Moneka reported $65,000 of income for the year by using absorption costing. The company had no beginning inventory, planned and actual production of 20,000 units, and sales of 18,000 units. Standard variable manufacturing costs were $20 per unit, and total budgeted fixed manufacturing overhead was $100,000. If there were no variances, income under variable costing would be: A. $15,000 B.$55,000 C. $65,000 D. $75,000

Q: Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit.…

A: FIXED FACTORY OVERHEAD VOLUME VARIANCE  = (STANDARD HOURS FOR 100% NORMAL CAPACITY - ACTUAL HOURS )…

Q: Bellingham Company produced 15,000 units of product that required 4 standard direct labor hours per…

A: Fixed Overhead volume variance = Budgeted Fixed Overhead - Absorbed/Applied Fixed overhead  where,…

Q: Formidable Company collected the following information: Standard costs per unit:   Variable…

A: Variance is the difference between budgeted and actual costs or production, on the basis of which…

Q: Formidable Company collected the following information: Standard costs per unit:   Variable…

A: Total Variance It is important in the calculation of the variance of the cost which is helpful to…

Q: Western Co. has total budgeted fixed costs of $72,000. Actual production of 5,500 units resulted in…

A: Fixed overhead volume variance = (Budgeted units - Actual units) x  Fixed overhead rate  Fixed…

Q: Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The…

A: SOLUTION- GIVEN, VARIABLE OVERHEAD RATE = $2 FIXED OVERHEAD RATE = $10 NORMAL LEVEL OF PRODUCTION =…

Q: Hello Company had P400,000 budgeted fixed overhead costs and based its standard on normal activity…

A: The standard cost represents the estimated amount of cost whereas the actual cost is the costs…

Q: The direct labor time variance is

A: Answer:   $7,800 unfavorable

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

A: A: Note: Standard cost per unit is calculated by dividing the standard quantity and standard cost.

Q: During the month of March, Baker's Express purchased 10,000 pounds of flour at $1 per pound. At the…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Last year, Gladner Company had planned to produce 140,000 units. However, 143,000 units were…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

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

Q: Stanford Company makes a single product and uses standard costing. Some data concerning this product…

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

Q: What normal capacity was used to determine the fixed overhead rate?  5,000 5,500 6,000 5,077

A: Solution:- Given,  Western Co. has total budgeted fixed costs = 72,000 Actual production of 5,500…

Q: Misterio Company uses a standard costing system. During the past quarter, the following variances…

A: Solution: Let standard hours = X Actual hours = X*130% = 1.30X Variable overhead efficiency variance…

Q: Flapjack Corporation had 7,832 actual direct labor hours at an actual rate of $12.45 per hour.…

A: Variance is known as a change between the expected value and actual results. It may be labor type,…

Q: The Flapjack Corporation had 7,968 actual direct labor hours at an actual rate of $12.33 per hour.…

A: Direct labor variances:The difference between the actual labor cost in the production and the…

Q: Garcia Corp’s current year annual budget for variable and fixed overhead costs total $192,500 and…

A: The question is based on the concept of Cost Accounting.

Q: Misterio Company uses a standard costing system. During the past quarter, the following variances…

A: Variable overhead efficiency variance = Standard rate x (Standard Hours - Actual Hours)

Q: Flapjack Corporation had 8,000 actual direct labor hours at an actual rate of $12.12 per hour.…

A: Determine standard hours for actual production.

