standard cost profile expected treatments 1000 acutal month cost actual treatments 1100 resourcequanity variablequanity fixedunit costvariable costavg fixed costavg total cost labor0.800.8016.0012.8012.8025.60 supplies7.000.001.107.700.007.70 20.5012.8033.30 resourcesquanity usedunit costtotal cost labor16001727200 supplies750017500 34700 Calculate the following variances efficiency variance labor? efficiency variance supplies? price variance labor price variance suplies volume variances

Efficiency variance is the distinction between the hypothetical measure of sources of info needed to…

Answered: tandard cost profile expected…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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standard cost profile expected treatments 1000
acutal month cost actual treatments 1100
	resource	quanity variable	quanity fixed	unit cost	variable cost	avg fixed cost	avg total cost
	labor	0.80	0.80	16.00	12.80	12.80	25.60
	supplies	7.00	0.00	1.10	7.70	0.00	7.70
					20.50	12.80	33.30


	resources	quanity used	unit cost	total cost
	labor	1600	17	27200
	supplies	7500	1	7500
				34700

Calculate the following variances
efficiency variance labor?
efficiency variance supplies?
price variance labor
price variance suplies
volume variances

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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