The following data have been provided by Lopus Corporation: Budgeted production Standard machine-hours per unit Standard lubricants Standard supplies. Actual production Actual machine-hours Actual lubricants (total)) Actual supplies (total) 3,400 units 3.5 machine-hours $5.00 per machine-hour $ 3.70 per machine-hour Required: Compute the variable overhead spending variances for lubricants and for supplies. Lubricants Supplies 3,700 units 8,880 machine-hours $46,084 $32,492 (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Variable Overhead Spending Variance

Q: Read through the following short case, and then answer the questions that follow. a) What would you…

A: Budget: It is an estimate of various financial items for a defined period, say a year or less.…

Q: Dear Bartleby, could you please supply the calculations for the preceeding question

A: Intrinsic value of stock is present value of stock. Intrinsic value of stock can be calculated by…

Q: Agree or disagree with Rawls that people do not deserve their natural endowments? How much does the…

A: I do not hold personal opinions, but I can provide an explanation of John Rawls' views on the…

Q: Analyze the basis for the prohibition of riba in Islam and explain briefly the TWO (2) types of riba…

A: Riba is one of the most important concepts that shapes the Islamic law system. The concept of riba…

Q: What are the important guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

Q: am. 128.

A: Ruth Winifred Howard extensively studied the psychological concept of c) Intelligence.

Q: Which of the following accounts increases with a credit? OA. Common Stock OB.Accounts Receivable…

A: DebitA debit is an accounting entry made on the account's left side. Debits are used in double-entry…

Q: Which famous mathematician is known for his work on "Binomial Theorem"? a) Al-Khwarizmi b) Omar…

A: Sir Isaac Newton is a renowned mathematician well recognized for his contributions to the "Binomial…

Q: To be eligible to be claimed as a qualifying child, is this a test the child must meet? Age Test Yes…

A: There are conditions which are required to be satisfied or fulfilled for a child to a taxpayer to be…

Q: n the question, it says he has three alternatives. What would the third alternative be?

A: In finance the chances of an event occurring can change the status quo and hence change the expected…

Q: Citing an example, distinguish between ethical issues and legal issues.

A: Distinguish between ethical issues and legal issues. Ethics are moral obligations that are…

Q: When I give you a question you tell me you have an answer but the answer is not even my questions.…

A: In this scenario, Marika Katz had purchased compulsory insurance with limits of 10/20/5. The numbers…

Q: Why was the Sarbanes-Oxley Act developed and enacted?

A: Introduction:- The Sarbanes–Oxley Act of 2002 is a federal law in the United States that sets…

Q: Explain the difference between murabaha and mudharaba?

A: Both murabaha and mudharaba are instruments of Islamic finance. There exists some differences…

Q: Do ethical standards have anything to do with culture and diversity?

A: Ethical standard The founders of the organization created a set of ethical guidelines to explain the…

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.