Fixed overhead volume variance is a flexible budget variance. O True False

Q: Production-volume variance formula

A: Variance: It implies to a difference between the actual and standard outcomes. If the actual outcome…

Q: NSF Lube is a fast-growing chain of oil-change stores. The following data are available for last…

A: Cost Variance-Cost variance is the procedure of evaluating the fiscal performance of your task. Cost…

Q: None

A: A. Fixed overhead volume varianceThe fixed overhead volume variance, which describes the capacity…

Q: Considering the variance analysis, which of the following statements is true? O a. When there is…

A:

Q: 1 Which of the following variances would be useful in calling attention to possible problems in the…

A: Detailed explanation: Understanding Overhead Variances:Overhead costs are the indirect costs of…

Q: nesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The…

A: Solution: Variances are the differences in actual results and standard set for those actual results.…

Q: Why is the flexible-budget variance the same amount as the spending variance for fixed manufacturing…

A: Spending variance:It indicates the amount of actual cost incurred for actual production over the…

Q: The following partial information is contained in the variance analysis received from the Western…

A: Variable overhead variance is the difference between actual variable overhead incurred and the the…

Q: When using a standard cost system what term is used to denote that the actual cost is less than the…

A: Standard cost is calculated using estimated amounts. If the actual cost is less than the standard…

Q: A Favorable Variance results when (check all that apply)   a. Actual costs exceed Budgeted costs…

A: While calculating variances,  for costs - If actual costs are lower than the budgeted costs then it…

Q: please answers these three fallowing questions: B-1. What is the labor efficiency variance? Note:…

A: Variance is the difference in the value of budgeted quantity. and the actual cost\quantity. Direct…

Q: Kranberry Networks Ltd had implemented a standard costing system to aid it in assessing the…

A: Material Price Variance = ( Standard Price - Actual Price) * Actual Quantity Material Quantity =…

Q: When using a standard cost system what term refers to the differences between actual and standard…

A: Difference of actual and standard cost is measured to calculate the variance. The variances of cost…

Q: At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material -…

A: Variance: It is the difference between budgeted and actual expenditures and revenue.

Q: The materials price variance should be computed when materials are purchased. Group of answer…

A: Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

Q: What would cause an unfavorable price variance? When the actual usage is greater than the standard…

A: The price variance is calculated by the formula: Where,

Q: What can you tell me about variance, as it concerns fixed or variable budgets? What is favorable…

A: The question is related to Standard costing and Budgetory Comtrol. Variance may be defined as the…

Q: The controllable variance measures a. operating results at more than normal capacity b. operating…

A: Standard costs are estimates of the actual costs in a company’s production processThen, the actual…

Q: The following information describes production activities of Mercer Manufacturing for the year:…

A: Variances are an important part of cost control and performance evaluation in the company. Favorable…

Q: Labour efficiency variance Fixed overhead price variance  Fixed overhead efficiency variance

A: Labour efficiency varianceLabour Efficiency Variance is the difference between the standard labour…

Q: 1. How is the flexible budget used within the variance analysis system to evaluate effectiveness and…

A: 1) Flexible budget refers to a budget that flexes with change in volume or change in activity. It is…

Q: 75,000 al - 270,000 pounds at a cost of $1,026,000 - 187,500 hours at a cost of $4,125,000 erhead -…

A: Ans. For Raw Material Price Variance we need to compare the price of raw material per unit between…

Q: ostitive variance" because actual cost minus budgeted cost equals lexible variance" because it is…

A: Actual cost is the expense incurred during a specific period . Cost as flexible budget is the fixed…

Q: If the material price variance is favorable but the material quantity variance is unfavorable, what…

A: Variance analysis is method of analysis of actual data and budgeted data. This helps an organisation…

Q: following information applies to the questions displayed below.] ro Corporation reports the…

A: Total overhead refers to the sum value of total expenses that are expected to be arising out of all…

Q: 1. What is the activity variance for the revenue? (Indicate the effect of each variance by selecting…

A: Variance analysis is one of the important technique of management accounting analysis, under which…

Q: The total manufacturing overhead variance is composed of flexible budget variance and production…

A: Manufacturing overheads means all type of indirect costs and expenses being incurred in business.…

Q: Google monitors its fixed overhead. In an analysis of fixed overhead cost variances, what is the…

A: Fixed Cost: It is a cost which is constant in the short run, it is not related to any change in the…

Q: Problem 16-67 (Static) Manufacturing Variances (LO 16-5) Wisner Fabrication prepares its budgets on…

A: Variance arises when the actual costs  differ from the standard costs. The results are favorable…

Q: following information applies to the questions displayed below.] The Platter Valley factory of Bybee…

A: According to the question given, we need to compute the overhead variances Variance:variance refers…

Q: cost variance

A: Variance analysis plays a key role in the functioning of any company. It lets you identify key areas…

Q: An Unfavorable Variance results when (check all that apply)   a. Actual costs exceed Budgeted…

A: Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

Q: When the total direct labor cost variance is unfavorable, the direct labor rate variance will (must)…

A: Honor Code: Since you have asked multiple questions, we will solve the first question for you. If…

Q: Razi Company is a manufacturer of the leather belt based in Kelang, Selangor. The company estimated…

A: Given : Leather Belt Standard cost per unit (RM) (2m at RM1.50 per meter) 3.00 Direct labour…

Q: The total manufacturing cost variance is a.the flexible budget variance plus the time variance b.the…

A: Variance means difference between standard cost of producing goods and actual cost of producing same…

Q: What makes a variance favorable? Give an example of a favorable variance involving materials. What…

A: Variance is the difference in the value of budgeted cost\quantity and the actual cost\quantity. When…

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.