e total variance for production labor fo

Q: Explain who is in the best position in the organization to influence each of these variances.   a.…

A: Variance is a term used for measurement of variability. It computes the difference between the…

Q: Compute the net overhead variance (indicate over- or underapplied manufacturing overhead)

A: Overhead Variance is the deviation of actual overhead incurred from the standard overhead…

Q: From the following information calculate Labour cost Variance, Labour Rate Variance and Labour…

A: Variance can be defined as the alteration between the actual amounts and the budgets being set. The…

Q: What is the direct labor rate variance

A: Solution: Direct labor rate variance is computed as = (SR - AR) *AH Where SR = Standard rate AR =…

Q: etermine the following: Total material price variance Total material usage (quantity) variance Labor…

A: Variable overhead refers to the expenses which fluctuate with the change in the number of goods or…

Q: Which of the following equations can be used to compute a labor rate variance (where AH = actual…

A: Labor rate variance is the difference of standard rate and actual rate of labor for actual hours…

Q: Labor efficiency variance

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: c. Direct manufacturing labour price variance  d. Direct manufacturing labour efficiency variance…

A: Variance analysis is one of the important technique of management accounting analysis, under which…

Q: Calculating the Direct Labor Rate Variance and the Direct Labor Efficiency Variance

A: The labor variance is the difference between standard cost for labor and actual cost for labor…

Q: ii) Calculate the manufacturing overhead variance for Fielder and state the journal entries…

A: Indirect materials                38,000  Indirect labours (345000*20%)                69,000…

Q: Accounting Question

A: a. Compute direct material price variance, direct materials quantity variance and total direct…

Q: (b) Calculate the material quantity variance

A: Material quantity variance is also known as material usage variance. Formula: = ( Standard quantity…

Q: Formula 1 Material Price Variance    Formula 2 Material Quantity variance    Formula 3 Total…

A: Calculate the materials price, material quantity, and the total material variance as follows: The…

Q: From the following data. Calculate Labour Variance The budgeted labour force for producing product A…

A: Solution Given for semi skilled workers Standard hour (SH) =20*50 =1000 Standard rate (SR)…

Q: Requirement: Compute for the following, 1. Cost price variance 2. Cost volume variance 3. Total…

A: Variance analysis refers to the comparison made between two accounting or financial variables and…

Q: Required: 1. What is the application rate per direct labor hour, the total overhead cost equation,…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Q.Describe three reasons for an unfavorable direct manufacturing labor efficiency variance

A: Unfavourable direct manufacturing labour efficiency variance means actual cost of labour is more…

Q: Under the two-variance method for analyzing factory overhead, the difference between the actual…

A: The question is related to Standard Costing and is related to two Varaince method.

Q: (c) Direct labour rate variance

A: Formula: 1. Direct Labour Rate variance = ( Standard Rate - Actual Rate) x Actual Hours 2. Actual…

Q: Which of the following variances are most similar with respect to the manner in which they are…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Total gross profit variance = Price variance =  Price-Quantity variance =  Cost variance =…

A: Variance is the deviation between actual figures and budgeted figures. If the deviation or change is…

Q: What is the cost volume variance under 4-way analysis?

A: Cost volume variance shows difference in actual costs and budgeted costs due to difference in number…

Q: What is total overhead variance

A: Meaning The Total Overhead Cost Variance is the difference between the total overhead absorbed and…

Q: A. Assume the variance is material, what is the variance share of the Finished goods inventory acc?…

A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…

Q: A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all…

A: Variance refers to the difference that is calculated by taking the actual cost that is incurred in…

Q: what is the Total factory overhead cost variance?

A: Cost variance is the variance which is measured by the company so that the decision and it can be…

Q: This refers to the difference between actual and standard hours multiplied by the standard labor…

A: Variance is the difference between actual and budgeted.

Q: Question 4: Define the following:…

A: Variable cost refers to that cost which variate with the variations in the production or sales…

Q: me Variance F.) Total Gross Profit Variance G.) Price Variance H.) Price-Quantity Variance I.) Cost…

A:

Q: Explain how to prepare production cost report using the weighted average method.

A: Process cost summary: Process cost summary is prepared separately for each production department or…

Q: The variance analysis is used   Ratio Analysis Standard costing Budgetary control Marginal costing

A: Variance analysis is used to estimate the difference between the expected value and the actual…

Q: a. What is the material price usage, material quantity and total material variance D. What is the…

A: Material Quantity Variance-It is the difference between how much material used and expected to be…

Q: A D 1 Chapter 09: Applying Excel 2 3 Data Exhibit 9-8: Standard Cost Card 4 Inputs Standard Quantity…

A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…

Q: Thomas' direct-labor rate variance was:

A: Direct Labor rate Variance is the Variance for the difference between Actual rate and Standard Rate…

Q: 3. Compute the overhead controllable variance. 4. Compute the overhead volume variance.

A: Variance refers to those deviation which is used to determine the difference between the actual…

Q: Compute for the variances of the problem using the information given. Answer the numbers only up to…

A: Here, the standard cost has been used for the calculations. However, for labor rate variance…

Q: Materials mix variance B. Materials yield variance

A: Material Mix Variance = SP( RSQ - AQ)  SP means Standard price  RSQ means Revised Standard quantity…

Q: 4. What type of variances are computed for materials, labour, and factory overhead?

A: Cost variance is the difference between the cost actually incurred and the budgeted or planned…

Q: Multiple Choice The material quantity variance is recorded when overhead is applied to production.…

A: Material Quantity Variance There are several costing techniques which was used to measure the total…

Q: 1. Material Variance 2. Direct Labor Costs Variances (Direct 3. Factory Overhead Variance

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: I1. Matching Type. Match the definition in the right column with the termis on the left column. 1.…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost…

A: Material variance is the difference between the actual cost of direct materials and the expected…

Q: b. Direct labor rate variance Direct labor time variance Total direct labor cost variance %24 %24…

A: Standard costing means where standard is set for various cost element and actual cost is then…

Q: direct labor rate variance

A: Direct labor rate variance = (Actual Rate - Standard Rate)* Actual Hours

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.