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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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. (Select
"None" if there is no effect (i.e., zero variance).)
Item to Classify
Standard
Actual
Type of Variance
Sales volume
42,700 units
44,600 units
Sales price
$
3.70 per unit
$
3.67 per unit
Materials cost
2$
3.70 per pound
2$
3.60 per pound
Materials usage
90,700 pounds
91,700 pounds
Labor cost
$
10.30 per hour
10.70 per hour
Labor usage
62,500 hours
61,700 hours
Fixed cost spending
$ 495,320
$ 459,380
Fixed cost per unit (volume)
11.60 per unit
$
10.30 per unit](https://content.bartleby.com/qna-images/question/ba99e415-6143-4d16-b5bd-ce250cd2d313/a5c80701-0ece-4746-8628-da09cd71ad27/fzsosy_thumbnail.png)
Transcribed Image Text:Required
Indicate whether each of the following variances is favorable (F) or unfavorable (U). The first one has been done as an example. (Select
"None" if there is no effect (i.e., zero variance).)
Item to Classify
Standard
Actual
Type of Variance
Sales volume
42,700 units
44,600 units
Sales price
$
3.70 per unit
$
3.67 per unit
Materials cost
2$
3.70 per pound
2$
3.60 per pound
Materials usage
90,700 pounds
91,700 pounds
Labor cost
$
10.30 per hour
10.70 per hour
Labor usage
62,500 hours
61,700 hours
Fixed cost spending
$ 495,320
$ 459,380
Fixed cost per unit (volume)
11.60 per unit
$
10.30 per unit
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- verify whether variances favorable of unfavorable: budgeted cost at actual volue would be 25344 (21.12*1200) and total variance to be explained is 2536 (unfavorable 27880-25344). what is the amount of variance that is attributed to the diffence between the budgeted and actual wage rate per hour. what is the amount of variance that is attributed to the change in labor productivity? what is the amount of variance that can be attributed tothe diffence between budgeted and actual volume budget actual wage rate per hour 16 17 fixed hours 320 320 variable hours per relative value unit (RVU) 1 1.1 Relative Value unite (RVUs) 1000 1200 total labor hours 1320 1640 labor cost 21120 27880 cost per RVU 21.12 23.23arrow_forwardPlease do not give solution in image format thankuarrow_forwardssarrow_forward
- Calculate the value of A. Enter Favourable variances as a positive number and Unfavourable variances as a negative number. 1 2 Units 3 4 Less: Total Variable Costs 5 Direct Materials Revenues 6 Direct Labour 7 Variable Manuf. OH. 8 Total Variable Costs 9 Total Contribution Margin 10 Total Fixed Costs 11 Operating Income $ B Static 120,000 C Actual $ D Flex Budget 80,000 E Flex Budget Variance $70,000 F $20,000 U $20,000 Uarrow_forwardPlease do not give solution in image format thankuarrow_forwardCan't figure out sales volume variance, please show work.arrow_forward
- Returns Year X Y 1 8% 12% 2 21 27 3 - 27 32 4 5 11 18 18 24 Using the returns shown above, calculate the average returns, variances, and standard deviations for X and Y: (Do not round intermediate calculations. Round the final percent answers to 2 decimal places. The variances to 5 decimal places.) Average returns Variances Standard deviations % %arrow_forwardExercise 8-3A (Algo) Determining amount and type (favorable vs. unfavorable) of variance LO 8-2 Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U): Note: Select "None" if there is no effect (i.e., zero variance). Sales price Sales revenue Cost of goods sold Item Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $16 per hour Research and development expense Selling and administrative expenses 69 $ $ $ $ $ 69 $ 69 $ Budget 656 $ 583,000 $ 389,500 $ 278,000 $ 184,500 $ 980 units 60,600 $ 96,300 $ 25,000 53,500 $ Actual 528 606,000 363,000 284,500 181,000 915 units 59,000 97,600 29,500 43,000 Variance units Effectarrow_forwardPlease don't give image formatarrow_forward
- Figure out what the total, price, and quantity variances are from the given information. Plz answer fast without plagiarism i give up votearrow_forwardYear a. b. 12345 C. Returns X 22.0% 17.0 10.0 20.0 5.0 a. Calculate the average returns for X and Y. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) b. Calculate the variances for X and Y. (Do not round intermediate calculations and round your answers to 6 decimal places, e.g., 32.161616.) c. Calculate the standard deviations for X and Y. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Y 27.0% 4.0 29.0 - 15.0 33.0 X Answer is complete but not entirely correct. Average return Variance Standard deviation X 8.00 2.445000 x 15.64 % % Y 14.72 X % 4.501920 X 21.22 X %arrow_forwardUse the following returns for X and Y. Returns Year x y 1 21.8% 26.4% 2 -16.8 -3.8 3 9.8 28.4 4 19.6 -14.6 5 4.8 32.4 a. Calculate the average returns for X and Y. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) b. Calculate the variances for X and Y. (Do not round intermediate calculations and round your answers to 6 decimal places, e.g., 32.161616.) c. Calculate the standard deviations for X and Y. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)arrow_forward
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