Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values. Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold Actual $211,000 $ $76,000 $ $300 8,900 Flexible Budget Variance $189700 $115,580 $0 $114,980 0 Unfavourable + Unfavourable U U Flexible Budget 189700 x $22,420 $76,300 Sales-Volume Variance $21,300 $13,420 $0 $ $13,420 Favourable U V U U Favourable ÷ •

Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values. Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold Actual $211,000 $ $76,000 $ $300 8,900 Flexible Budget Variance $189700 $115,580 $0 $114,980 0 Unfavourable + Unfavourable U U Flexible Budget 189700 x $22,420 $76,300 Sales-Volume Variance $21,300 $13,420 $0 $ $13,420 Favourable U V U U Favourable ÷ •

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dasance, make sure to enter u in the appropriate neid. it ine variance is zero, do not select a saber. Hound your answers to the nearest whole odiar.) Actual Flexible-Budget Flexible Sales-Volume Results Variance Budget Variance Units sold Revenues (sales) Variable costs Contribution margin Fixed costs $ 103,000 695,250 $ 430,000 $ 345,050 F S 198,250 U 103.000 350,200 $ 231,750 265,250 246,750 18,500 $ 14,950 13,000 F 44,200 F $ 29,250 U 14,950 F 0 14,950 146,800 F 161,750 U U Operating income Calculate the total static-budget variance to verify your work is accurate. Determine the labels and then enter the amounts to calculate the static-budget variance. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Abbreviation used: CM = contribution margin.) 118,450 85,000 33,450 $ Static Budget F 90,000 306,000 202,500 Total static-budget variance 103,500 85,000 18,500
Can you help me interpret these results i)Revenue Variance, Price, and Volume Variance Revenue variance = Actual revenues – Static revenues = $2,200,000 - $1,9800,000 = $220,000 Price variance = Actual revenues – Flexible revenues =$2,2000,000 - $2,200,000 =$0 Volume variance = Flexible revenues – Static revenues =$2,200,000 - $1,980,000 = $220,000 ii) Cost Variance, Volume Variance and Management Variance Cost variance = Static cost - Actual cost =$1,350,000 -$1,625,000 = $-275,000 Volume = Static cost – Flexible costs = $1,350,000 - =$1,475,000 = $-125,000 Management variance = Flexible cost- Actual cost =$2,200,000 - 1,625,000 =$575,000 iii) Profit Variance Profit Variance= Actual Profit - Static Profit = 225,000 - 130,000 = 95,000 Revenue Variance = Actual Revenue - Static Revenue = 2, 200,000 - 1,980,000 = 220,000 Cost Variance = Static Cost - Actual Costs = 1,850,000 - 1,975,000 = (125,000) Can you help me interpret these results
The following information was taken from the annual manufacturing overhead cost budget of Tamarisk Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours Normal production level in units Standard labour hours per unit $35,260 $18,860 16,400 4,100 4 During the year, 4,000 units were produced, 16,300 hours were worked, and the actual manufacturing overhead was $55,600. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours.
I need help with problems 1 a-b, and 2-a-c. Part of 1 b is cut off, to clarify it says that I need to solve for the "price variance" and the "spending variance." Thanks for the help in advance!
Q.Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.)
Required a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating income from net income in the statements and indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Sales Variable expenses: Fixed expenses: $ ROONEY COMPANY Internal Income Statement Budget 0 0 0 $ Actual 0 0 0 Variance Effect
Subject: Cost managent & accounting Compute the missing figures Standard Variances Actuala) Rs. 50,000 Rs. 5,000 Adverse ?b) Rs. 90,000 Rs. 10,000 Favourable ?c) Rs. 100,000 Nil ?d) ? Rs. 12,000 Adverse Rs. 82,000e) ? Rs. 20,000 Favourable Rs. 100,000
Fill in the blank cells Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values. Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold $ $ Actual $187,000 $ $76,000 $4,200 6,100 Flexible Budget Variance $98,070 $0 $98,070 0 U U ◆ Flexible Budget $ LA $23,330 $ $71,800 Sales-Volume Variance $13,900 $7,930 $0 $7,930 U U U 43 Static Budget $29,300 $182,000 $110.200 8,100
A situation where a favourable variance may result is when actual operating income is less than the budgeted amount b. None of the answers. actual revenues exceed budgeted revenues d. budgeted contribution margin is more than the actual amount e. budgeted or standard costs are less than actual costs 16 10 90604
Take me to the text Fill in the blank cells Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Enter all variances as positive values. Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Units Produced and Sold Actual $207,000 $ $148,000 S $68,900 8,900 Flexible Budget Variance $ I $ $24,180 SO $24,180 0 U U → → Flexible Budget $ $32,420 $ $79,100 S Sales-Volume Variance $12,800 S $24,820 $0 $24,820 U U U ÷ ♦ Static Budget $20,400 $197,000 $117,900 12,500 S S
Basic Variance Analysis and the Impact of Variances on Unit Costs - Excel Sign In FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 A A % Alignment Number Conditional Format as Formatting Table Styles Paste В I U Cell Cells Editing Clipboard Font Styles G26 fe A B E G H 3 Direct materials: 4 Standard $2.75 per yard $2.70 per yard 2.4 yards @ $6.60 5 Actual 3 yards @ $8.10 6 Direct labor: 7 Standard 8 Actual 9 Variable overhead: 10 Standard 0.6 hours @ $18.00 per hour $22.00 per hour 10.80 0.5 hours @ 11.00 0.6 hours @ $7.00 per hour $7.10 per hour 4.20 11 Actual 0.5 hours @ 3.55 12 13 Total cost per unit $21.60 $22.65 14 15 Excess of actual cost over standard cost per unit $1.05 16 17 Actual production for the month 18 Variable overhead is assigned to products based on direct labor hours. There 19 was no beginning or ending inventory of materials for the month. 13,500 units 20 21 Using formulas, compute the following. Input all numbers as positive amounts. Indicate…
How much of the $0.24 excess unit cost is traceable to apparent inefficient use of labor time?Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round your final answers to 2 decimal places.