FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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If the materials price variance is $3300 F and the materials quantity and labor variances are each $1800 U, what is the total materials variance?
a.$3300 F
b. $1800 U
c. $1500 F
d. $4050 U
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- The total manufacturing cost variance is a.the flexible budget variance plus the time variance b.the difference between actual costs and standard costs for units produced c.the difference between planned costs and standard costs for units produced d.None of these answers are correct.arrow_forwardRequired A Required B Calculate the variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing costs Variancesarrow_forwardFill out the chart and mainly where there’s a red astirisarrow_forward
- 2. Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced A. Compute the material price and quantity, and the labor rate and B. C. D. E. unfavorable variances. $1.00 $0.90 100 90 15 $ $ 16 200 220 efficiency variances. Describe the possible causes for this combination of favorable andarrow_forwardPlease do not give solution in image format thankuarrow_forward1.3 REQUIRED Use the information provided below to calculate the following variances. Each answer must indicate whether the variance is favourable or unfavourable. 1.3.1 Material quantity variance 1.3.2 Labour rate variance 1.3.3 Variable manufacturing overheads efficiency variance INFORMATION The standard variable costs per unit (with a standard quantity of 25 000 units), set by Kidman Manufacturers, for Product M are as follows: Materials Labour Variable overhead 4 kg at R10 per kg 2 hours at R20 per hour 2 hours at R12 per hour The actual costs for October 2022 are as follows: Materials Materials Labour Variable overhead 100 000 kg were purchased for R980 000 78 000 kg were used to produce 20 000 units of Product M 41 000 labour hours at R19.60 per hour R500 200 incurredarrow_forward
- --/1 Question 5 View Policies Current Attempt in Progress If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance? O $3000 U O $3900 F O $4350 U O $900 F hp 12 f10 fg 144 18 f7 f6 f5 4+arrow_forwardThe total variance is $44000 unfavorable. the total materials variance is $20000 unfavorable. The total labor variance is twice the total overhead variance. What is the total overhead variance?arrow_forward56. When the actual amount of a raw material used in production is greater than the standard amount allowed for the actual output, the journal entry would include: Debit A. Materials Qty. Variance B. Materials Qty. Variance Credit Raw Materials Work in Process Credit c. Raw Materials d. Work in Process Credit Materials Qty. Variance Materials Qty. Variancearrow_forward
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