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_ 16. The total manufacturing cost variance is a. the difference between actual costs and standard...
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...
Variance means a. difference between standard or applied amount and actual amount b. actual costs less...
Variance means a. difference between standard or applied amount and actual amount b. actual costs less actual rates c. standard costs less standard rates d. square root of standard deviation 2. Table Manufacturing Company produces one style of tables. The following data pertain to producing one table Planned production/month units (one table) 90 Piece of woods (M) 20 Estimated M price $40 Actual production Quantity purchased (QP) 22 Find actual price (AP) x Assuming that the manager wants the total...
17. When computing variances, the difference between standard price multiplied by actual quantity yields a(n): A....
17. When computing variances, the difference between standard price multiplied by actual quantity yields a(n): A. flexible budget B. planning budget C. actual results D. all of these E. none of these 18. When computing standard cost variances, the difference between actual and standard prices yields a(n): A. actual results B. volume variance C. price variance D. quantity variance E. none of these
The difference between the actual cost of the input and its planned cost is the total...
The difference between the actual cost of the input and its planned cost is the total budget variance. the usage variance. the price variance. the efficiency variance. the budget variance. 4.5 points Save Answer QUESTION 17 O The labor efficiency variance is calculated by the equation (Standard Hours' Actual Hours) - (Actual Hours 'Standard Rate). (Actual Rate' Actual Hours) - (Standard Rate' Actual Hours). (Actual Hours 'Standard Rate) - (Standard Hours 'Standard Rate). (Standard Hours' Actual Rate) - (Actual
Rundle Manufacturing Company set its standard variable manufacturing cost at $25 per unit of product. The...
Rundle Manufacturing Company set its standard variable manufacturing cost at $25 per unit of product. The company planned to make and sell 3,800 units of product during Year 3. More specifically, the master budget called for total variable manufacturing cost to be $95,000. Actual production during Year 3 was 4,000 units, and actual variable manufacturing costs amounted to $100,900. The production supervisor was asked to explain the variance between budgeted and actual cost ($100,900 – $95,000 = $5,900). The supervisor...
Baird Manufacturing Company set its standard variable manufacturing cost at $28 per unit of product. The...
Baird Manufacturing Company set its standard variable manufacturing cost at $28 per unit of product. The company planned to make and sell 4,700 units of product during Year 3. More specifically, the master budget called for total variable manufacturing cost to be $131,600. Actual production during Year 3 was 4,900 units, and actual variable manufacturing costs amounted to $137,990. The production supervisor was asked to explain the variance between budgeted and actual cost ($137,990 − $131,600 = $6,390). The supervisor...
Baird Manufacturing Company set its standard variable manufacturing cost at $28 per unit of product. The...
Baird Manufacturing Company set its standard variable manufacturing cost at $28 per unit of product. The company planned to make and sell 4,700 units of product during Year 3. More specifically, the master budget called for total variable manufacturing cost to be $131,600. Actual production during Year 3 was 4,900 units, and actual variable manufacturing costs amounted to $137,990. The production supervisor was asked to explain the variance between budgeted and actual cost ($137,990 − $131,600 = $6,390). The supervisor...
Campbell Manufacturing Company established the following standard price and cost data: Sales price Variable manufacturing cost...
Campbell Manufacturing Company established the following standard price and cost data: Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.40 per unit $ 3.40 per unit $2,600 total $ 600 total Campbell planned to produce and sell 2,300 units. Actual production and sales amounted to 2,500 units. Assume that the actual sales price is $8.10 per unit and that the actual variable cost is $3.70 per unit. The actual fixed manufacturing cost is $2,400,...
Thornton Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost...
Thornton Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.80 per unit $ 3.60 per unit $2,800 total 800 total Thornton planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units. Required a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). d. Determine the amount of fixed cost that...
17. When computing variances, the difference between standard price multiplied by actual quantity yields a(n): A. flexible budget B. planning budget C. actual results D. all of these E. none of these 18. When computing standard cost variances, the difference between actual and standard prices yields a(n): A. actual results B. volume variance C. price variance D. quantity variance E. none of these
The difference between the actual cost of the input and its planned cost is the total budget variance. the usage variance. the price variance. the efficiency variance. the budget variance. 4.5 points Save Answer QUESTION 17 O The labor efficiency variance is calculated by the equation (Standard Hours' Actual Hours) - (Actual Hours 'Standard Rate). (Actual Rate' Actual Hours) - (Standard Rate' Actual Hours). (Actual Hours 'Standard Rate) - (Standard Hours 'Standard Rate). (Standard Hours' Actual Rate) - (Actual
Rundle Manufacturing Company set its standard variable manufacturing cost at $25 per unit of product. The company planned to make and sell 3,800 units of product during Year 3. More specifically, the master budget called for total variable manufacturing cost to be $95,000. Actual production during Year 3 was 4,000 units, and actual variable manufacturing costs amounted to $100,900. The production supervisor was asked to explain the variance between budgeted and actual cost ($100,900 – $95,000 = $5,900). The supervisor...
Campbell Manufacturing Company established the following standard price and cost data: Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.40 per unit $ 3.40 per unit $2,600 total $ 600 total Campbell planned to produce and sell 2,300 units. Actual production and sales amounted to 2,500 units. Assume that the actual sales price is $8.10 per unit and that the actual variable cost is $3.70 per unit. The actual fixed manufacturing cost is $2,400,...
Thornton Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $ 8.80 per unit $ 3.60 per unit $2,800 total 800 total Thornton planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units. Required a. Determine the sales and variable cost volume variances. b. Classify the variances as favorable (F) or unfavorable (U). d. Determine the amount of fixed cost that...
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