Shaw Incorporated began this period with a budget for 1,070 units of predicted production. The budgeted overhead at this predict activity follows. At period-end, total actual overhead was $99,700, and actual units produced were 970. The company applies overhead with a standard of 3 DLH per unit and a standard overhead rate of $30 per DLH. $ 53,500 43,500 $ 97,000 Variable overhead Fixed overhead Total overhead a. Compute controllable variance. b. Compute volume variance. Complete this question by entering your answers in the tabs below.

Q: SB Problem PA8-1 to PA8-3 [The following information applies to the questions displayed below.]…

A: Budgeting  - Budgeting is a process of estimating future sales, expenses, collections, and payments…

Q: How do you decide if the variance is favorable or unfavorable?

A: The discrepancy between budgeted and actual amounts is known as a "variance" in the accounting…

Q: What is the expected return? What is the variance? What is the standard deviation?

A: State Probability Returns       Boom 0.25 0.15 Normal 0.50 0.08 Slow down 0.15 0.04…

Q: Which cell or column is used for the covariance?

A: Here, Probability Stock Fund Rate of Return A B 0.1 -34% 0.2 -20% 0.3 21% 0.4 36%…

Q: Explain favourable variance.

A: Definition:   Variance analysis: Variance analysis is the process of evaluating the differences…

Q: Calculate the following and determine if variances are favorable

A: Compute the total standard material cost.

Q: I need help determining the price volume variance

A: The volume variance is the difference between actual and estimated volume. Price variance is the…

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A: As per ISA 530, "Audit Sampling" can be defined as application of audit procedure to less than 100%…

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Q: xplain the shape of the Markowitz (that is, mean-variance) efficient frontier, specifically what…

A: Markowitz (that is, mean-variance) efficient frontier-It is also known as mean - variance model and…

Q: In two or three paragraphs explain the purpose of variance analysis and its benefits and drawbacks.

A:

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A: The correct answer is: (C) Continuous  Continuous random variables are variables that can take on…

Q: Define variance

A: Variance in statistics is the calculation of the distribution in an information source between the…

Q: Variance percentage is calculated by dividing the choose your answer... by the choose your answer...

A: Variation refers to the difference i.e. the difference between the current amounts with the budgeted…

Q: Distinguish between a favorable variance and an unfavorable variance.

A: Favorable Variance: Favorable variance is the variation in the actual and planned output which is…

Q: he variance of expected returns is equal to the square root of the expected returns. a. True b.…

A: Formula for variance:S2=∑(Xi-X̄) 2/n S2=VarianceXi=Value of one observationX̄=Mean value of all…

Q: Differentiate between variance analysis and sensitivity analysis

A: Managers of small businesses can benefit from both variance and sensitivity analyses when trying to…

Q: sider the following two sets of data: A = [0.5, -0.6, 0.1, 10] & B = [6, 4, 4.5, 5.5]. Which data…

A: Variance is a measure of risk in finance terms. Variance measures degree of spread for a given data.

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.