Total Flexible Budget Product Cost Variance (a) Total Direct Materials Variance Total Direct Total Manufacturing Overhead Variance Labor Variance (b) () (d) irect Materials Direct Materials Cost Variance Efficiency Variance Cost Variance Efficiency Variance Total Fixed Overhead Variance Direct Labor Direct Labor Total Variable Overhead Variance $310 F $165 U $160 U $415 F (e) Variable Overhead Cost Variance Variable Fixed Overhead Efficiency Variance Cost Variance Overhead $525 U $575 F $50 F

Q: Why are unfavorable variances recorded by using debitentries and favorable variances recorded by…

A:

Q: Which of the following is FALSE regarding variances? O A favorable variance, when it occurred, are…

A: The method of costing used to determine deviations is referred to as standard costing. The standard…

Q: How do you decide if the variance is favorable or unfavorable?

A: The discrepancy between budgeted and actual amounts is known as a "variance" in the accounting…

Q: What is the expected return? What is the variance? What is the standard deviation?

A: State Probability Returns       Boom 0.25 0.15 Normal 0.50 0.08 Slow down 0.15 0.04…

Q: Which one of the following measures is relevant for assessing exposure to systematic risk?

A: Systematic Risk: It refers to the risk caused by factors that are not in the control of an…

Q: Which cell or column is used for the covariance?

A: Here, Probability Stock Fund Rate of Return A B 0.1 -34% 0.2 -20% 0.3 21% 0.4 36%…

Q: Explain favourable variance.

A: Definition:   Variance analysis: Variance analysis is the process of evaluating the differences…

Q: Calculate the following and determine if variances are favorable

A: Compute the total standard material cost.

Q: Summarize the concept behind monetary-unit sampling (MUS). How does MUS use attribute-sampling…

A: As per ISA 530, "Audit Sampling" can be defined as application of audit procedure to less than 100%…

Q: What is the sample variance and standard deviation for x =23,17, 15, 30, 25.

A: Sample Variance = ΣX2 - n(Avg X)2/(n - 1) Standard Deviation =√sample Variance

Q: During the control function, the measurements taken of the performance must be accurate enough to…

A: In a corporation, control seems to be a major goal-oriented function of management. This is the…

Q: How does Block Sampling compare to other sampling methods?

A: Block sampling is a sampling technique in auditing. Under this method, a series of items is selected…

Q: xplain the shape of the Markowitz (that is, mean-variance) efficient frontier, specifically what…

A: Markowitz (that is, mean-variance) efficient frontier-It is also known as mean - variance model and…

Q: In two or three paragraphs explain the purpose of variance analysis and its benefits and drawbacks.

A:

Q: Variance analysis would be appropriate to measure performance ina. profit centers.b. investment…

A: Variance analysis is a method used in business and financial management to assess and analyze the…

Q: Define variance

A: Variance in statistics is the calculation of the distribution in an information source between the…

Q: Variance percentage is calculated by dividing the choose your answer... by the choose your answer...

A: Variation refers to the difference i.e. the difference between the current amounts with the budgeted…

Q: Note: Use the minus sign to indicate negative values (when the budgeted amount is greater than the…

A: In the variance analysis, the actual cost incurred, and the standard cost are compared with each…

Q: Distinguish between a favorable variance and an unfavorable variance.

A: Favorable Variance: Favorable variance is the variation in the actual and planned output which is…