Thomson Manufacuting reports the following information at year end. Actual overhead applied RM257,000. Flexible budget based on standard hours RM309,000. Flexible budget based on actual hours RM293,000 What is the amount of the efficiency variance?

Thomson Manufacuting reports the following information at year end. Actual overhead applied RM257,000. Flexible budget based on standard hours RM309,000. Flexible budget based on actual hours RM293,000 What is the amount of the efficiency variance?

Name: Thomson Manufacuting reports the following information at year end. Ac
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Thomson Manufacuting reports the following information at year end. Actual overhead applied RM257,000. Flexible budget based on standard hours RM309,000. Flexible budget based on actual hours RM293,000 What is the amount of the efficiency variance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Compute for the following: Sales price variance Cost price variance Quantity variance Format: 11,111 F or 11,111 U
The following data have been provided by Your Corporation: Standard MH per motor 8.6 MH Standard $ for power $1.40 per MH Budgeted MH (total) 62,000 MH Actual MH (total) 62,140 MH Actual power cost $84,989 What is the variable overhead spending variance for power?
Assume the following information for one of a company's variable expenses: -The amount of expense in the planning budget is $9,000 -The cost formulat is $9.00 per hour -The actual level of activity is 900 hours -The spending variance is $100 unfavorable. The actual amount of the expense must be:
Calculate the Variable overhead variances and prepare an operating statement for the month endedJune 2015 as per the tables provided below. Variable overhead variances £ Favourable (F)/ Adverse (A) Variable overhead rate variance: Variable overhead efficiency variance: Total Variable overhead variance Operating Statement (OP): Standard OP Variances Actual OP £ £ £ £ £ Sales Direct materials Direct labour Variable overheads Total variable expenses Contribution
Provide solution for this question
Prepare a flexible budget management report indicating the activity variance and revenue and spending variance using the given information. You may use the formula in excel file practice set.
The following information is available for Top Company: Actual Result Flexible budget variance Flexible budget Sales volume variance Static budget Static budget variance Unit sold 150 a) b) c) 120 d) Revenues 1800 e) f) g) 2160 h) Variable cost 1050 i) j) k) 1500 l) Contribution margin 750 m) n) o) 660 p) Fixed cost 350 q) r) s) 300 t) Operating income 400 u) v) w) 360 x) Required: Find the missing item (a) through (x). For the variances indicate whether it is favorable (F) or unfavorable (U).
The following information is given for one of a company's variable expenses: • The activity variance is $850 favorable. The actual amount of the expense is $8,300. The planned level of activity in the master budget is 1,000 hours. The actual level of activity is 900 hours. The budget rate per hour for this expense must be: Multiple Choice $7.80 per hour. $9.50 per hour. $8.50 per hour. $8.80 per hour.
Requirements: Compute 4.Direct-labor quantity (efficiency) variance 5.Variable manufacturing overhead rate variance, 6.Variable manufacturing overhead efficiency variance.
Variance Industries, Ltd. creates problems for accounting students. At the end of the first quarter of 2021, you have been asked to prepare a variance analysis of the company's operations for the quarter recently ended. You have gathered the data below from the company's accounts and the static budget prepared in December 2020. Variable and fixed manufacturing overhead are allocated based on direct- labour dollars. Units manufactured and sold Sales revenue Variable costs Direct materials Direct labour Variable manufacturing overhead Total variable costs Contribution margin Fixed manufacturing overhead Operating income (loss) Actual results Static budget 10,000 12,000 $320,000 $50,000 125,000 29,000 204,000 116,000 73,000 43,000 $360,000 $60,000 120,000 24,000 204,000 156,000 72,000 84,000
3. The following information is available from the KANSAN CORP.: Actual factory O/H P15,000 Fixed O/H expenses, actual P7,200 Fixed O/H expenses, budgeted P7,000 Actual hours 3,500 Standard hours 3,800 Variable O/H rate per DLH P2.50 Assuming that Tyro uses a three-way analysis of O/H variances, what is the spending variance?
The standard labour budget for CTF of 800 units with detail information as follows: 3hours/unit and $12 per labour hour. The actual labour budget of 1,000 units with detail information as follows: 2,6hours/unit and 13$/labour hour. Analyse the direct labour costs variance → Do we need to set up a flexible budget in this case? Why?