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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K Purchasing a greater quantity of raw materials than budgeted, but paying the Standard OA. Materials quantity variance B. Materials price variance C. Both of the variances may be affected D. Neither of the variances may be affected
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An example of a performance measure with a long−timehorizon is ________. A. quality of room service B. direct materials efficiency variances C. number of new patents developed D. overhead spending variances
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1-What makes a variance favorable? Give an example of a favorable variance involving materials. What makes a variance unfavorable? Give an example of an unfavorable variance involving labor. 2-How do you balance a firm’s need to succeed and the need for not asking the workers for perfection? 3-What two components are needed to determine a standard for materials? 4-What makes a variance favorable? Give an example of a favorable variance involving materials. What makes a variance unfavorable? Give an example of an unfavorable variance involving labor.
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Required Indicate whether each of the following variances is favorable (F) or unfavorable (U). The first one has been done as an example. Note: Select "None" if there is no effect (1.e., zero variance). Item to Classify Sales volume Sales price Materials cost Materials usage Labor cost Labor usage Fixed cost spending Fixed cost per unit (volume) $ $ $ $ $ Standard 40,100 units 3.61 per unit 3.00 per pound 91,100 pounds 10.10 per hour 61,100 hours 401,000 3.21 per unit $ $ $ $ $ Actual 42,100 units 3.64 per unit 3.10 per pound 90,100 pounds 9.70 per hour 61,900 hours 391,000 3.17 per unit Type of Variance F
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Determine the following variances, and state clearly whether each is favourable or unfavourable. (i) direct materials price, inventory, and quantity variances; (ii) direct labor rate and efficiency variances; (iii) variable overhead rate and efficiency variances; (iv) fixed overhead budget and volume variances; and (v) sales price and sales volume variances