The management of Earth Barber Lawnmowers has calculated the following variances: Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Select one: $8000 U 5000 F Fixed overhead cost variance 4000 F Fixed overhead volume variance 2,500 F When determining the total product cost flexible budget variance, what is the total fixed overhead variance of the company? A. $7000 F B. $4000 F C. $9000 F D. $5000 F 37,000 F 18,000 F 12,000 U 3000 F

The management of Earth Barber Lawnmowers has calculated the following variances: Direct materials cost variance Direct materials efficiency variance Direct labor cost variance Direct labor efficiency variance Variable overhead cost variance Variable overhead efficiency variance Select one: $8000 U 5000 F Fixed overhead cost variance 4000 F Fixed overhead volume variance 2,500 F When determining the total product cost flexible budget variance, what is the total fixed overhead variance of the company? A. $7000 F B. $4000 F C. $9000 F D. $5000 F 37,000 F 18,000 F 12,000 U 3000 F

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Description: The management of Earth Barber Lawnmowers has calculated the following variances:Direct materials cost varianceDirect materials efficiencyvarianceDirect labor cost varianceDirect labor efficiency varianceVariable overhead cost varianceVariable overh

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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Complete the table below for the missing variances. (Click the icon to view the table.) Calculate the variances and identify whether the variance is favorable (F) or unfavorable (U). (b) Total Direct Materials Variance (c) Total Direct Labor Variance (e) Total Variable Overhead Variance
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Acme Inc. has the following information available: Actual price paid for material $0.900 Standard price for material $0.625 Actual quantity purchased and used in production 90 Standard quantity for units produced 60 Actual labor rate per hour $16 Standard labor rate per hour $14 Actual hours 210 Standard hours for units produced 220 Compute the material price and quantity, and the labor rate and efficiency variances. Round your answers to two decimal places. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7
Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour 100 110 $ 15.00 $ 16.00 Actual hours 200 Standard hours for units produced 220 Calculate the Labor Rate Variance and indicate if the variance is favorable or unfavorable
Direct Materials Variances The following data relate to the direct materials cost for the production of automobile tires: Actual: 53,700 lbs. at $1.75 per lb.Standard: 52,100 lbs. at $1.80 per lb. a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Line Item Description Amount Variance Direct Materials Price Variance $fill in the blank 1 Direct Materials Quantity Variance $fill in the blank 3 Total Direct Materials Cost Variance $fill in the blank 5
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Based on the following, what is the total direct materials variance? Total Product Cost Flexible Budget Variance (a) Total Direct Materials Variance (b) Total Direct Labor Variance Total Manufacturing Overhead Variance (d) Direct Materials Direct Materials Direct Labor Direct Labor Total Variable Total Fixed Cost Efficiency Efficiency Variance Variance Cost Variance Variance Overhead Variance Overhead Variance $300 F $150 U $450 U $500 F (e) Variable Overhead Cost Variance $350 U Variable Overhead Efficiency Variance $425 F Fixed Overhead Cost Variance $650 F OA. $300 U OB. $150 U OC. $150 F OD. $300 F
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Total Flexible Budget Product Cost Variance (a) Total Direct Total Direct Total Manufacturing Materials Variance Labor Variance Overhead Variance (b) (c) (d) Direct Materials Direct Materials Direct Labor Direct Labor Total Variable Total Fixed Cost Variance Efficiency Variance Cost Variance Efficiency Variance Overhead Variance Overhead Variance $540 F $155 U $180 U $425 F (e) (f) Variable Overhead Variable Overhead Fixed Overhead Cost Variance Efficiency Variance Cost Variance $225 U $575 F $110 F