4th option: sales price flexible budget variance is a $3,000 favorable variance. The following information was drawn from the accounting records of Smith Company:| | Static Budget | Flexible Budget | Actual Results ||-----------------------------|---------------|-----------------|----------------|| **Sales** | $11,000 | $14,000 | $15,100 || **Cost of Goods Sold** | (6,200) | (7,600) | (7,000) || **Gross Margin** | 4,800 | 6,400 | 8,100 || **Variable Cost** | (2,200) | (2,700) | (3,100) || **Fixed Cost** | (1,200) | (1,200) | (1,500) || **Net Income** | $1,400 | $2,500 | $3,500 |**Based on this information, the question is:**Multiple Choice- [ ] Sales price flexible budget variance is a $4,100 unfavorable variance.- [ ] Sales price flexible budget variance is a $1,100 favorable variance.- [ ] Sales price flexible budget variance is a $4,100 favorable variance.

Variance is used by management to identify the gaps between expected results and actual results and…

The following information was drawn from the accounting records of Smith Company Static Budget Flexible Budget Actual Results Sales $11,000 $14,000 $15,100 Cost of Goods Sold (6,200) (7,600) (7,000) Gross Margin 4,800 6,400 8,100 Variable Cost (2,200) (2,700) (1,200) (3,100) Fixed Cost (1,200) $ 1,400 (1,500) $ 3,500 Net Income $ 2,500 Based on this information the Multiple Choice sales price flexible budget variance is a $4,100 unfavorable variance. sales price flexible budget variance is a $1,100 favorable variance. sales price flexible budget variance is a $4,100 favorable variance.

The following information was drawn from the accounting records of Smith Company Static Budget Flexible Budget Actual Results Sales $11,000 $14,000 $15,100 Cost of Goods Sold (6,200) (7,600) (7,000) Gross Margin 4,800 6,400 8,100 Variable Cost (2,200) (2,700) (1,200) (3,100) Fixed Cost (1,200) $ 1,400 (1,500) $ 3,500 Net Income $ 2,500 Based on this information the Multiple Choice sales price flexible budget variance is a $4,100 unfavorable variance. sales price flexible budget variance is a $1,100 favorable variance. sales price flexible budget variance is a $4,100 favorable variance.

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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can you answer items #3 & #4? tysm
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1. How many pools did Surf Side originally think it would install in April? 2. How many pools did Surf Side actually install in April? 3. How many pools is the flexible budget based on? Why? 4. What was the budgeted sales price per pool? 5. What was the budgeted variable cost per pool? 6. Define the flexible budget variance. What causes it? 7. Define the volume variance. What causes it? 8. Fill in the missing numbers in the performance report.
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Dirickson Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit of Output Inputs Standard Price or Rate $ 9.40 per ounce $ 18.00 per hour $ 5.30 per hour Direct materials 7.6 ounces Direct labor 0.10 hours Variable manufacturing overhead 0.10 hours The company has reported the following actual results for the product for July: Actual output 7,600 units Raw materials purchased 63,000 ounces Actual cost of raw materials purchased $ 541,800 Raw materials used in production 57,750 ounces 820 hours Actual direct labor-hours $ 16,072 $ 4,592 Actual direct labor cost Actual variable overhead cost The variable overhead efficiency variance for the month is closest to:
QUESTION 54 Cost AccountingChoose the answer from the choices
QUESTION 7 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+F10 (PC or ALT-FN-F10 Mack BIVS Arial 10pt 2 I. X ***
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Flexible Budgets, Direct-Cost Variances, and Management Control Question 2 a. Using an example, explain the concept of a flexible budget, flexible budget variances and sales volume variances. 2b. Hasan Table Company manufactures tables for schools. The 2018 operating budget is based on sales of 45,000 units at 55 Taka per table. Operating income is anticipated to be 240,000 Taka. Budgeted variable costs are 35 Taka per unit, while fixed costs total 660,000 Taka. Actual income for 2018 was a surprising 569,000 Taka on actual sales of 46,000 units at 60 Taka each. Actual variable costs were 34 Taka per unit and fixed costs totaled 627,000 Taka. Required: Prepare a variance analysis report with both flexible-budget and sales-volume variances.
Compute the sales variances (total, price and volume) from the following figures: Budgete Budgeted Price per Unit Actua Produ Actual Priceper unit (') ct d quantit quantit y y P 400 25 480 30 300 50 280 45 R 200 75 240 70 100 10 800 105
Right? Explain