Titanium Blades refines titanium for use in all brands of razor blades. It prepared a sta budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 800,רר 11,800 Unfavorable Fixed Expenses 93,800 300 Unfavorable Net Income (loss) $3,900 $14,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units Sales No Effect v Variable Expenses Favorable v Fixed Expenses Unfavorable Net Income (Loss) Unfavorable

Titanium Blades refines titanium for use in all brands of razor blades. It prepared a sta budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 800,רר 11,800 Unfavorable Fixed Expenses 93,800 300 Unfavorable Net Income (loss) $3,900 $14,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units Sales No Effect v Variable Expenses Favorable v Fixed Expenses Unfavorable Net Income (Loss) Unfavorable

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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Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 4,500 units. The following variances were observed: Actual Results Variances Units Sales $137,500 $25,000 Favorable Variable Expenses 60,300 10,800 Unfavorable Fixed Expenses 72,300 300 Unfavorable Net Income (loss) $4,900 $13,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 5,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units 4,500 5,500 Sales $ 112,500 $ 137,500 No Effect Variable Expenses -60,300 Favorable Fixed Expenses 25 Unfavorable Net Income (Loss) 11 $ Unfavorable
Dynondo Incorporated planned to use materials of $12 per unit but actually used materials of $13 per unit, and planned to make 1,500 units but actually made 1,800 units The flexible-budget variance for materials is ________. Select one: a. $3,600 favorable b. $1,800 favorable c. $1,500 unfavorable d. $1,800 unfavorable e. $3,600 unfavorable
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5. Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,000 units. These variances were observed: Actual Results Variances Sales $150,000 $25,000 Favorable Variable expenses Fixed expenses Net income (loss) 77,800 12,800 Unfavorable Unfavorable 70,300 1,900 300 11,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,000 units actually sold.
The following is data collected by Bees Co. for the month of June Static budget data: Sales Variable costs 11,000 units $38/unit $27 per unit $23,100 Total fixed costs Actuel results: 619 Sales Variable costs Total fixed costs 12,000 units $37/unit $28 per unit $22,100 Required: Prepare the flexible budgets and show the flexible budget variances by completing the table given below. Indicate the effect of each varionce by selecting "F for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero voriance). Flexible Favourable Unfavourable Static Flexible Budget Variance Actual Budget Budget Sales (units) Revenue ($) Variable expenses (S) Fixed expenses (5) Income (S) 11,000 418,000 297,000 23.100 97,100 (Clck to select) (Cick to select) v (Cick to select) (Click to select)
Coroid Corporation used the following data to evaluate their current operating system. The company sells items for $12 each and had used a budgeted selling price of S13 per unit. Budgeted Actual 290,000 unite 270,000 units Units sold $980.000 $63,000 $886,000 $47,000 Vanable cost Fined costs What is the static-budget variance of variable costs? $94,000 favorable $110,000 unfavorable $110,000 favorable $94,000 unfavorable
Blossom Industries has the following actual and master budget information for its two product lines: Volume in Units Unit Contribution Margin Actual Results Sales quantity variance Gizmos Gadgets 1,110 $4 Sales quantity variance Gadgets $ Total sales quantity variance $ Gizmos $ 1,830 $7 Master Budget Compute the Sales Quantity Variances for the Gadgets, Gizmos, and in Total. (Round intermediate calculations to 4 decimal places, eg. 2.3337 and final answers to O decimal places, e.g. 2,555.) Gadgets 1,310 $3 Gizmos 1,730 $8 V
Compute Budgeted variable manufacturing overhead costs per machine-hour
Budget Variances, Materials and Labor Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor: Leather (2 strips @ $6.00) Direct labor (0.25 hr. @ $9.00) Total prime cost During the first month of the year, the Boise plant produced 41,000 belts. Actual leather purchased was 120,000 strips at $3.10 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 34,000 hours at $16.00 per hour. Required: Materials Labor $12.00 1. Compute the costs of leather and direct labor that should be incurred for the production of 41,000 leather belts. 123,000 Materials 2.25 Labor $14.25 2. Compute the total budget variances for materials and labor. Total Budget Variance 3. Conceptual Connection: Would you consider these variances material with a need for investigation?
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Using the above table and below additional information, calculate direct labor cost price variance and quantity variance. Additional information for DL: • Direct labor efficiency standard . Actual amount of direct labor hours Actual cost of direct labor 0.24 DLHr per batch of crayons 10,400 DLHr $145,600 a. Price variance is 650 unfavorable, and quantity variance is 22,480 unfavorable. b. Price variance is 20,800 unfavorable, and quantity variance is 24,960 favorable. c. Price variance is 20,800 favorable, and quantity variance is 24,960 favorable. O d. Price variance is 650 favorable, and quantity variance is 22,480 unfavorable.