(a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable and enter O for the amounts) Direct material price variance Direct material quantity variance $ Direct labor rate variance $ (b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter O for the amounts.) $ Direct labor efficiency variance $ (c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, eg. 125. If variance is zero, select "Not Applicable and enter O for the amounts) Variable overhead spending variance Variable overhead efficiency variance Fixed overhead spending variance $ (d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, eg. 125. If variance is zero, select "Not Applicable and enter 0 for the amounts) $ $
(a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable and enter O for the amounts) Direct material price variance Direct material quantity variance $ Direct labor rate variance $ (b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter O for the amounts.) $ Direct labor efficiency variance $ (c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, eg. 125. If variance is zero, select "Not Applicable and enter O for the amounts) Variable overhead spending variance Variable overhead efficiency variance Fixed overhead spending variance $ (d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, eg. 125. If variance is zero, select "Not Applicable and enter 0 for the amounts) $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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