Fill in the blanks with the variances and whether they are favorable or unfavorable. Format your answers with the number and capitalized F/U with no space in between (ex: 200.5F). Do not enter a dollar sign. Enter 0 if there is no variance. Actual Spending Variance Flexible Activity Variance Budgeted Units 285 0 285 35 250 Revenues 6,450 6,697.5 5,875 Direct Labor 2,700 2,707.5 2,375 Direct Materials 790 769.5 675 Manufacturing Overhead 1,060 1,197 1,050 S&A Expenses 171 171 150 Income 1,729 1,852.5 1,625

Fill in the blanks with the variances and whether they are favorable or unfavorable. Format your answers with the number and capitalized F/U with no space in between (ex: 200.5F). Do not enter a dollar sign. Enter 0 if there is no variance. Actual Spending Variance Flexible Activity Variance Budgeted Units 285 0 285 35 250 Revenues 6,450 6,697.5 5,875 Direct Labor 2,700 2,707.5 2,375 Direct Materials 790 769.5 675 Manufacturing Overhead 1,060 1,197 1,050 S&A Expenses 171 171 150 Income 1,729 1,852.5 1,625

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 4MC: This variance is the difference involving spending more or using more than the standard amount. A....

See similar textbooks

Similar questions

Which of the following is FALSE regarding variances? O A favorable variance, when it occurred, are debited to the related variance account. O Mathematically, an unfavorable variance has a positive value. O Favorable variances occur whenever actual prices or actual usage of inputs are lower than standard prices or standard usage. O A variance is the remaining portion after subtracting the standard cost from the actual cost. Next Previous
Please provide answers in excel with formulas. Calculate the following variances and indicate whether each variance is favorable or unfavorable: 1.5. Volume Variance1.6. Total Variance
Use the variance formulas to compute the following variances. Note: Indicate the effect of the first three variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Select "Positive" or "Negative" for the Fixed-overhead Volume variance.
This variance is the difference involving spending more or using more than the standard amount. A. favorable variance B. unfavorable variance C. no variance D. variance
This variance is the difference involving spending less, or using less than the standard amount. A. favorable variance B. unfavorable variance C. no variance D. variance
Close the PRIMEVAR4 file and open PRIMEVAR3. Click the Chart sheet tab. On the screen is a graphical representation of the variances computed in requirement 3. Review the chart and answer the following questions: a. Which variances does each bar represent? A __________ B __________ C __________ D __________ b. Which of the variances shown would be of most concern to management for immediate attention? (Consider groups of variances and materiality also.) Explain. When the assignment is complete, close the file without saving it again. Worksheet. McGrade Industries also has the following information regarding overhead for October: actual overhead 375,000, standard variable overhead of 3 per direct labor hour, and standard fixed overhead of 5 per direct labor hour (based on 47,000 hours budgeted). Modify the PRIMEVAR3 worksheet to compute all appropriate overhead variances. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as PRIMEVART. Hint: Insert several new rows in the Data Section and in the Answer Section. Chart. Using the PRIMEVAR3 file, prepare a 3-D stacked bar chart to compare total standard cost per unit with actual cost per unit. Complete the Chart Tickler Data Table and use it as a basis for preparing the chart. You do not need to use cell references when completing the table. Enter all appropriate titles, legends, and formats. Enter your name somewhere on the chart. Save the file again as PRIMEVAR3. Print the chart.
TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard cost. TaskMaster has established the following standards for the prime costs of one unit of product. Direct Materials Direct Labor Standard Quantity 8 pounds 0.25 hour Standard Price $ 3.40 per pound $ 11.20 per hour Standard Cost $ 27.20 2.80 $ 30.00 During November, TaskMaster purchased 168,000 pounds of direct materials at a total cost of $588,000. The total factory wages for November were $58,000, 90% of which were for direct labor. TaskMaster manufactured 19,800 units of product during November using 148,500 pounds of direct materials and 5,160 direct labor-hours. Is the direct labor rate variance favorable or unfavorable?
A1 fr Chapter 10: Applying Excel A В D E F 1 Chapter 10: Applying Excel 3 Data 4 Exhibit 10-1: Standard Cost Card Standard Quantity 2.9 pounds 5 Inputs Standard Price 6 Direct materials 7 Direct labor 8 Variable manufacturing overhead $4.00 per pound $22.00 per hour $6.00 per hour 0.60 hours 0.60 hours 9. 10 Actual results: Actual output Actual variable manufacturing overhead cost 13 2,000 units $7,140 Actual Quantity 6,500 pounds 11 12 Actual price $3.80 per pound $21.60 per hour 14 Actual direct materials cost 15 Actual direct labor cost 1,050 hours 16 17 Enter a formula into each of the cells marked with a ? below 18 Main Example: Chapter 10 19 20 Exhibit 10-4: Standard Cost Variance Analysis- Direct Materials 21 Standard Quantity Allowed for the Actual Output, at Standard Price 22 Actual Quantity of Input, at Standard Price 23 Actual Quantity of Input, at Actual Price 24 Direct materials variances: ? pounds x ? pounds x ? pounds x ? per pound = ? per pound = ? per pound = 25…
1.What is the labor rate variance ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 2. What is the variable overhead efficiency variance ? ( indicate the effect of each variance by selecting "f" for favorable, U for unfavorable, and None for no effect and round your final answer to the nearest whole number) 3. what is the variable overhead rate variance?
Looking at the excel worksheet please answers these three fallowing questions: B-1. What is the labor efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the labor efficiency variance ? U c-1. What is the variable overhead efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead efficiency variance U c-2. What is the variable overhead rate variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead rate variance U
Gauging the Favorableness of VariancesWhen variances occur, they are described as being either favorable or unfavorable. When actual activity consumes more time or money than initially planned, an unfavorable variance exists. However, when actual activity consumes less time or money than initially planned, a favorable variance exists. Note that the terms favorable and unfavorable are used, rather than saying that a variance is good or bad, because until the cause of a variance is discovered, it is not clear whether a variance is either good or bad. Note: Use the minus sign to indicate negative values (when the budgeted amount is greater than the actual). If a company calculates that the actual cost for the actual hours worked by employees was $4,300,000, and the amount budgeted for those hours actually worked was $4,800,000, the actual cost for hours worked less the budgeted cost for hours worked is $fill in the blank 53fc32fccfba079_1. This tells you that the actual cost at actual…
B. Given the possible causes of the variances, identify the variance for each number and whether Favorable or Unfavorable. Form 2 columns to write your answers. State whether variance is Favorable or Unfavorable Causes Give the Material Variance Name substandard material, quantity 1. discount, negotiated better price, quantity discount, or price drop higher-quality material, price 2. 2. increase, and negotiated poorly Give the Material Variance Name higher-quality material, better- qualified employees, or a change in manufacturing 3. 3. process lower-quality material, less- qualified employees, or a change in manufacturing 4. process Give the Labor Variance Name less-qualified employees or a change in quality level of employees due to a change in 5. 5. process more-qualified employees, a change in contract with employees, or a change in manufacturing process that changes the level of employees needed 6. Give the Labor Variance Name better material, higher-quality employees, or a change…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

	Actual	Spending Variance	Flexible	Activity Variance	Budgeted
Units	285	0	285	35	250
Revenues	6,450		6,697.5		5,875
Direct Labor	2,700		2,707.5		2,375
Direct Materials	790		769.5		675
Manufacturing Overhead	1,060		1,197		1,050
S&A Expenses	171		171		150
Income	1,729		1,852.5		1,625