Unfavorable Materials Efficiency Variance, write 3 to 5 causes, implications, effects, and/or changes you need to make with the budget.
Q: NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last…
A: Cost Variance-Cost variance is the procedure of evaluating the fiscal performance of your task. Cost…
Q: Variable overhead costs Indirect materials Indirect labor Power Maintenance Total variable overhead…
A: Overhead variance is the difference between actual and applied overhead.Overhead variance can only…
Q: Sunland Company manufactures deep-sea fishing rods, which it distributes internationally through a…
A:
Q: None
A: A. Fixed overhead volume varianceThe fixed overhead volume variance, which describes the capacity…
Q: 5. The difference between the split cost and the actual cost for direct materials is called the: A)…
A: Analyzing cost variations is essential to managerial accounting in order to comprehend the efficacy…
Q: Casino Pest Control (CPC) provides services to residential households by an application of a special…
A: Material cost variance is the difference of standard cost of the product and actual cost of the…
Q: 1 Which of the following variances would be useful in calling attention to possible problems in the…
A: Detailed explanation: Understanding Overhead Variances:Overhead costs are the indirect costs of…
Q: The standard cost of product B manufactured by Coronado Company includes 3 units of direct materials…
A: Material price variance is computed when material is purchased. Material price variance is…
Q: Levine Inc., which produces a single product, has prepared the following standard cost sheet for one…
A: Total material variance :— It is the difference between standard direct material cost for actual…
Q: t variances. Select the required formulas, compute the cost variances for direct materials and…
A: Variiances ariise when the actual results differs from standard or budgeted results. There are…
Q: A Favorable Variance results when (check all that apply) a. Actual costs exceed Budgeted costs…
A: While calculating variances, for costs - If actual costs are lower than the budgeted costs then it…
Q: Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the…
A: Formula: 1.Material Quantity Variance= [(Standard Quantity-Actual Quantity)*Standard Cost]…
Q: Data table Sales Variable Manufacturing Direct Materials Direct Labor (1,025 recliners x $500 each)…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: base chemical into plastic. Standard costS and actual costs labor, and factory overn for the…
A: Direct material price variance =(Standard rate -Actual rate ) × Actual quantity=($4.80-$4.60) ×…
Q: What can you tell me about variance, as it concerns fixed or variable budgets? What is favorable…
A: The question is related to Standard costing and Budgetory Comtrol. Variance may be defined as the…
Q: Trini Company set the following standard costs per unit for its single product Direct materials (30…
A: Direct material variance refers to the concept of determining the gap between the estimated quantity…
Q: The following information describes production activities of Mercer Manufacturing for the year:…
A: Variances are an important part of cost control and performance evaluation in the company. Favorable…
Q: Fixed overhead volume variance is a flexible budget variance. O True False
A: Fixed overheads are those indirect costs which will not change with change in activity level. These…
Q: ostitive variance" because actual cost minus budgeted cost equals lexible variance" because it is…
A: Actual cost is the expense incurred during a specific period . Cost as flexible budget is the fixed…
Q: Which of the following statements is true? Multiple Choice The spending variance for a fixed expense…
A: Spending variance is the representation of the difference that arises in due to actual and the…
Q: 1. What is the activity variance for the revenue? (Indicate the effect of each variance by selecting…
A: Variance analysis is one of the important technique of management accounting analysis, under which…
Q: 7. The sum of the direct labor rate and efficiency variances is equal to: A) The Flexible Budget…
A: A direct labor rate variance analysis is performed to determine the difference between the actual…
Q: Performance Report Bowling Company budgeted the following amounts: Variable costs of production:…
A: The performance report is prepared to measure the actual results with budgeted data for actual…
Q: Adams Publications established the following standard price and costs for a hardcover picture book…
A: Flexible budget :— It is calculated by multiplying standard amount per unit with actual units…
Q: The trial balance for Marigold Corporation shows the following for its DM and DL variances at…
A: Cost variance is a cost management term that refers to the difference between the budgeted cost for…
Q: Direct Materials Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take…
A: Material cost variance: Material cost variance is the difference between standard cost of material…
Q: The Dairy Farm plc manages a flock of sheep. On 30 June 20X2, 100 sheep were born, all of which were…
A: The correct answer is:f. £400Explanation:To calculate the fair value gain recognized in respect of…
Q: 9. A company using direct costing in its performance evaluation would normally include the following…
A: A company using direct costing in its performance evaluation would normally include the following…
Q: Identify the statement related to controllable variance. Statement 1: General increase in…
A: Controllable Variance: It is a combination of variable and fixed overhead variances which management…
Q: Razi Company is a manufacturer of the leather belt based in Kelang, Selangor. The company estimated…
A: Given : Leather Belt Standard cost per unit (RM) (2m at RM1.50 per meter) 3.00 Direct labour…
Q: In 75 words or fewer, explain what a cost variance is and describe its potential causes.
