The Landrum Company provides the following standard cost data per unit of productVariable overhead8.00Landrum anticipated that they would produce and sell 24,000 units. During the period, the company produced and sold 25,000 units incurring $210,000 of variable overhead costs.The variable overhead flexible budget variance was:Multiple Choice$8,000 unfavorable.$10,000 unfavorable.$8,000 favorable.$10,000 favorable.

The production costs which varies depending upon the variation in production output termed as…

Answered: The Landrum Company provides the…

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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Timberlake Company planned for a production and sales volume of 13,100 units. However, the company actually makes and sells 14,100 units. Per-Unit Standards Flexible Budget Number of units Sales revenue Variable manufacturing costs: Materials Labor Overhead Variable general, selling, and administrative costs Contribution margin Fixed costs Manufacturing overhead General, selling, and administrative costs Net income What was the total variable cost volume varlance? Multiple Choice $51,300 favorable $51,300 unfavorable $24,700 favorable $24,700 unfavorable $76.00 $ 16.00 $ 14.00 $ 5.30 $ 16.00 Static Budget 13,100 $ 995,600 209,600 183,400 69,430 209,600 $ 323,570 111,800 56,000 $ 155,770 14,100 $ 1,071,600 225,600 197,400 74,730 225,600 $ 348,270 111,800 56,000 $ 180,470
3 Sunny Enterprise, a manufacturing company, produces a special component part and provided the following budgeted and actual information: Budget: Sales tunits) 80,000 Selling price RM18.00 per unit Variable cost RM14.00 per unit Actual: Sales lunits) 72,000 Selling price RM1640 per unit Variable cost RM12.40 per unit Required: approach. b. Explain the possible causes of those variances.
Assume that the cost formula for one of a company's variable expenses is $5.00 per unit. The company's planned level of activity was 2,000 units and its actual level of activity was 2,200 units. The actual amount of this expense was $10,800. The spending variance for this expense is Multiple Choice $1,000 F $800 $200 F $1,000 U
Julum Limited manufactures a single product and operates a standard costing system. Budgeted Data (per unit) : Labour 5 hours @ £15.00 Per Hour Budgeted production for August was expected to reach 10000 Units Actual production 11000 Units The actual costs incurred were as follows : Actual Data : Labour 60000 hours @ £14.50 Per Hour a). What is Labour efficiency variance? Choose one from the following: A. £30,000.00 Favourable B. £75,000.00 Unfavourable C. £45,000.00 Favourable D. £45,000.00 Unfavourable
Feagin Company’s actual variable overhead was $73,000. Actual direct labor hours were 25,000 to make 20,000 finished products. The per-unit standard for direct labor hour is 1.5 hours, and the pre-determined variable overhead rate is $3 per direct labor hour. What were (1) the variable overhead spending variance (2) the variable overhead efficiency variance?
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Miller and Sons' static budget for 10,500 units of production includes $43,700 for direct materials, $53,400 for direct labor, variable utilities of $8,000, and supervisor salaries of $15,700. A flexible budget for 12,900 units of production would show Round your final answer to the nearest dollar. Do not round interim calculations. Oa. total variable costs of $120,800 Ob. the same cost structure in total Oc. direct materials of $53,689, direct labor of S65,606, utilities of $9,829, and supervisor salaries of $18,840 Od. direct materials of $53,689, direct labor of $65,606, utilities of $9,829, and supervisor salaries of $15,700
MC Qu. 8-60 Foxtrot reported... Foxtrot reported $55,000 of income for the year by using absorption costing. The company had no beginning inventory, planned and actual production of 20,000 units, and sales of 18,500 units. Standard variable manufacturing costs were $21 per unit, and total budgeted fixed manufacturing overhead was $170,000. If there were no variances, income under variable costing would be: Multiple Choice $42,250. $55,000. $62,250. $2,250. $102,250.
A firm uses machine hours to allocate fixed overhead. During the period, budgeted fixed overhead is Rs. 30000. The budgeted machine hours is 100 hours for budgeted volume of 1000 units. The firm produced 1200 units consuming 150 hours and spent Rs. 28000 towards fixed overhead. The fixed overhead spending variance is Rs. 17000 favorable Rs. 17000 adverse Rs. 2000 favorable Rs. 8000 favorable
Coroid Corporation used the following data to evaluate their current operating system. The company sells items for $16 each and had used a budgeted selling price of $17 per unit. Actual 290,000 units 273,000 units $960,000 $61,000 Budgeted Units sold Vanable costs $889,000 $45,000 Fixed costs What is the static-budget variance of variable costs? O $61,000 favorable O $61,000 unfavorable O $77,000 favorable O $77,000 unfavorable

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