Wilson Manufacturing has provided you with the following variances for the month of March: Direct materials price variance Direct materials quantity variance Direct labor rate variance Direct labor efficiency variance Required: a. Calculate the direct materials spending variance. Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). b. Calculate the direct labor spending variance Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). a. Direct materials spending variance b. Direct labor spending variance $3,230 Favorable. (4,700) Unfavorable (3,900) Unfavorable (9,500) Unfavorable

Wilson Manufacturing has provided you with the following variances for the month of March: Direct materials price variance Direct materials quantity variance Direct labor rate variance Direct labor efficiency variance Required: a. Calculate the direct materials spending variance. Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). b. Calculate the direct labor spending variance Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). a. Direct materials spending variance b. Direct labor spending variance $3,230 Favorable. (4,700) Unfavorable (3,900) Unfavorable (9,500) 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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verify whether variances favorable of unfavorable: budgeted cost at actual volue would be 25344 (21.12*1200) and total variance to be explained is 2536 (unfavorable 27880-25344). what is the amount of variance that is attributed to the diffence between the budgeted and actual wage rate per hour. what is the amount of variance that is attributed to the change in labor productivity? what is the amount of variance that can be attributed tothe diffence between budgeted and actual volume budget actual wage rate per hour 16 17 fixed hours 320 320 variable hours per relative value unit (RVU) 1 1.1 Relative Value unite (RVUs) 1000 1200 total labor hours 1320 1640 labor cost 21120 27880 cost per RVU 21.12 23.23
1. Compute for Spending Variance 2. Compute for Variable Overhead Efficiency Variance 3. Compute for Controllable Variance
Compute for the variances of the problem using the information given. Answer the numbers only up to two decimal places. A. Compute for Labor Efficiency Variance B. Compute for Labor Spending Variance C. Compute for Labor Rate Variance
Use the information provided below to calculate the following manufacturing variances for March2022. Note: Each answer must state whether the variance is favourable or unfavourable.1. Labour rate variance2. Labour efficiency variance3. Variable overheads efficiency variance4. Variable overheads expenditure varianceINFORMATIONNevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 perlabour hour.Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurredwas R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.
3. Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places.) The drop down options under "actual cost" "standard cost" and the middle box for the first row are: actual rate, standard rate The drop down options for the left bottom 3 rows are: total variable overhead cost variance, variable overhead efficiency variance, variable overhead spending variance, volume variance, direct material variance, Direct labor efficiency variance, direct labor rate variance, direct materials price variance, direct materials quantity variance. the drop down options for the right yellow 3 columns are: favorable, unfavorable, no variance please use the exact format as shown in photos. Thank you !
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For the month of April, compute the variances, indicating whether it is favorable (F) or unfavorable (U) Q.Production-volume variance.
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost
1. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.)
2.2 Use the information provided below to calculate the following manufacturing variances for March2022. Note: Each answer must state whether the variance is favourable or unfavourable2.2.1 Labour rate variance 2.2.2 Labour efficiency variance 2.2.3 Variable overheads efficiency variance Variable overheads expenditure variance INFORMATIONNevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 perlabour hour.Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurredwas R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.