. The flexible- budget variance , the spending variance, and the efficiency variance for variable manufacturing overhead for June 2014. Given information: June 2014, The budgeted hours for each suit are 4 hours. Budgeted manufacturing overhead (variable cost) cost per labor-hour is $12. Budgeted production of suits is 1,040. The amount of actual variable costs is $52,164. The actual production of suits is 1,080. The actual hours for total production are 4,536 hours.

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Answer 1

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 8, Problem 8.16E

1.

To determine

. The flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead for June 2014.

Given information:

June 2014,

The budgeted hours for each suit are 4 hours.

Budgeted manufacturing overhead (variable cost) cost per labor-hour is $12.

Budgeted production of suits is 1,040.

The amount of actual variable costs is $52,164.

The actual production of suits is 1,080.

The actual hours for total production are 4,536 hours.

2.

To determine

To explain: The overview of results calculated in ‘part 1’.

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Summit Manufacturing has a standard costing system. The following data are available for October: • • Actual quantity of direct materials purchased: 40,000 pounds Standard price of direct materials: $6 per pound Material price variance: $4,800 unfavorable Material quantity variance: $3,200 favorable What is the actual price per pound of direct materials purchased in October?

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Answer 2

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 8, Problem 8.16E

1.

To determine

. The flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead for June 2014.

Given information:

June 2014,

The budgeted hours for each suit are 4 hours.

Budgeted manufacturing overhead (variable cost) cost per labor-hour is $12.

Budgeted production of suits is 1,040.

The amount of actual variable costs is $52,164.

The actual production of suits is 1,080.

The actual hours for total production are 4,536 hours.

2.

To determine

To explain: The overview of results calculated in ‘part 1’.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 8, Problem 8.16E

1.

To determine

. The flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead for June 2014.

Given information:

June 2014,

The budgeted hours for each suit are 4 hours.

Budgeted manufacturing overhead (variable cost) cost per labor-hour is $12.

Budgeted production of suits is 1,040.

The amount of actual variable costs is $52,164.

The actual production of suits is 1,080.

The actual hours for total production are 4,536 hours.

2.

To determine

To explain: The overview of results calculated in ‘part 1’.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 8, Problem 8.16E

1.

To determine