Homework Answers
| Item to classify | Standard | Actual | Type of variance | ||
| Sales Volume | 40,900 | units | 42,900 | units | F |
| Sales price | $ 3.69 | per unit | $ 3.72 | per unit | F |
| Materials Cost | $ 3.80 | per pound | $ 3.90 | per pound | U |
| Materials usage | 91,900 | pounds | 90,900 | pounds | F |
| Labour cost | $ 10.90 | per hour | $ 10.50 | per hour | F |
| Labour usage | 61,900 | hours | 62,700 | hours | F |
| Fixed cost spending | $ 409,000 | $ 399,000 | F | ||
| Fixed cost per unit (volume) | $ 3.29 | per unit | $ 3.25 | per unit | F |
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Required Indicate whether each of the following variances is favorable (F) or unfavorable (U). The first...
Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable...
Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U). Item Budget Actual Variance For U Sales price $400 $390 Sales revenue $360,000 $390,000 $ 192,500 $180,000 Cost of goods sold Material purchases at 5,000 pounds $137,500 $140,000 Materials usage $90,000 $89,000 Production volume 950 units 900 units Wages at 4,000 hours $30,000 $29,350 Labor usage at $12 per hour $48,000 $48,500 Research and development expense $11,000 $12,500 Selling and administrative expenses $24,500...
Required Compute variances for the following items and indicate whether each variance is favorable (F) or...
Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): (Select "None" if there is no effect (i.e., zero variance).) Budget Variance Effect Item Actual Sales price 532 664 Sales revenue 587,000 614,000 $ $ 395,500 Cost of goods sold 367,000 Material purchases at 5,000 pounds 290,500 282,000 Materials usage 190,500 185,000 units 935 units 1,020 units Production volume $ Wages at 4,000 hours $ 59,400 61,400 Labor usage at $16 per...
Required Compute variances for the following items and indicate whether each variance is favorable (F) or...
Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): (Select "None" if there is no effect (i.e., zero variance).) Item V ariance Effect Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses Budget $ 652 $ 581,000 $ 386,500 $ 276,000 $ 181,500 960 units...
Item to Classify Standard Actual Type of Variance Sales volume 42,700 uni ts 44, 600 uni...
Item to Classify Standard Actual Type of Variance Sales volume 42,700 uni ts 44, 600 uni ts F Sa les price $3.70 per unit $3.67 per unit Materials cost $3.70 per pound $3.60 per pound Materials usage 90,700 pounds 91,700 pounds Labor cost $10.30 per hour $10.70 per hour Labor usage 62,500 hours 61,700 hours Fixed cost spending $495,320 $459,380 Fixed cost per unit (volume) $11.60 per unit $10.30 per unit Indicate whether each of the following variances is favorable...
Remember all variances must be designated as "Favorable" or "Unfavorable" The Cat's Meow manufactures gourmet cat...
Remember all variances must be designated as "Favorable" or "Unfavorable" The Cat's Meow manufactures gourmet cat food. During the month, it manufactured 5,000 cans of tuna, using 0.10 hour of direct labor per can at a rate of $8.00 per hour. The materials and labor standards for manufacturing the cans of tuna are as follows: UNIT SQ Direct Materials (1 pound of tuna @ $0.50 per pound) Direct Materials (1 can @ $0.35) Direct Labor (0.20 hour@ $7.00) $0.50 $0.35...
Required Compute variances for the following items and indicate the effect of each variance by selecting...
Required Compute variances for the following items and indicate the effect of each variance by selecting favorable () or unfavorable (U). (Select "None" if there is no effect (.e., zero variance).) Variance Effect Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4.000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses Budget $ 658 $ 584,000 $ 391,000 $ 279,000 $ 186,000...
Identify if favorable, unfavorable or neither for all of them. Levine Inc., which produces a single...
Identify if favorable, unfavorable or neither for all of
them.
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. $15.00 $65.00 Direct materials (10 pounds at $1.50 per pound) Direct labor (5 hours at $13.00 per hour) During the month of April, the company manufactures 180 units and incurs the following actual costs. Direct materials purchased and used (2,500 pounds) $4,250 $11,904 Direct labor (930 hours) Compute the total,...
Calculate the variances and identify whether the variance is favorable (F) or unfavorable (U).
