Answered: what is the formula or equations on how…

Business

Accounting

what is the formula or equations on how to calculate for spending variance for March 31

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter9: Cost Accounting For Service Businesses, The Balanced Scorecard, And Quality Costs

Section: Chapter Questions

Problem 3E: Prepare a revenue budget for the year ending December 31, 2016.

See similar textbooks

Similar questions

The spending variance for "Other Expenses" for March would have been closest to?
1. Prepare a report showing the conpany's activity variances for July. 2. Which of the activity variances should be of concern to management? Explain.
Pratt Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor- hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $4 per pound 2$. 20.00 Direct labor: 2 hours at $7.50 per hour 15.00 Variable overhead: 2 hours at $6 per hour 12.00 Total standard cost per unit 2$ 47.00 During March the company produced and sold 3,500 units and incurred the following costs: Purchased 17,000 pounds of raw materials at a cost of $3.50 per pound. All of this material was used in production. Direct laborers worked 7,200 hours at a rate of $8 per hour. Total variable manufacturing overhead for the month was $40,500.
When analyzing an organization's budget using 2-variance analysis, the 2 elements used are volume variance and: Select one: a. quantity variance b. price variance c. applied variance O d. budget variance
Consider the following time series data: Compute MSE using the most recent value as the forecast for the next period. What is the forecast for month 8? Compute MSE using the average of all the data available as the forecast for the next period. What is the forecast for month 8? Which method appears to provide the better forecast?
When constructing the production budget, the desired ending inventory for the period is determined based on? A. Next period sales B. Next period production C. Last period production & sales D. Credit period
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries. Depreciation Administrative expenses Rent Actual cars washed. Revenue Expenses: Lavage Rapide Income Statement For the Month Ended August 31 Cleaning supplies For example, electricity costs should be $1,200 per month plus $0.08 per car washed. The company expects to wash 8,100 cars in August and to collect an average of $6.60 per car washed. The actual operating results for August are as follows: Electricity Maintenance Wages and salaries. Depreciation Rent Fixed Cost per Month $ 1,200 $ 4,800 $ 8,400 $ 1,900 $ 1,600 Administrative expenses Total expense Net operating income Cost per Car Washed $ 0.70 8,200 $ 55,560 $ 0.08 $ 0.10 $ 0.20 6,170 1,818 1,050 6,780 8,400 2,100 1,662 27,980 $ 27,580 $ 0.02 Required: Calculate the company's revenue and…
At the end of the year, when closing the books, what is the treatment for immaterial standard variance account bal-ances? What is the treatment for standard variance account balances that are material in amount?
Which of the following variances can be derived when the difference of the last year’s selling price and cost of goods sold per units is applied to the difference between the units sold last year and the current year? a. Total Volume Variance b. Sales Volume Variance c. Sales Mix Variance d. Total Gross Profit Variance
H
Consider the following time series data: a. Compute MSE using the most recent value as the forecast for the next period. Whatis the forecast for month 8?b. Compute MSE using the average of all the data available as the forecast for the nextperiod. What is the forecast for month 8?c. Which method appears to provide the better forecast?
What are the equations to find these answers? Calculate the direct materials price variance for March. b.Calculate the direct materials quantity variance for March. c.Calculate the direct labor rate variance for March. d.Calculate the direct labor efficiency variance for March. e.Calculate the variable overhead spending variance for March. f.Calculate the variable overhead efficiency variance for March. g.Calculate the fixed overhead spending variance for March.