Q: What is the amount of the Factory OH Controllable Variance, given the following info: Actual…

A: Controllable Variance = Actual factory overhead – Standard overhead where, Standard overhead =…

Q: should not be included in Skelton's flexible budget at a 60,000-unit level? Explain the reasoning…

A: Based on the information available for skeleton corporation ,we can answer the Question as follows:…

Q: Misterio Company uses a standard costing system. During the past quarter, the following variances…

A: Excess hours than allowed = Unfavorable Variable overhead efficiency variance / variable overhead…

Q: The following information relates to manufacturing overhead for Chapman Company: Standards: Total…

A: Absorbed overheads = Actual production x Standard hours allowed per unit x Fixed overhead rate…

Q: Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The…

A: In budgeting as well as management accounting, variance analysis seems to be the examination of…

Q: Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The…

A:

Q: Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The…

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

Q: Troopers Company had budgeted 50,000 units of output using 50,000 units of raw materials at a totla…

A: Variance analysis is the one that shows the variation between the actual costs incurred and the cost…

Q: The Lopez Company uses standard costing in its manufacturing plant for auto parts. , the budgeted…

A: Spending variance for variable manufacturing overhead = Budgeted overhead for actual machine hours -…

Q: ABC, Inc. uses standard costing for its one product, baseball bats. The standards call for 3…

A: The variance is the difference between standard production and actual production data. Direct labor…

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

A: Answer A) Standard price per unit of material =Standard material cost per unitQuantity of material…

Q: What is the amount of the Factory OH Volume Variance, given the following info: Actual production =…

A: Factory Overhead Volume Variance = Applied Fixed Overheads - Budgeted Fixed Overheads

Q: Flapjack Corporation had 7,784 actual direct labor hours at an actual rate of $12.34 per hour.…

A: Direct Labor Time Variance: The outcome will be zero if there is no difference between the actual…

Q: Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The…

A: Following are the requisite Variances

Q: In Zinchin Ind where Standard Costing is followed, the budgeted fixed overheads for a budgeted…

A: Standard costing is an method used to identify variances between actual and budgeted figures, in…

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

A: Actual quantity feet used = Standard cost for Actual Quantity / Standard price for one unit of…

Q: Flapjack Corporation had 7,664 actual direct labor hours at an actual rate of $12.20 per hour.…

A: Definition:   Direct labor variances:   The difference between the actual labor cost in the…

Q: Viva Products has an estimate practical capacity of 90,000 machine hours, and each unit requires two…

A: Viva Products has an estimate practical capacity of 90,000 machine hours, and each unit requires two…

Q: he data below relate to the month of November for Badong, Inc. which uses a standard cost system:…

A: A standard costing system is a tool used in accounting to create budgets, manage and control…

Q: Rose Ltd is a manufacturing company that uses standard costing and variance analysis to control its…

A: Standard costing means where the standard is set for various types of cost and then devitaion is…

Q: Hamilton Pty Ltd uses a standard costing system for product costing. The company uses direct labour…

A: FOH Volume Variance = $ 24,000 (Adverse)

Q: Standish Company manufactures consumer products and provided the following informationfor the month…

A: Answer 1) Calculation of Total Variable Overhead Variance Total Variable overhead variance =…

Q: The labor rate variance is $2,927.52 unfavorable

A: Given information is: The Flapjack Corporation had 7,704 actual direct labor hours at an actual rate…

Q: April Industries employs a standard costing system in the manufacturing of its sole product, a park…

A: Step 1: Compute the actual price: Actual price of the material=$200,0005,000=$4 per feet Thus, the…

Q: Prepare a comprehensive performance report for March. Assume that the static budget for March was…

A: A flexible budget is a budget that can change upon the change in the quantity or activity changes.…

Q: What is the variable overhead efficiency​ variance?

A: Variable overhead efficiency variance:   Variable overhead rate variance is the difference between…

Q: Krueger Corporation in Washington, D.C., U.S., recently implemented a standard cost system. The…

A: Variance analysis is a method of cost accounting used to find the variance between the actual and…

Q: Myers Corporation has the following data related to direct materials costs for November: actual…

A: Direct  Material quantity variance = (Actual quantity used - Standard quantity allowed)*Standard…

Q: Dvorak Company produced 3,500 units of product that required 1.5 standard hours per unit. The…

A: Fixed overhead volume variance is the amount of fixed overhead actually incurred over and above the…

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.