what is the formula or equations on how to calculate for spending variance for March 31
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what is the formula or equations on how to calculate for spending variance for March 31
Spending variance means the difference between actual and budgeted expense. Spending variance can be computed on
a)direct materials
b) direct labor
c) fixed overhead
d) Variable overhead'
e) Administrative overhead
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- how did you come up with production quantity (A) in the wages payment budget?- Flexible and Actual Units (pounds) are given belowCalculate revenue and spending variances for AugustGiven: Revenue 4per poundOn OwnPacking Supplies0.5per poundOyster Bed Maintenance3200flatWages & Salaries2900flat plus0.3 per poundShipping0.8per pound Utilities830flat Other450flat plus0.05per poundFlexible Budget & Actual Results for the Month Ending May 31 ActualFlexibleRev & Spend'gPounds (Q)8, 0008,000Variances(actual flexible) Revenue 35,200 Expenses: Packing Supplies4, 200 Oyster Bed Maintenance3, 100 Wages & Salaries5, 640 Shipping6, 950 Utilities 810 Other980 Total Expenses21, 680 Net Operating Income13, 520 Flexible and Actual Units (pounds) are given below Given: Calculate revenue and spending variances for August Revenue Packing Supplies Oyster Bed Maintenance 4 per pound 0.5 per pound 3200 flat Wages & Salaries 2900 flat-plus 0.3 per pound Shipping Utilities Other 0.8 per pound 830 flat 450 flat-plus 0.05 per pound Flexible Budget & Actual Results for the Month Ending May…Which of the following is true of direct labor variances? a. The labor efficiency variance measures the difference between what was paid to direct laborers and what should have been paid. b. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that should have been used. c. The labor rate variance measures the difference between the labor hours that were originally budgeted and the labor hours that should have been used. d. The labor rate and labor efficiency variances will always add up to the total labor variance. e. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that were originally budgeted.
- 1. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.)Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries. Depreciation Administrative expenses Rent Actual cars washed. Revenue Expenses: Lavage Rapide Income Statement For the Month Ended August 31 Cleaning supplies For example, electricity costs should be $1,200 per month plus $0.08 per car washed. The company expects to wash 8,100 cars in August and to collect an average of $6.60 per car washed. The actual operating results for August are as follows: Electricity Maintenance Wages and salaries. Depreciation Rent Fixed Cost per Month $ 1,200 $ 4,800 $ 8,400 $ 1,900 $ 1,600 Administrative expenses Total expense Net operating income Cost per Car Washed $ 0.70 8,200 $ 55,560 $ 0.08 $ 0.10 $ 0.20 6,170 1,818 1,050 6,780 8,400 2,100 1,662 27,980 $ 27,580 $ 0.02 Required: Calculate the company's revenue and…hello, help please
- On the production budget, the number of units to be produced is computed as Select one: a. unit sales + desired end inventory + beginning inventory. b. unit sales - desired end inventory - beginning inventory. c. unit sales - desired end inventory + beginning inventory. d. unit sales + desired end inventory - beginning inventory. e. unit sales - cost of goods sold + beginning inventory. PreviousSave AnswersNextYou have Just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step In overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Actual Cost in March 24 Cost Formula Utilities $20, 600 + se.10 per machine-hour $40,000 + $1.60 per machine-hour $0.30 per machine-hour $130,000 + $e.70 per machine-hour $70,000 24, 200 24 Maintenance 78,100 24 Supplies Indirect labor 8,400 $ 149,600 24 Depreciation 71,500 During March, the company worked 26,000 machine-hours and produced 15,000 units. The company had originally planned to work 30,000 machine-hours during…Jake's Roof Repair has provided the following data concerning its costs Cost per Repair Hour $15.00 $ 7.70 $0.50 $ 3.50 $ 0.60 Wages and salaries Parts and supplies Equipeent depreciation Truck operating expenses Rent Administrative expenses Fixed Cost per Month $ 21,000 $2,730 $ 5,709 $ 4,020 $3,050 For example, wages and salaries should be $21,000 plus $15.00 per repair-hour. The company expected to work 2.900 repair-hours in May, but actually worked 2.800 repair-hours. The company expects its sales to be $52.00 per repair-hour Required: Compute the company's activity variances for May (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
