Budgeted units produced and sold Actual selling price Sales volume variance for units sold Sales volume variance for revenue Budgeted direct material allowed per unit of output Actual direct material allowed per unit of output Budgeted direct manufacturing labor cost per hour Actual direct manufacturing labor cost per hour Budgeted manufacturing overhead cost per unit of output Actual manufacturing overhead cost per unit of output Total budgeted variable costs per unit of output Total actual variable costs per unit of output Budgeted direct manufacturing labor allowed per unit of output Actual direct manufacturing labor allowed per unit of output Budgeted and actual fixed costs 20000 140 3000(F) 390000(F) Four units Five units 40 42 14 17.1 110 86 .6 hour .45 hour 100000$ Calculate the following: 1. Price variance for direct material is: 2. Efficiency variance for direct material is: 3. Price variance for direct labor is: 4. Efficiency variance for direct labor is:

Budgeted units produced and sold Actual selling price Sales volume variance for units sold Sales volume variance for revenue Budgeted direct material allowed per unit of output Actual direct material allowed per unit of output Budgeted direct manufacturing labor cost per hour Actual direct manufacturing labor cost per hour Budgeted manufacturing overhead cost per unit of output Actual manufacturing overhead cost per unit of output Total budgeted variable costs per unit of output Total actual variable costs per unit of output Budgeted direct manufacturing labor allowed per unit of output Actual direct manufacturing labor allowed per unit of output Budgeted and actual fixed costs 20000 140 3000(F) 390000(F) Four units Five units 40 42 14 17.1 110 86 .6 hour .45 hour 100000$ Calculate the following: 1. Price variance for direct material is: 2. Efficiency variance for direct material is: 3. Price variance for direct labor is: 4. Efficiency variance for direct labor is:

Name: Budgeted units produced and soldActual selling priceSales volume vari
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Description: Budgeted units produced and soldActual selling priceSales volume variance for units soldSales volume variance for revenue200001403000(F)390000(F)Budgeted direct material allowed per unit of outputActual direct material allowed per unit of outputBudg

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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When using a standard cost system what is the report that summarizes actual costs, standard costs, and the differences for the units produced called? Group of answer choices variable performance report budget performance report static report none of the above
Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits Required: Prepare a profit variance analysis for Fournier Fixtures actual orders for 414,400 units) $ 7,873,600 for 370,000 units) $ 7,400,000 2,646,400 238,000 1,218,400 876,000 $ 4,978,800 $ 2,894,800 1,632,000 556,600 372,000 $ 2,560,600 $ 334,200 2,350,000 218,000 1,082,000 786,000 $ 4,436,000 $ 2,964,000 1,660,000 540,000 405,000 $ 2,605,000 $ 359,000 Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Sales revenue Variable costs: Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Fixed costs: Manufacturing overhead Marketing…
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25. A standard cost Multiple Choice a)is the average cost within an industry b)is useful in calculating equivalent units c)is a budget for the production of one unit of a product d)incorporates the opportunity cost of a unit of production e)shows the actual cost from previous years
Requirement 1. Compute the budgeted fixed manufacturing overhead rate per barrel for each of the denominator-level capacity concepts. Explain why they are different. Begin by determing the formula to calculate the budgeted fixed manufacturing overhead rate per barrel, then compute the rate for each of the denominator-level capacity concepts. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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K Juda Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Juda allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Data table Sales Static Budget (1,025 recliners) Actual Results (1,005 recliners) (1,025 recliners x $515 each) (1.005 recliners x $480 each) S 527,875 S 482,400 Variable Manufacturing Costs: Direct Materials (6.150 yds. @ $8.907 yd.) (6,300 yds. @ $8.70/yd.) 54.735 54,810 Direct Labor (10,250 DLHr @ $11.30 / DLHr) (9,850 DLHr @ $11.40/DLHr) 115,825 112:290 Variable Overhead (6,150 yds @ $5.10/yd.) 31,365 (6,300 yds. @ $6.50 / yd.) 40,950 Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit X 62,730 64,730 0 264,655 272,780 $ 263,220 $ 209.620 Us