A favorable variance for a cost means that when compared to the budget, the actual cost...
- A favorable variance for a cost means that when compared to the budget, the actual cost is ________ than the budgeted cost.
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A favorable variance for a cost means that when compared to the
budget, the actual cost...
I ACG 2071 Extra Credit Assignment A favorable variance for a cost means that when compared...
I ACG 2071 Extra Credit Assignment A favorable variance for a cost means that when compared to the budget, the actual cost 2. is than the budgeted cost. 3. In preparing flexible budgets, the costs that remain constant in total are Those costs that change in total are costs. costs. p
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come...
Mastery Problem: Manufacturing Cost Variance (Actual Costs Compared to Standard Costs) Manufacturing cost variances may come from material costs that are higher or lower than expected, material usage that is not what was expected, higher or lower labor costs than expected, or more or less time spent to produce an item than expected. Overhead cost and volume variances are another cause for costs to be higher or lower than what was expected. The total manufacturing variance can be broken down...
1) 2) 3) 4) 5) A favorable cost variance occurs when Oa. actual costs are the...
1)
2)
3)
4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
Choose the correct bolded choices to complete the sentences. The variable overhead cost variance is (favorable,...
Choose the correct bolded choices to complete the
sentences.
The variable overhead cost variance is (favorable,
unfavorable) because Longman actually spent (less,
more) than budgeted.
The variable overhead efficiency variance is (favorable,
unfavorable) because the actual hours used was
(more, less) than budgeted.
The fixed overhead cost variance is (favorable,
unfavorable) because Longman actually spent (less,
more) than budgeted for fixed overhead.
The fixed overhead volume variance is (favorable,
unfavorable) because Longman allocated (more,
less) overhead to jobs than the...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is les...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is less than the standard quantity B. when the actual quantity used is greater than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price A flexible budget A. gives actual figures for selling price B. gives actual figures for variable and fixed overhead C. is not...
10. When is the material quantity variance favorable? when the actual quantity used is greater than...
10. When is the material quantity variance favorable? when the actual quantity used is greater than the standard quantity when the actual quantity used is less than the standard quantity when the actual price paid is greater than the standard price when the actual price is less than the standard price 12. What are some possible reasons for a labor rate variance? hiring of less qualified workers an excess of material usage material price increase utilities usage change 14. When...
Identify the situation below that will result in a favorable variance. Multiple Choice Actual revenue is...
Identify the situation below that will result in a favorable variance. Multiple Choice Actual revenue is higher than budgeted revenue. ο Actual revenue is lower than budgeted revenue. ο Actual income is lower than expected income. ο Actual costs are higher than budgeted costs.
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue...
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
Assume when you calculated direct material price variance, you found that actual costs of direct material...
Assume when you calculated direct material price variance, you found that actual costs of direct material used is greater than the material budgeted costs based on actual units purchased and used. In this case the material price variance is: a. Favorable b. Unfavorable c. Significant d. Positive Given: Actual labor costs: $200.00 Flexible budget allowed for actual units used: $180.00 based on budgeted units: $189.00 Labor rate variance is: a. $20 Favorable b. $20 Unfavorable c. $9 Favorable d. $9...
I ACG 2071 Extra Credit Assignment A favorable variance for a cost means that when compared to the budget, the actual cost 2. is than the budgeted cost. 3. In preparing flexible budgets, the costs that remain constant in total are Those costs that change in total are costs. costs. p
1)
2)
3)
4)
5)
A favorable cost variance occurs when Oa. actual costs are the same as standard costs Ob. actual costs are more than standard costs Oc. standard costs are more than actual costs Od. standard costs are less than actual costs The Flapjack Corporation had 8,042 actual direct labor hours at an actual rate of $12.00 per hour. Original production had been budgeted for 1,100 units, but only 999 units were actually produced. Labor standards were 7.9...
Choose the correct bolded choices to complete the
sentences.
The variable overhead cost variance is (favorable,
unfavorable) because Longman actually spent (less,
more) than budgeted.
The variable overhead efficiency variance is (favorable,
unfavorable) because the actual hours used was
(more, less) than budgeted.
The fixed overhead cost variance is (favorable,
unfavorable) because Longman actually spent (less,
more) than budgeted for fixed overhead.
The fixed overhead volume variance is (favorable,
unfavorable) because Longman allocated (more,
less) overhead to jobs than the...
Explanation not necessary When is the direct labor time variance favorable? A. when the actual quantity used is less than the standard quantity B. when the actual quantity used is greater than the standard quantity C. when the actual price paid is greater than the standard price D. when the actual price is less than the standard price A flexible budget A. gives actual figures for selling price B. gives actual figures for variable and fixed overhead C. is not...
Identify the situation below that will result in a favorable variance. Multiple Choice Actual revenue is higher than budgeted revenue. ο Actual revenue is lower than budgeted revenue. ο Actual income is lower than expected income. ο Actual costs are higher than budgeted costs.
Master Master Budget Variance Actual 60,500 Budget 57,000 Sales volume (number of cases sold) Sales revenue Less: Variable expenses Contribution margin Less: Fixed expenses $ 193,700 $ 71,200 176,700 62,700 $ 122,500 $ 73,200 114,000 72,000 $ 49,300 $ 42,000 Operating income The budgeted sales price per unit is $ 3.10 Requirement 2. What is the budgeted variable expense per unit? The budgeted variable expense per unit is $ 1.10. Requirement 3. What is the budgeted fixed cost for the...
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