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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