypergro as follows: Standard Quantity/Hours Standard Price/Rate Standard Cost per Bag Direct Material 25 pounds ₱ 0.75 ₱18.75 Direct Labor 0.25 hours ₱69.00 ₱17.30 Variable overhead 0.25 hours ₱24.00 ₱ 6.00 Total ₱42.05 The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct labor hours. During January, the following activity was recorded by the company: Production of Fastgro: 23,000 bags Direct materials purchased: 585,000 pounds at a cost of ₱436,250 Direct labor worked: 5,800 hours at a cost of ₱397,300 Variable overhead incurred: ₱140,650 Inventory of direct materials on January 31: 8,000 pounds Compute the variances and indicate whether it is FAVORABLE (F) or UNFAVORABLE (U) in…
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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Variances Spending Efficiency Production-Volume Variable Manufacturing Overhead $7,500 F $30,000 U 0 Fixed Manufacturing Overhead $28,000 U 0 $80,000 U 1. In a combined 3-variance analysis, what would the variance report show? (HINT: The answer is total spending variance $20,500 unfavorable, but I need work to support this)
Material price variance = (Standard price per gram - Actual price per gram) * Actual quantity of material used = (P5 - P6) * 14000 = P14,000 (Unfavourable) Material efficiency variance = (Standard quantity of materials - Actual material quantity used) * Standard price per gram = (12000 - 14000) * 5 = P10,000 (Unfavourable) Total materials cost variance = Materials price variance + Materials efficiency variance = (P14,000) + (P10,000) = P24,000 (Unfavourable) For Direct labour, Standard labour hours allowed for actual production = Actual units produced * Standard hours per unit = 2000 units * 1.8 hours = 3600 hours Direct labour rate variance = (Standard labour rate - Actual labour rate) * Actual labour hours used = (P100 - P97.5) * 4000 = P10,000 (Favourable) Direct labour efficiency variance = (Standard labour hours - Actual labour hours) * Standard labour rate = (3600 - 4000) * 100 = P40,000 (Unfavourable) Total direct labour cost variance = Direct labour rate variance + Direct…
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