Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Brown Corporation's May operations, during which 2,000 finished units of productwere produced. Normal monthly capacity is 1,100 direct labor hours.Standard Units CostsTotal Actual CostsDirect materialStandard (3 lb. @ $7.00/lb.)$21$46,080Actual (6,400 lb. @ $7.20/lb.)Direct laborStandard (0.5 hr. @ $19/hr.)$9.50Actual (950 hrs. @ $18.70/hr.)17,765Variable overheadStandard (0.5 hr. @ $9/hr.)$4.50Actual9,300$35$73,145Total Determine the following variances:Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.Materials VariancesActual cost:$0Split cost:$0Standard cost:$0Materials price$0Materials efficiency $0Labor VariancesActual cost:$0Split cost:$0Standard cost: $0Labor rate$0Labor efficiency $0Variable Overhead VariancesActual cost:$0Split cost:$Standard cost:$Variable overhead spending $Variable overhead efficiency $O O O O0◆

Variances are the deviation in the actual and budgeted value.in the terms of companies operation it…

Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: $ 0 Split cost: $ 0 Standard cost: $ 0 Materials price $ 0 → Materials efficiency $ 0 Labor Variances Actual cost: $ 0 Split cost: $ 0 Standard cost: $ 0 Labor rate $ 0 Labor efficiency $ 0 Variable Overhead Variances Actual cost: 0 Split cost: $ Standard cost: $ Variable overhead spending $ Variable overhead efficiency $ ܘ ܘ ܘ ܘ ܝ oooo ◆

Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: $ 0 Split cost: $ 0 Standard cost: $ 0 Materials price $ 0 → Materials efficiency $ 0 Labor Variances Actual cost: $ 0 Split cost: $ 0 Standard cost: $ 0 Labor rate $ 0 Labor efficiency $ 0 Variable Overhead Variances Actual cost: 0 Split cost: $ Standard cost: $ Variable overhead spending $ Variable overhead efficiency $ ܘ ܘ ܘ ܘ ܝ oooo ◆

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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Complete the standard cost variance analysis
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B. Given the possible causes of the variances, identify the variance for each number and whether Favorable or Unfavorable. Form 2 columns to write your answers. State whether variance is Favorable or Unfavorable Causes Give the Material Variance Name substandard material, quantity 1. discount, negotiated better price, quantity discount, or price drop higher-quality material, price 2. 2. increase, and negotiated poorly Give the Material Variance Name higher-quality material, better- qualified employees, or a change in manufacturing 3. 3. process lower-quality material, less- qualified employees, or a change in manufacturing 4. process Give the Labor Variance Name less-qualified employees or a change in quality level of employees due to a change in 5. 5. process more-qualified employees, a change in contract with employees, or a change in manufacturing process that changes the level of employees needed 6. Give the Labor Variance Name better material, higher-quality employees, or a change…
The following information was taken from the annual manufacturing overhead cost budget of Tamarisk Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours Normal production level in units Standard labour hours per unit $35,260 $18,860 16,400 4,100 4 During the year, 4,000 units were produced, 16,300 hours were worked, and the actual manufacturing overhead was $55,600. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours.
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Describe the difference between a direct materials efficiency variance and a variable manufacturing overhead efficiency variance. OA. A direct materials efficiency variance indicates whether more or less of the chosen allocation base was used than was budgeted for the actual output achieved. A variable manufacturing overhead efficiency variance indicates whether more or less direct materials were used than was budgeted for the actual output achieved. OB. A direct materials efficiency variance indicates whether more or less was paid for direct materials than was budgeted for the actual output achieved. A variable manufacturing overhead efficiency variance indicates whether more or less was paid for the chosen allocation base than was budgeted for the actual output achieved. OC. A direct materials efficiency variance indicates whether more or less direct materials were used than was budgeted for the actual output achieved. A variable manufacturing overhead efficiency variance indicates…
Assume the labor rate variance is $400 unfavorable and the labor spending variance is $200 unfavorable. Given these assumptions, which of the following statements is true? Multiple Choice The labor efficiency variance must be $600 favorable. The labor efficiency variance must be $600 unfavorable. The labor efficiency variance must be $200 favorable. The labor efficiency variance must be $200 unfavorable.
Based on the following, what is the total direct materials variance? Total Product Cost Flexible Budget Variance (a) Total Direct Materials Variance (b) Total Direct Labor Variance Total Manufacturing Overhead Variance (d) Direct Materials Direct Materials Direct Labor Direct Labor Total Variable Total Fixed Cost Efficiency Efficiency Variance Variance Cost Variance Variance Overhead Variance Overhead Variance $300 F $150 U $450 U $500 F (e) Variable Overhead Cost Variance $350 U Variable Overhead Efficiency Variance $425 F Fixed Overhead Cost Variance $650 F OA. $300 U OB. $150 U OC. $150 F OD. $300 F