Homework Answers
| Correct Option B i.e. An unfavorable rate variance and a favorable efficiency variance. | ||||||||
| Reason: Rate variance is unfavorable because she is getting a wages at the rate more than the standard. | ||||||||
| Reason: Efficiency variance is favorable because she is producing 7 units out of resources given in comparision to standard of 5 units. | ||||||||
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Cost Variance Analysis You are on question 9 of 13 You w e nt operatoris working...
A variance analysis question for cost accounting that I am struggling with. I have parts of...
A variance analysis question for cost
accounting that I am struggling with. I have parts of it completed,
but there are some parts that I did not really understand. Could
you please take a look and help me? I really appreciate it! Thank
you very much! You may need to zoom in to see the numbers and
information for this question
Part 1: Calculate direct materials price and efficiency variances. Actual Costs Incurred Flexible Budget Budgeted Input Qt. Alloved for...
You have started working as a cost accountant for a firm that has only been in...
You have started working as a cost accountant for a firm that has only been in business for one month. The firm is able to buy a new type of biodegradable plastic at a fixed price of $100 per roll. The plastic is then cut and sealed to make garbage bags. Fixed factory overhead is estimated to be $125,000 per month. During this past month, 8,000 cartons of garbage bags were produced, which represents 80% of the activity volume. You...
You have started working as a cost accountant for a firm that has only been in...
You have started working as a cost accountant for a firm that has only been in business for one month. The firm is able to buy a new type of biodegradable plastic at a fixed price of $100 per roll. The plastic is then cut and sealed to make garbage bags. Fixed factory overhead is estimated to be $125,000 per month. During this past month, 8,000 cartons of garbage bags were produced, which represents 80% of the activity volume. You...
Problem 9-19 (Algo) Flexible Budget Performance Reports; Working Backwards [LO 9-1,9-2, 9-3, 9-4] Ray Company provided...
Problem 9-19 (Algo) Flexible Budget Performance Reports; Working Backwards [LO 9-1,9-2, 9-3, 9-4] Ray Company provided the following excerpts from its Production Department's flexible budget performance report (Round "rate per hour" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible...
Problem 9-20 Activity and Spending Variances [LO9-1, LO9-2, LO9-3) You have just been hired by FAB...
Problem 9-20 Activity and Spending Variances [LO9-1, LO9-2, LO9-3) You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs."You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead...
you dont have to do all 3 but i would appreciate. Clunk, Inc. operates a machine...
you dont have to do all 3 but i would appreciate.
Clunk, Inc. operates a machine shop in which the employees are members of Mechanics and Mattress Handlers Brotherhood, a trade union. The union has negotiated pay rates for each job. Last week a trainee grinder operator spent 42 hours working on a grinder, the full union rate for which was $15 per hour The trainee was paid $8 per hour. The work she performed could have been done by...
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...
Budgeting and Variance Analysis In an effort to better plan for and control OR costs, SHH management asked Jack to calculate the flexible budget variance (i.e., flexible budget costs - actual costs) f...
Budgeting and Variance Analysis In an effort to better plan for and control OR costs, SHH management asked Jack to calculate the flexible budget variance (i.e., flexible budget costs - actual costs) for OR nursing costs, including the price variance and efficiency variance. Given that Jack is interested in comparing the reported costs of both systems, he decided to prepare the requested OR variance analysis for both the current cost system and the vital-signs costing system. In addition, Jack chose...
Problem 9-20 Activity and Spending Variances [LO9-1, LO9-2, LO9-3] You have just been hired by FAB...
Problem 9-20 Activity and Spending Variances [LO9-1, LO9-2, LO9-3] You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in...
Problem 9-19 Activity and Spending Variances [LO9-1, LO9-2, LO9-3] You have just been hired by FAB...
Problem 9-19 Activity and Spending Variances [LO9-1, LO9-2, LO9-3] You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our manufacturing overhead costs.” You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in...
A variance analysis question for cost
accounting that I am struggling with. I have parts of it completed,
but there are some parts that I did not really understand. Could
you please take a look and help me? I really appreciate it! Thank
you very much! You may need to zoom in to see the numbers and
information for this question
Part 1: Calculate direct materials price and efficiency variances. Actual Costs Incurred Flexible Budget Budgeted Input Qt. Alloved for...
Problem 9-19 (Algo) Flexible Budget Performance Reports; Working Backwards [LO 9-1,9-2, 9-3, 9-4] Ray Company provided the following excerpts from its Production Department's flexible budget performance report (Round "rate per hour" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values.) Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible...
Problem 9-20 Activity and Spending Variances [LO9-1, LO9-2, LO9-3) You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs."You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead...
you dont have to do all 3 but i would appreciate.
Clunk, Inc. operates a machine shop in which the employees are members of Mechanics and Mattress Handlers Brotherhood, a trade union. The union has negotiated pay rates for each job. Last week a trainee grinder operator spent 42 hours working on a grinder, the full union rate for which was $15 per hour The trainee was paid $8 per hour. The work she performed could have been done by...
Problem 9-20 Activity and Spending Variances [LO9-1, LO9-2, LO9-3] You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in...
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