RequiredIndicate 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 ClassifyStandardActualType of VarianceSales volume42,700 units44,600 unitsSales price$3.70 per unit$3.67 per unitMaterials cost2$3.70 per pound2$3.60 per poundMaterials usage90,700 pounds91,700 poundsLabor cost$10.30 per hour10.70 per hourLabor usage62,500 hours61,700 hoursFixed cost spending$ 495,320$ 459,380Fixed cost per unit (volume)11.60 per unit$10.30 per unit

Name: RequiredIndicate whether each of the following variances is favorable
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Description: RequiredIndicate 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 ClassifyStandardActualType of VarianceSales v

A variance is said to be Favorable when the budgeted revenues are less than actual revenues and…

Business

Accounting

Indicate whether each of the following variances is favorable (F) or unfavorable (U). The "None" if there is no effect (i.e., zero variance).) Item to Classify Standard Actual Type of Variance F 42,700 units 3.70 per unit 3.70 per pound $ 90,700 pounds 10.30 per hour 62,500 hours $ 495,320 44,600 units 3.67 per unit 3.60 per pound 91,700 pounds $ 10.70 per hour 61,700 hours $ 459,380 10.30 per unit Sales volume Sales price Materials cost $ $ Materials usage Labor cost Labor usage $ Fixed cost spending Fixed cost per unit (volume) 11.60 per unit

Indicate whether each of the following variances is favorable (F) or unfavorable (U). The "None" if there is no effect (i.e., zero variance).) Item to Classify Standard Actual Type of Variance F 42,700 units 3.70 per unit 3.70 per pound $ 90,700 pounds 10.30 per hour 62,500 hours $ 495,320 44,600 units 3.67 per unit 3.60 per pound 91,700 pounds $ 10.70 per hour 61,700 hours $ 459,380 10.30 per unit Sales volume Sales price Materials cost $ $ Materials usage Labor cost Labor usage $ Fixed cost spending Fixed cost per unit (volume) 11.60 per unit

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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Exercise 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 Effect
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