FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 …
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 t…
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✓ Your answer is correct. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 52.) (1) (2) Total materials variance Materials price variance Total labor variance Materials quantity variance $ Labor price variance Labor quantity variance List of Accounts (b) $ $ List of Accounts S $ Compute the total overhead variance Total overhead variance S Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable Favorable
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Transcribed Image Text:✓ Your answer is correct. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, eg. 52.) (1) (2) Total materials variance Materials price variance Total labor variance Materials quantity variance $ Labor price variance Labor quantity variance List of Accounts (b) $ $ List of Accounts S $ Compute the total overhead variance Total overhead variance S Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable Favorable
Sunland Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour (a) Actual $2.40 11.100 $177,000 15,000 $204,550 Standard $2 10,400 $171,360 15,300 $206,550 41,500 $62,250 $3.00 $1.50 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $498,000 Selling and administrative expenses were $37.900. Assume that the amount of raw materials purchased
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Transcribed Image Text:Sunland Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour (a) Actual $2.40 11.100 $177,000 15,000 $204,550 Standard $2 10,400 $171,360 15,300 $206,550 41,500 $62,250 $3.00 $1.50 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $498,000 Selling and administrative expenses were $37.900. Assume that the amount of raw materials purchased
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