FINANCIAL ACCOUNTING
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
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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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