Home Company manufactures tables with vinyl tops. The standard material cost for the vinyl used perType-R table is P7.80 based on six square feet of vinyl at a cost of P1.30 per square foot. A productionrun of 1,000 tables in January resulted in usage of 6,400 square feet of vinyl at a cost of P1.20 persquare foot, at a total cost of P7,680.15. The usage variance resulting from the above production run wasa. P120 favorableb. P480 unfavorable c. P520 unfavorable d. P640 favorable

Name: Home Company manufactures tables with vinyl tops. The standard materi
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Description: Home Company manufactures tables with vinyl tops. The standard material cost for the vinyl used perType-R table is P7.80 based on six square feet of vinyl at a cost of P1.30 per square foot. A productionrun of 1,000 tables in January resulted in usa

Standard costing means standards are determined for material, labour and overheads and then…

Answered: 15. The usage variance resulting from…

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15. The usage variance resulting from the above production run was a. P120 favorable b. P480 unfavorable c. P520 unfavorable d. P640 favorable

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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1.3 REQUIRED Use the information provided below to calculate the following variances. Each answer must indicate whether the variance is favourable or unfavourable. 1.3.1 Material quantity variance 1.3.2 Labour rate variance 1.3.3 Variable manufacturing overheads efficiency variance INFORMATION The standard variable costs per unit (with a standard quantity of 25 000 units), set by Kidman Manufacturers, for Product M are as follows: Materials Labour Variable overhead 4 kg at R10 per kg 2 hours at R20 per hour 2 hours at R12 per hour The actual costs for October 2022 are as follows: Materials Materials Labour Variable overhead 100 000 kg were purchased for R980 000 78 000 kg were used to produce 20 000 units of Product M 41 000 labour hours at R19.60 per hour R500 200 incurred
TRUE OR FALSE When actual production volume is less than expected volume, the production volume variance is unfavorable
Favorable or Unfavorable? Please assist.
Indicate whether each statement is true or false.1.a) DM quantity variance is favorable when the actual price is lower than the standardprice/pound. (……….)1.b) DL rate variance is unfavorable when the actual rate per hour was greater than thestandard rate per hour. (……….)
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 31,800 89,500 112,500. 10,700 278,500 $ 523,000 Interest expense Income tax expense Total costs and expenses Net income. Earnings per share $ 129,900 98,500 163,500 131,100 $ 523,000 Current Year $ 411,225 209,550 1 Year Ago $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: 4 12,100 9,525 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 673,500 2 Years Ago 642,400 $ 31,100 $ 1.90 $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 $51,250 83,500 163,500 79,250 $ 377,500 1 Year Ago $ 345,500…
An unfavorable overhead volume variance Indicates: Multiple Choice The actual variable overhead rate was less than the standard rate. The actual variable overhead rate was greater than the standard rate. Actual production was less than budgeted. Actual production was more than budgeted. 券
Subject: acounting
4
can you answer items #3 & #4? tysm
Do all the sub parts otherwise I downvote the answer.
Please do not give solution in image format thanku
10. Which of the following could cause a variable overhead flexible budget variance? A) Variable overhead costs being greater than expected for the given driver usage B) Variable overhead costs being less than expected for the given driver usage C) Driver usage being greater than expected for the given level of production D) Driver usage being less than expected for the given level of production E) All of the above E) A alan E)