Complete the table below for the missing variances Calculate the variances and identify whether the variance is favorable (F) or unfavorable (U). (b) Total Direct Materials Variance (c) Total Direct Labor Variance (e) Total Variable Overhead Variance (f) Total Fixed Overhead Variance (d) Total Manufacturing Overhead Variance (a) Total Flexible Budget Product Cost Variance
Graded Problems Saved Required Compute variances for the following items and indicate the effect of each...
Graded Problems Saved Required Compute variances for the following items and indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Item Variance Effect Sales price Sales revenue Budget $ 670 $ 590,000 $ 400,000 $ 285,000 $ 195,000 1,050 units $ 62,000 $ 97,000 $ 32,000 $ 64,000 Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor...
please show your work oblem 3 (Textbook Reference: 8-6-Compute materials and labor variances Based on a...
please show your work
oblem 3 (Textbook Reference: 8-6-Compute materials and labor variances Based on a standard volume Tahoe Company consists of: Standard volume of 96,000 units per month, the standard cost of the product manufactured by $ $ Direct materials (0.25 pounds x $8 per pound) Direct labor (0.5 hours x $7.60 per hour) Variable manufacturing overhead per unit Fixed manufacturing overhead ($144,000 in total) 2.00 3.80 2.50 1.50 9.80 23.200 pounds of materials was purchased at $8.40 per...
Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U). Item Budget Actual Variance For U Sales price $400 $390 Sales revenue $360,000 $390,000 $ 192,500 $180,000 Cost of goods sold Material purchases at 5,000 pounds $137,500 $140,000 Materials usage $90,000 $89,000 Production volume 950 units 900 units Wages at 4,000 hours $30,000 $29,350 Labor usage at $12 per hour $48,000 $48,500 Research and development expense $11,000 $12,500 Selling and administrative expenses $24,500...
Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): (Select "None" if there is no effect (i.e., zero variance).) Budget Variance Effect Item Actual Sales price 532 664 Sales revenue 587,000 614,000 $ $ 395,500 Cost of goods sold 367,000 Material purchases at 5,000 pounds 290,500 282,000 Materials usage 190,500 185,000 units 935 units 1,020 units Production volume $ Wages at 4,000 hours $ 59,400 61,400 Labor usage at $16 per...
Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): (Select "None" if there is no effect (i.e., zero variance).) Item V ariance Effect Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses Budget $ 652 $ 581,000 $ 386,500 $ 276,000 $ 181,500 960 units...
Remember all variances must be designated as "Favorable" or "Unfavorable" The Cat's Meow manufactures gourmet cat food. During the month, it manufactured 5,000 cans of tuna, using 0.10 hour of direct labor per can at a rate of $8.00 per hour. The materials and labor standards for manufacturing the cans of tuna are as follows: UNIT SQ Direct Materials (1 pound of tuna @ $0.50 per pound) Direct Materials (1 can @ $0.35) Direct Labor (0.20 hour@ $7.00) $0.50 $0.35...
Required Compute variances for the following items and indicate the effect of each variance by selecting favorable () or unfavorable (U). (Select "None" if there is no effect (.e., zero variance).) Variance Effect Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4.000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses Budget $ 658 $ 584,000 $ 391,000 $ 279,000 $ 186,000...
Identify if favorable, unfavorable or neither for all of
them.
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. $15.00 $65.00 Direct materials (10 pounds at $1.50 per pound) Direct labor (5 hours at $13.00 per hour) During the month of April, the company manufactures 180 units and incurs the following actual costs. Direct materials purchased and used (2,500 pounds) $4,250 $11,904 Direct labor (930 hours) Compute the total,...
Graded Problems Saved Required Compute variances for the following items and indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Item Variance Effect Sales price Sales revenue Budget $ 670 $ 590,000 $ 400,000 $ 285,000 $ 195,000 1,050 units $ 62,000 $ 97,000 $ 32,000 $ 64,000 Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor...
please show your work
oblem 3 (Textbook Reference: 8-6-Compute materials and labor variances Based on a standard volume Tahoe Company consists of: Standard volume of 96,000 units per month, the standard cost of the product manufactured by $ $ Direct materials (0.25 pounds x $8 per pound) Direct labor (0.5 hours x $7.60 per hour) Variable manufacturing overhead per unit Fixed manufacturing overhead ($144,000 in total) 2.00 3.80 2.50 1.50 9.80 23.200 pounds of materials was purchased at $8.40 per...
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