The actual variable costs are $26000 and the actual units produced total 300 and the actual direct labour hours total 600. If the budgeted hour per unit are 3 and the budgeted variable cost allocation rate is $25 and the budgeted units to be produced are 225. What is the rate Variance, Efficiency Variance and Flexible Budget variance is the allocate variable costs based on direct labour hours. Be sure to indicate whether the variances are favourable or unfavourable. For the toolbar, press ALT-P10 PC or ALT-IN-10 (Mad BI Arial

The actual variable costs are $26000 and the actual units produced total 300 and the actual direct labour hours total 600. If the budgeted hour per unit are 3 and the budgeted variable cost allocation rate is $25 and the budgeted units to be produced are 225. What is the rate Variance, Efficiency Variance and Flexible Budget variance is the allocate variable costs based on direct labour hours. Be sure to indicate whether the variances are favourable or unfavourable. For the toolbar, press ALT-P10 PC or ALT-IN-10 (Mad BI Arial

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 following information is available for Marigold's Hot Dogs: Actual production Budgeted production Standard direct labor hours Actual direct labor hours Standard variable overhead rate Actual variable overhead costs 11,760 packages 12,500 packages Variable overhead spending variance eTextbook and Media 18 direct labor hours per package Variable overhead efficiency variance 22,208 $82,612 Calculate the variable overhead spending and efficiency variances. (Round answers to O decimal places, eg. 125. If variance is zero, select "Not Applicable and enter O for the amounts) $4 per direct labor hour $
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The following amounts are provided from the direct materials budget: Standard direct materials quantity: 4,000 units Actual direct materials quantity: 3,200 units Which of the following correctly describes the quantity variance? The quantity variance will be favorable The quantity variance will be unfavorable This is no quantity variance There is not enough information to answer this question
d) Calculate the variable overhead efficiency variance. Actual Quantity: 3150 Standard Quantity for Actual Output: 5850 Variable Overhead Efficiency Variance: $36990 Favorable <
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Bellingham Company produces a product that requires 2 standard direct labor hours per unit at a standard hourly rate of $10.00 per hour. If 4,600 units used 8,800 hours at an hourly rate of $10.50 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance b. Direct labor time variance 2$ c. Direct labor cost variance
Data table Last month, CenterWare reported the following actual results for the production of 70,000 bottles: Direct materials..... 1.5 kg per bottle, at a cost of $0.70 per kg Direct labour...... . 1/4 hour per bottle, at a cost of $13.20 per hour Actual variable overhead. ......... $104,600 Actual fixed overhead... $28,700 Done Data table The company has these standards: Direct materials (clay) 1.3 kg per bottle, at a cost of $0.40 per kg Direct labour... 1/5 hour per bottle, at a cost of $14.40 per hour Static budget variable overhead ......... $70,500 Static budget fixed overhead.... .... $30,500 Static budget direct labour hours......... 10,000 hours Static budget number of bottles.......... 52,000 CenterWare allocates manufacturing overhead to production based on standard direct labour hours. Print Done I Print
Alvarado Company produces a product that requires 15 standard pounds per unit. The standard price is $9.00 per pound. If 2,400 units used 34,600 pounds, which were purchased at $9.18 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance a. Direct materials price variance $fill in the blank 1 b. Direct materials quantity variance $fill in the blank 3 c. Direct materials cost variance $fill in the blank 5
Trull Company uses a standard cost system. Variable overhead costs are allocated based on direct labor hours. In the first quarter, Trull had a favorable cost variance for variable overhead costs. Which of the following scenarios is a reasonable explanation for this variance? A. The actual number of direct labor hours was lower than the budgeted hours. B. The actual variable overhead costs were higher than the budgeted costs. OC. The actual variable overhead costs were lower than the budgeted costs. OD. The actual number of direct labor hours was higher than the budgeted hours.
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
Hh1. Need help with DM Price variance percentage
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…