A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The…
Q: The total manufacturing cost variance is a.the flexible budget variance plus the time variance b.the…
A: Variance means difference between standard cost of producing goods and actual cost of producing same…
Q: Adams Medical Equipment Company makes a blood pressure measuring kit. Jason McCoy is the production…
A: FLEXIBLE BUDGET Flexible Budget is a Budget that is Prepared For Different Levels of Activities…
Q: Required: Compute the following cost variances from the available data. (Indicate the effect of each…
A: The standard costing helps the management in determining variances derived in the actual performance…
Q: hich of the following factor may not be included in the computation of the total materials variance?…
A: Formula Total Material variance = (Standard cost of material allowed for actual output) – (Actual…
Q: When analyzing an organization's budget using 2-variance analysis, the 2 elements used are volume…
A: The correct answer is: b. price varianceA 2-variance study of an organization's budget includes two…
Q: Johnson Electrical produces industrial ventilation fans. The company plans to manufacture 66,000…
A: An organization's performance report serves as a tool for defining and assessing its overall…
Q: Performance Report Drizzdale Industries - Pharmaceutical Segment For the Fiscal Year Ended December…
A: Performance Report Drizzdale Industries - Pharmaceutical Segment For Fiscal Year Ended December…
Q: Assume the company's threshold for determining the materiality of each variance is 5% of its…
A: Cost variance is a cost management term that refers to the difference between the budgeted cost for…
Q: Lucia Company has set the following standard cost per unit for direct materials and direct labor.…
A: Note : The variance is the difference between actual data and standard production data. The…
Q: K Purchasing a greater quantity of raw materials than budgeted, but paying the Standard OA.…
A: Variance analysis is the difference between the standard performance and the actual performance,…
Q: ent, calculate the flexible budget, the spending and the efficiency variances for variable…
A: The variance is the difference between the actual costs and standard production costs. The spending…
Q: Jordan Publications established the following standard price and costs for a hardcover picture book…
A: A flexible budget is prepared by the management by taking the actual output of operations as a…
Q: An example of a performance measure with a long−timehorizon is ________. A. quality of room…
A: An overall performance size is a numeric final result of an evaluation that shows how properly an…
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- Please do not give solution in image format thankuwhich formula is correct for budget variance. Please see below: * Static Budget Variance =(Static Budget-Actual) Flexible Budget Variance = (Flexible Budget-Actual) * Static Budget Variance =(Actual- Static Budget-) Flexible Budget Variance = (Actual- Flexible Budget) Please make it more clear do I need to subtract budget from actual or actual from budget?c. What is spending variance for wages and salaries? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the spending variance for wages and salaries d. What is spending variance for total expenses? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the spending variance for total expenses
- Please do not give solution in image format thankuVariance 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 84,000Match the term with its corresponding definition. Do not give Direct answer kindly explain it one or 2 lines - A. B. C. D. E. F. G. H. I. J. Revenue Price Variance - A. B. C. D. E. F. G. H. I. J. Budget Performance Report - A. B. C. D. E. F. G. H. I. J. Volume Variance - A. B. C. D. E. F. G. H. I. J. Controllable Variance - A. B. C. D. E. F. G. H. I. J. Ideal Standards - A. B. C. D. E. F. G. H. I. J. Direct Labor rate Variance - A. B. C. D. E. F. G. H. I. J. Direct Materials…
- Which one of the following best describes the direct material price variance? O a. The difference between the standard quantity of material used at the standard cost per unit and the actual quantity of material used at the standard direct material cost per unit O b. The difference between the budgeted material cost and direct material cost according to the unflexed budget O c. The difference between the actual direct material cost and direct material cost according to the flexed budget O d. The difference between the actual cost of the material used and the actual quantity of material used at the standard direct material cost per unit O e. The difference between the actual cost of the material used and the standard quantity of material used at the actual direct material cost per unitAnalyze the variances from the flexible budget and identify issues that management should be concern about. You only need to highlight bariances that are a concernA company using direct costing in its performance evaluation would normally include the following variance in its report, except Price variance Volume variance Efficiency variance Budget variance
- Please do not give solution in image format thankuExplain the phrase, "Fixed Overhead Expenditure (or Spending or Budget)Variance: This variance shows the difference between the budgetedfixed overheads and the actual fixed overheads incurred during a particularperiod."Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,900 tech calls last year. It had budgeted 126,800 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour Fixed overhead costs: Annual budget $4,141,800 • Fixed overhead is applied at the rate of $36.00 per call. . Actual tech service call costs: Direct IT specialist services: 120,900 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 40 minutes per call at $22.50 per hour x 120,900 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
