The labor flexible budget/spending variance amounts to P.Indicate in your solution sheet whether it is FAVORABLE or UNFAVORABLEFor uniformity of answers, if the variance is FAVORABLE encode a minus signbefore the numerical answer. Do not place spaces. Variance Performance AnalysisCryolab Inc makes and sells a lawn fertilizer called Hypergro. The company hasdeveloped standard costs for one bag of Hypergro as follows:StandardStandardStandard Cost perQuantity/HoursPrice/RateBagDirect Material25 poundsP 0.75P18.75Direct Labor0.25 hoursP69.00P17.30Variable overhead0.25 hoursP24.00P 6.00TotalP42.05The company had no beginning inventories of any kind on January 1. Variableoverhead is applied to production on the basis of standard direct labor hours.During January, the following activity was recorded by the company:Production of Fastgro: 23,000 bags• Direct materials purchased: 585,000 pounds at a cost of P436,250• Direct labor worked: 5,800 hours at a cost of P397,300Variable overhead incurred: P140,650Inventory of direct materials on January 31: 8,000 poundsCompute the variances and indicate whether it is FAVORABLE (F) orUNFAVORABLE (U) in your solution sheet.

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Description: The labor flexible budget/spending variance amounts to P.Indicate in your solution sheet whether it is FAVORABLE or UNFAVORABLEFor uniformity of answers, if the variance is FAVORABLE encode a minus signbefore the numerical answer. Do not place space

Flexible budget is that budget which changes with change in activity level. Labour flexible budget…

Business

Accounting

The labor flexible budget/spending variance amounts to P Indicate in your solution sheet whether it is FAVORABLE or UNFAVORABLE For uniformity of answers, if the variance is FAVORABLE encode a minus sign before the numerical answer. Do not place spaces.

The labor flexible budget/spending variance amounts to P Indicate in your solution sheet whether it is FAVORABLE or UNFAVORABLE For uniformity of answers, if the variance is FAVORABLE encode a minus sign before the numerical answer. Do not place spaces.

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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Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,900 tech calls last year. It had budgeted 126,800 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour Fixed overhead costs: Annual budget $4,141,800 • Fixed overhead is applied at the rate of $36.00 per call. . Actual tech service call costs: Direct IT specialist services: 120,900 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 40 minutes per call at $22.50 per hour x 120,900 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
owe subject-Accounting
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Please do not give solution in image format thanku
Please do not give solution in image format thanku
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