Type of Variance Actual Standard Variance Materials price variance $24,600 $23,400 Materials usage variance 35,000 35,900 Labor rate variance 15,000 15,000 Labor efficiency variance 15,300 14,500 Variable overhead variance 5,950 5,800 Fixed overhead variance 5,800 6,200

Type of Variance Actual Standard Variance Materials price variance $24,600 $23,400 Materials usage variance 35,000 35,900 Labor rate variance 15,000 15,000 Labor efficiency variance 15,300 14,500 Variable overhead variance 5,950 5,800 Fixed overhead variance 5,800 6,200

Name: Example: Batten Company provided data on product cost variances for t
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Description: Example: Batten Company provided data on product cost variances for the past month. Fill in the variance amount and direction (Favorable,Unfavorable or Not applicable):Enter all amounts as positive numbers.Type of VarianceActual StandardVarianceMate

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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8
Calculate the value of A. Enter Favourable variances as a positive number and Unfavourable variances as a negative number. 1 2 Units 3 4 Less: Total Variable Costs 5 Direct Materials Revenues 6 Direct Labour 7 Variable Manuf. OH. 8 Total Variable Costs 9 Total Contribution Margin 10 Total Fixed Costs 11 Operating Income $ B Static 120,000 C Actual $ D Flex Budget 80,000 E Flex Budget Variance $70,000 F $20,000 U $20,000 U
Direct Materials Variances Bellingham Company produces a product that requires 10 standard pounds per unit. The standard price is $7.5 per pound. If 5,400 units used 55,600 pounds, which were purchased at $7.72 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ b. Direct materials quantity variance $ c. Direct materials cost variance $
The management of Cleancut 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 Fixed overhead cost variance $10,000 U 37,000 F 15,000 F 14,000 U 3,000 F 6,500 F 3,000 F When determining the total product cost flexible budget variance, what is the total manufacturing overhead variance of the company? OA. $3,000 F OB. $12,500 F OC. $6,500 F OD. $9,500 F
Direct Materials Variances The following data relate to the direct materials cost for the production of 50,000 automobile tires: 725,000 lbs. at $3.00 per lb. Actual: Standard: 730,000 lbs. at $2.95 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. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance b. The direct materials price variance should normally be reported to the . When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the the favorable use of raw materials is caused by the purchase of higher-quality raw materials, the variance should be reported to the . When
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,100 automobile tires: Actual: 59,100 lbs. at $1.9 per lb. Standard: 60,300 lbs. at $1.85 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. 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 b. The direct materials price variance should normally be reported to the . If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the . If the favorable use of raw materials had been caused by the purchase of higher-quality raw materials, the variance should be reported to the .
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,800 automobile tires: Actual: 60,000 lbs. at $1.95 per lb. Standard: 58,200 lbs. at $1.90 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. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance . When lower amounts of direct materials are used because of b. The direct materials price variance should normally be reported to the production efficiencies, the variance would be reported to the When the favorable use of raw materials is caused by the purchase of higher- quality raw materials, the variance should be reported to the
Direct Labor Variances The following data relate to labor cost for production of 4,000 cellular telephones: Type Actual: Standard: Hours and Rate 2,690 hrs. at $14.70 2,650 hrs. at $15.00 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. b. The employees may have been less-experienced workers who were paid less than more-experienced workers or poorly trained, thereby resulting in a labor rate than planned. The lower level of efficient performance. Thus, the actual time required experience or training may have resulted in than standard. NB: Based upon your answer to (a) use Less, More or Lower to fill in the blank in (b) was
The management of Earth Barber Lawnmowers has calculated the following variances: Direct materials cost variance $10,000 U Direct materials efficiency variance 35,000 F Direct labor cost variance 16,000 F Direct labor efficiency variance 12,000 U Variable overhead cost variance 3000 F Variable overhead efficiency variance 6500 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? Group of answer choices $10,500 F $6500 F $5500 F $4000 F
Question 5
Direct Materials Variances The following data relate to the direct materials cost for the production of 2,200 automobile tires: Actual: 50,200 lbs. at $1.9 per lb. Standard: 51,200 lbs. at 51.95 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. Direct Materials Price Variance Sfill in the blank 1 (favorable /unfavorable choose 1) Direct Materials Quantity Variance Sfill in the blank 3 (favorable/ unfavorable choose 1) Total Direct Materials Cost Variance Sfill in the blank 5 (favorable /unfavorable choose 1) b. The direct materials price variance should normally be reported to the (plant manager or purchasing department. When lower amounts of direct materials are used because of production efficiencies, the variance would be reported to the ( purchasing department/production…
Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 7,800 lbs. @ $5.30 8,000 lbs. @ $5.10 Direct labor 12,400 hrs. @ $8.40 12,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer a. Materials price Answer Answer b. Materials efficiency Answer Answer Labor Variances Actual cost: Answer Split cost: Answer Standard cost: Answer c. Labor rate Answer Answer d. Labor efficieny Answer Answer