What kind of variance represents differences in the flexible budget and the actual results? Direct Labor...
What kind of variance represents differences in the flexible budget and the actual results? Direct Labor Rate Variance? Direct Materials Usage Variance? Sales Price Variance? Or all of them?
Homework Answers
The differences in the flexible budget and the actual results is represented by the Sales Price Variance.
The difference in the flexible budget and actual results are caused due to the difference in the standard price and the actual price. The quantity is same in both flexible budget and actual results.
Sales price variance = (Actual quantity x Actual price) - (Actual quantity x Standard price)
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What kind of variance represents differences in the flexible
budget and the actual results? Direct Labor...
The Two Components of the direct labor flexible budget variance are the: a. the direct labor...
The Two Components of the direct labor flexible budget variance are the: a. the direct labor price variance and the direct labor quantity variance. b. the direct labor rate variance and the direct labor efficiency variance. c. the direct labor rate variance and the direct labor standard variance. d. the direct labor efficiency variance and the direct labor standard variance. (The answer is not C.)
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the actual sales revenue?
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the sales revenue in the flexible budget?
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000...
Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 13,000 ? 2,000 U ? Sales revenue ? 13,000 F ? ? ? Less: Variable mfg. costs $ 87,750 $ 91,000 ? $ 105,000 Variable mktg/adm.costs ? $ 3,250 U ? $ 4,000 F 30,000 Contribution margin $ 52,000 ? ? $ 6,000 U ? What is the master budget sales revenue?
department's static budget and actual results for 2019 follow: Production in units Direct materials Direct labor...
department's static budget and actual results for 2019 follow: Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing cost Static Budget 30,000 kits $ 234,000 204,000 45,000 483,000 214,000 $697,000 Actual Results 31,600 kits $ 283,880 208,580 51,100 543,560 209,800 $ 753,360 Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Complete this question by entering your answers in the tabs below. Required A Required B...
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and...
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and the expected results in the flexible budget for the actual units sold B)Expected results in the flexible budget for the actual units sold and the static budget c)Static budget and actual amounts due to differences in sales price d)flexible budget and static budget due to differences in fixed costs
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and...
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and the expected results in the flexible budget for the actual units sold B)Expected results in the flexible budget for the actual units sold and the static budget c)Static budget and actual amounts due to differences in sales price d)flexible budget and static budget due to differences in fixed costs
James Manufacturing has the following information available for July: Actual Results Flexible Budget Variance Flexible Budget...
James Manufacturing has the following information available for July: Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 12,000 ? 3,000 U ? Sales revenue ? $ 13,800 F ? ? ? Less: Variable manufacturing costs $ 89,500 $ 96,000 ? $ 119,000 Variable marketing and administrative ? $ 8,500 U ? $ 9,200 F $ 37,000 Contribution margin $ 56,000 ? ? $ 6,700 U ? What was James’s actual sales revenue for July?
James Manufacturing has the following information available for July: Actual Results Flexible Budget Variance Flexible Budget...
James Manufacturing has the following information available for July: Actual Results Flexible Budget Variance Flexible Budget Sales Activity Variance Master Budget Units 12,000 ? 3,000 U ? Sales revenue ? $ 10,800 F ? ? ? Less: Variable manufacturing costs $ 90,500 $ 95,000 ? $ 127,000 Variable marketing and administrative ? $ 4,500 U ? $ 5,200 F $ 41,000 Contribution margin $ 60,000 ? ? $ 7,100 U ? What was James’s actual sales revenue for July? Multiple...
EXERCISE 3: Flexible budget variances can be further analyzed to determine whether the variance was due...
EXERCISE 3: Flexible budget variances can be further analyzed to determine whether the variance was due to an unexpected fluctuation in price or usage. Use the following data to determine a price and usage variance for Direct Materials: Budget (Std) Actual Price-Direct Materials per gallon $1.475 $2.00 10 ga lons 8 galans Materials Used per unit (barrel) DM Cost per unit (barrel) X $14.75 $16.00 How many gallons per unit did Bettis originally plan for in its budget (standard)? 8...
department's static budget and actual results for 2019 follow: Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing cost Static Budget 30,000 kits $ 234,000 204,000 45,000 483,000 214,000 $697,000 Actual Results 31,600 kits $ 283,880 208,580 51,100 543,560 209,800 $ 753,360 Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Complete this question by entering your answers in the tabs below. Required A Required B...
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and the expected results in the flexible budget for the actual units sold B)Expected results in the flexible budget for the actual units sold and the static budget c)Static budget and actual amounts due to differences in sales price d)flexible budget and static budget due to differences in fixed costs
Question 17 )The sales volume variance is the differernc between the ? A) Actual results and the expected results in the flexible budget for the actual units sold B)Expected results in the flexible budget for the actual units sold and the static budget c)Static budget and actual amounts due to differences in sales price d)flexible budget and static budget due to differences in fixed costs
EXERCISE 3: Flexible budget variances can be further analyzed to determine whether the variance was due to an unexpected fluctuation in price or usage. Use the following data to determine a price and usage variance for Direct Materials: Budget (Std) Actual Price-Direct Materials per gallon $1.475 $2.00 10 ga lons 8 galans Materials Used per unit (barrel) DM Cost per unit (barrel) X $14.75 $16.00 How many gallons per unit did Bettis originally plan for in its budget (standard)? 8...
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