Goodard inc. planned to use $160 of material per unit but actually used $148 of material per unit, and planned to make 1,130 units but actually made 910 units. The fexible-budget variance for materials is OA $10.920 unfavorable OB. $10.920 favorable OC $13,560 unfavorable OD. S13.560 favorable

Goodard inc. planned to use $160 of material per unit but actually used $148 of material per unit, and planned to make 1,130 units but actually made 910 units. The fexible-budget variance for materials is OA $10.920 unfavorable OB. $10.920 favorable OC $13,560 unfavorable OD. S13.560 favorable

Name: Goodard inc. planned to use $160 of material per unit but actually us
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Goodard inc. planned to use $160 of material per unit but actually used S148 of material per unit, and planned to make 1,130 units but actually made 910 units.The fexible -budget variance for materials isOA $10.920 unfavorableOB. $10,920 favorableOC

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

=t K Sunny Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit @ $0.56/lb.) Direct materials flexible budget variance-unfavorable Actual Direct Materials Used (AQU) Actual finished goods produced What is the actual cost of the Direct Materials Used (AQU) per pound? OA. $0.56 OB. $1.36 OC. $1.01 OD. $2.26 $1.68 per finished good $14.000 40,000 pounds 24,000 units
Domose Inc. planned to use $150 of material per unit but actually used $147 of material per unit, and planned to make 1,100 units but actually made 900 units The sales-volume variance for materials is ________. Select one: a. zero b. $30,000 favorable c. $30,000 Unfavorable d. $29,400 unfavorable e. $2,700 unfavorable
Beta Products Inc. planned to use $40 of material per unit but actually used $30 of material per unit, and planned to make 1,560 output units but actually made 1,310 output units. The sales-volume variance for materials is O A. $7,500 favorable O B. $7,500 unfavorable OC. $10,000 favorable D.$10,000 unfavorable
Use the following information to calculate the materials price variance: Direct material purchased and used (kgs) 30,000 Cost of direct material 84,000 Unfavourable direct materials usage variance 3,000 Standard quantity of direct materials allowed for production (kgs) 29,000 Select one: a. $6,000 U b. $2,800 F c. $6,000 F d. $2,800 U
Future Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit 50.44/lb.) 51.32 per finished good Actual direct materials purchased 30,000 pounds Actual Direct Materials Used ( AQU) 34,000 pounds Actual Price (AP) paid per pound $0.64 How much is the direct materials price variance? Question content area bottom Part 1 A. 56,000 favorable B. $6,000 unfavorable C. 56,800 unfavorable D. 56,800 favorable
Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Item Sales price Sales revenue Budget Actual Variance Effect $ EA 528 $ 656 $ (127) F 606,000 $ 583,000 $ 22,000 U Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume $ 363,000 $ 389,500 $ (26,000) U EA 284,500 $ 278,000 $ 181,000 $ 184,500 $ 915 units 980 units Wages at 4,000 hours $ 59,000 $ 60,600 $ 6,000 F (3,000) U (60) units F (1,500) U Labor usage at $16 per hour $ 97,600 $ 96,300 $ 1,200 F Research and development expense $ 29,500 $ 25,000 $ 4,000 F Selling and administrative expenses 6999 $ 43,000 $ 53,500 $ (10,000) U
3 Sunny Enterprise, a manufacturing company, produces a special component part and provided the following budgeted and actual information: Budget: Sales tunits) 80,000 Selling price RM18.00 per unit Variable cost RM14.00 per unit Actual: Sales lunits) 72,000 Selling price RM1640 per unit Variable cost RM12.40 per unit Required: approach. b. Explain the possible causes of those variances.
Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative Required $ 35.20 8.90 4.00 6.25 6.00 $ 117,000 52,000 a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (i.e., zero variance). Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income Flexible Budget Variances
Data Table AC × AQ SC × AQ SC × SQ $0.65 per pounds $0.30 per pounds $0.30 per pound × × × 7,600 pounds 7,600 pounds 7,200 pounds $4,940 $2,280 $2,160 Cost Efficiency Variance Variance $2,660 U $120 U . Record Smithson's direct materials journal entries. Assume purchases were made on account. 2. Explain what management will do with this variance information.
3. The following information is available from the KANSAN CORP.: Actual factory O/H P15,000 Fixed O/H expenses, actual P7,200 Fixed O/H expenses, budgeted P7,000 Actual hours 3,500 Standard hours 3,800 Variable O/H rate per DLH P2.50 Assuming that Tyro uses a three-way analysis of O/H variances, what is the spending variance?
Dynondo Incorporated planned to use materials of $12 per unit but actually used materials of $13 per unit, and planned to make 1,500 units but actually made 1,800 units The flexible-budget variance for materials is ________. Select one: a. $3,600 favorable b. $1,800 favorable c. $1,500 unfavorable d. $1,800 unfavorable e. $3,600 unfavorable
Required information [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead Predicted activity level Actual activity level Volume variance $ 28,225 $ 31,620 Volume Variance $ 2.10 per unit $ 11,500 Compute the volume variance and identify it as favorable or unfavorable. 11,500 units 10,200 units