FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Hello, The standards for one case of liquid weed killer are as follows: Direct materials 7 lbs @$8.25 pr/lb Direct labor 4 hours @$17.6/hr Variable overhead (based on machine hours) 1.3 hr @$6.05/hr During the week ending May 6, the following activity took place 5,632 machine hours were worked 32,239 lb of raw material were purchased for inventory at a total cost of $271,452. 4,560 cases of finished product were produced. 31,755 lb. of raw material were used. 17,839 labor hours were worked at an average rate of $17.88 per hour. $32,891 actual variable overhead costs were incurred. Calculate each of the following variances: Do not round intermediate calculations. Raw materials usage variance ??? Direct labor rate variance ??? Direct labor efficiency variance ??? Variable overhead spending variance ??? Variable overhead efficency variance ??? Thanks...arrow_forwardPLEASE DO NOT GIVE ASNWER IN IMAGE FORMATarrow_forwardAirQual Test Corporation provides on-site air quality testing services. The company provided the following cost formulas and actual results for the month of February: Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month Variable Component per Job $ 276 Actual Total for February $ 30,370 $8,150 $ 8,540 $ 8,300 $ 4,500 $ 35 $2,700 $3 $2,910 $1,550 $ 2,860 $940 $ 1,620 $2,860 $1 $ 365 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,500 plus $35 per job, and the actual mobile lab operating expenses for February were $8,540. The company expected to work 120 jobs in February but actually worked 122 jobs. Required: Prepare a flexible budget performance report for February. 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…arrow_forward
- AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Revenue Technician wages Mobile lab operating expenses Office expenses Advertising expenses Insurance Miscellaneous expenses Fixed Component per Month $ 8,300 $ 4,600 $ 2,200 $ 1,590 $ 2,860 $ 960 Variable Component per Job $ 279 $ 32 $ 3 $ 1 Actual Total for February $ 30,730 $ 8,150 $ 8,280 $ 2,410 $ 1,660 $ 2,860 $ 385 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,600 plus $32 per job, and the actual mobile lab operating expenses for February were $8,280. The company expected to work 120 jobs in February, but actually worked 128 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting…arrow_forwardhelp please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all workingarrow_forwardPlease do not give solution in image format thankuarrow_forward
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