FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Topic Video
Question
Inputs Standard Quantity Standard Price    
Direct materials 3.0 pounds $4.00 per pound    
Direct labor 0.50 hours $22.00 per hour    
Variable manufacturing overhead 0.50 hours $6.00 per hour    
             
Actual results:            
Actual output 2,000 units        
Actual variable manufacturing overhead cost $7,140          
  Actual Quantity Actual price    
Actual direct materials cost 6,500 pounds $3.80 per pound    
Actual direct labor cost 1,050 hours $21.60 per hour    
             
Enter a formula into each of the cells marked with a ? below            
Main Example: Chapter 10            
             
Exhibit 10-4: Standard Cost Variance Analysis–Direct Materials            
Standard Quantity Allowed for the Actual Output, at Standard Price ? pounds ×  ? per pound =  
Actual Quantity of Input, at Standard Price ? pounds ×  ? per pound = ?  
Actual Quantity of Input, at Actual Price ? pounds ×  ? per pound = ?  
Direct materials variances:            
Materials quantity variance ?  U         
Materials price variance ?           
Materials spending variance ?  U         
             
Exhibit 10-6: Standard Cost Variance Analysis–Direct Labor            
Standard Hours Allowed for the Actual Output, at Standard Rate ? hours ×  ? per hour = ?  
Actual Hours of Input, at Standard Rate ? hours ×  ? per hour = ?  
Actual Hours of Input, at Actual Rate ? hours ×  ? per hour = ?  
Direct labor variances:            
Labor efficiency variance ?           
Labor rate variance ?           
Labor spending variance ?           
             
Exhibit 10-8: Standard Cost Variance Analysis–Variable Manufacturing Overhead        
Standard Hours Allowed for the Actual Output, at Standard Rate ? hours ×  ? per hour = ?  
Actual Hours of Input, at Standard Rate ? hours ×  ? per hour = ?  
Actual Hours of Input, at Actual Rate ? hours ×  ? per hour = ?  
Variable overhead variances:            
Variable overhead efficiency variance ?           
Variable overhead rate variance ?           
Variable overhead spending variance ?           

Will you put the Equations too?

Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education