Standard Standard Price Standard Quantity 4.00 sq. ft. $ 2.60 per sq. ft. 1 hrs. (Rate) Unit Cost Direct materials (cork board) $10.40 Direct labor $10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ( $52,500 ÷ 150,000 units) 1 hrs. $ 0.65 per hr. 0.65 0.35 Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard used 130,000 530,000 $1,325,000 140,000 $1,274,000 93,000 67,000 Cost of corkboard used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance

Q: The balance sheet for Alpha Corporation follows: Current assets Long-term assets (net) Total assets…

A: The company's financial leverage and risk can be evaluated using the debt-to-assets ratio and…

Q: Give one reason to explain the materials variances. Give one reason to explain the labor variances.…

A: One possible reason for materials variances is that the quantities of materials used in production…

Q: A graph that provides a visual representation of the relationship between total cost and activity…

A: The scattergraph provides a visual depiction of how changes in one variable may be connected to…

Q: Need Help with this Question

A: Problem 1: Calculating the Factory Overhead RateTo determine the factory overhead rate using the…

Q: How are overhead variances useful in nonmanufacturing settings? Can you think of an example?

A: All overhead variances, even those incurred outside the manufacturing function, are undoubtedly…

Q: 1. How is the flexible budget used within the variance analysis system to evaluate effectiveness and…

A: 1) Flexible budget refers to a budget that flexes with change in volume or change in activity. It is…

Q: Fixed overhead volume variance is a flexible budget variance. O True False

A: Fixed overheads are those indirect costs which will not change with change in activity level. These…

Q: rd allocation base C. actual and standard overhead rates D. actual units and actual overhead rates

A: Given: To explain the correct option with the given as,

Q: An activity variance is calculated by comparing the: Multiple Choice planning budget to the actual…

A: Activity variance measures the difference between planning budget and the flexible budget.…

Q: The total manufacturing overhead variance is composed of flexible budget variance and production…

A: Manufacturing overheads means all type of indirect costs and expenses being incurred in business.…

Q: The balance sheet for Adams Corporation follows: Current assets Long-term assets (net) Total assets…

A: Financial ratios are quantitative metrics used to evaluate and analyze the financial performance,…

Q: List the direct labor variances, and briefly describe each.

A: Labor variance arises when the actual expenses associated with a labor activity varies from the…

Q: Provide one caveat that will affect whether a production-volume variance is a good measure of the…

A: Economic cost of unused capacity:The economic cost of unused capacity indicates the amount that…

Q: following information applies to the questions displayed below.] The Platter Valley factory of Bybee…

A: According to the question given, we need to compute the overhead variances Variance:variance refers…

Q: please solve for these questions:  b-1. What is the labor efficiency variance? b-2. What is the…

A: Variance analysis is a method of measuring the difference between the standard numbers expected by…

Q: The variable overhead spending variance has to do with the efficient use of The overhead items. All…

A: Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

Q: An example of a performance measure with a long−timehorizon is​ ________.   A. quality of room…

A: An overall performance size is a numeric final result of an evaluation that shows how properly an…

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.