The following data is given for the GB Company. Budgeted production Adual production 26,000 units 27,500 units Materials: Standard price per ounce Standard ounces per com pleted unit Adual ounces purchased and used in production 228,000 Adual price paid for materials Labor: P6.50 8 P1,504,800 Standard hourly la bor rate Standard hours allowed per completed unit Adual labor hours worked P22 per hour 6.6 183,000 P4,020,000 Adual total labor costs Overhead: Adual and budgeted fixed overhead Standard variable overhead rate P1,029,600 P24.50 per standard labor hour P4,520,000 Adual variable overhead costs Overhead is applied on standard la bor hours. 6,000 U 33,000 F 6,000 F 33.000 U

Q: The following data are given for Stringer Company: Budgeted production 914 units Actual…

A: Determine standard quantity.

Q: The following data are given for Taylor Company: Budgeted production 1,000 units Actual…

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

Q: Ingel Corporation makes a product with the following standard costs:     Standard Quantity or…

A: d. Compute the direct labor rate variance. Direct labor rate variance = standard cost of actual…

Q: The following data are given for Taylor Company: Budgeted production 1,000 units Actual…

A: Variance:Variance refers to the difference level in the actual cost incurred and standard cost. The…

Q: The following data are given for Stringer Company: Budgeted production 906 units Actual production…

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

Q: Barker Company produces and sells a single product with budgeted or standard costs as follows:…

A: A cash budget is an estimate of a company's cash inflows and outflows for a given time span, such as…

Q: Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or…

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

Q: X Ltd operates a standard marginal costing system. The following budgeted and standard cost…

A: We have the following information: Budgeted Production & Sales (10,000 units)Selling Price:…

Q: Erwin Co. provided the following information for a selected production factor:           Budgeted…

A: Productivity ratio in the process shows efficiency of the process, that how much inputs are being…

Q: The following data are given for Stringer Company: Budgeted production 940 units Actual production…

A: Direct material quantity variance = ( Standard quantity allowed - actual quantity of materials used…

Q: Tharaldson Corporation makes a product with the following standard costs:   Standard Quantity or…

A: Material price variance = (Standard price - actual price)*actual quantity

Q: Barker Company produces and sells a single product with budgeted or standard costs as follows:…

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

Q: Majer Corporation makes a product with the following standard costs:     Standard Quantity or…

A: Formula: Standard direct labor hours = Actual output units x Standard direct labor per hour variable…

Q: Trico Company set the following standard unit costs for its single product. Direct materials (30…

A: Working: Direct Labor Cost Variance Actual Cost     Standard cost for actual quantity…

Q: ngel Corporation makes a product with the following standard costs:     Standard Quantity or Hours…

A: Variance: When the actual cost differs from the standard cost(budgeted cost), it is called variance.…

Q: he following data are given for Bahia Company: Budgeted production 1,032 units Actual production…

A: Variance: Variance refers to the difference level in the actual cost incurred and standard cost. The…

Q: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During…

A: Since you have asked multiple subparts we will answer the first three sub-parts for you as per the…

Q: Merlyn Company has the following budgeted variable costs per unit produced: DIRECT MATRERIALS…

A: A flexible budget is an estimation of the total cost based on the performance of the business.It…

Q: The following data is given for the Bahia Company: Budgeted production 1,094 units Actual…

A: Overhead controllable variance is the difference between actual overhead expenses incurred and the…

Q: The following information is provided for Dexter, Inc.: Standard direct labor wage rate: $10/hour…

A: Formula: Direct labor rate variance = ( Standard rate - Actual rate ) x Actual hours

Q: he following data is give for the Walker Company: Budgeted production…

A: 1.

Q: Kartman Corporation makes a product with the following standard costs: Standard Quantity Standard…

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

Q: The following data is given for the Stringer Company: Budgeted production 969 units Actual…

A: Direct materials quantity variance is calculated as follows:

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

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A: Material Price variance is calculated using the following formula (when it is calculated at the time…

Q: Belinda Company has the following budgeted variable costs per unit produced:   Direct materials $…

A: Flexible budget helps in estimating the forecasted expenses and outcome based on different activity…

Q: Majer Corporation makes a product with the following standard costs: Standard Quantity or Standard…

A: The variance is the difference between the actual data and standard output of the production.

Q: Tharaldson Corporation makes a product with the following standard costs:     Standard Quantity or…

A: Variable Overhead Rate Variance: = (Actual hours * Budgeted Overhead per hour) - Actual Overheads

Q: Corporation makes a product with the following standard costs:     Standard Quantity or Hours…

A: Variable overhead efficiency variance = (Standard hours - Actual hours) x Standard rate The total…

Q: Majer Corporation makes a product with the following standard costs:   Standard Quantity or Hours…

A: Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked

Q: rico Company set the following standard unit costs for its single product. Direct materials (30…

A: Material variance : It is the difference between budgeted and standard material cost and price.

Q: Starts Inc. using production levels of 62,100, 65,200, and 68,300 units produced. The following…

A: Flexible budget is a type of budget in which amounts of budgets changes with change in activity or…

Q: The following describes production activities of Mercer Manufacturing for the year.    Actual…

A: Step 1 The standard quantity of 15,030 is obtained by multiplying the actual units produced of…

Q: The following data is given for the Bahia Company: Budgeted production 1,038 units Actual…

A: Variable Factory Overhead Controllable Variance = (Std VOH Cost - Actual VOH Cost) Actual Variable…

Q: (b) Breakthrough Ltd provided the following standard cost card. Its budgeted production and sales…

A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer…

Q: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During…

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

Q: A company makes a product with the following standard costs: Standard Quantity or Standard Cost Per…

A: A company will incur various costs to earn revenue. The costs can be either direct or indirect costs…

Q: Performance Report Based on Budgeted and Actual Levelsof ProductionBowling Company budgeted the…

A: Budgets are the forecasts or estimates for future period. Then, budgeted costs are compared with…

Q: The following data are given for Stringer Company: Budgeted production 963 units Actual production…

A: Formula: Direct Material price variance = (Actual material price per ounce - Standard material price…

Q: Nappon Co. has two products named X and Y. The firm had the following master budget for the year…

A: Budget units sold for Product Y = Budgeted sales / Selling Price per unit = $378,000 / $50 = 7,560…

Q: Sweet Corporation makes a product with the following standard costs:     Standard Quantity or…

A: Lets understand the basics. Variable overhead efficiency variance is a variance between the actual…

Q: Kartman Corporation makes a product with the following standard costs: Standard Quantity Standard…

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

Q: Calculate the direct materials price, efficiency and flexible budget variances

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Q: Round your intermediate calculations and final answer to the nearest cent. The direct materials…

A: Answer:   Option c

Q: Use this information for Stringer Company to answer the question that follow. The following data…

A: Direct materials are the raw material which is required at first to produce finished goods and the…

Q: Tharaldson Corporation makes a product with the following standard costs: Standard Quantity Standard…

A: Actual rate of direct labour per hour = Actual direct labour costActual direct labour hours…

Q: The expenses budgeted for production of 10,000 units in a factory are furnished bel OMR. per…

A: Governments, organizations, and people all use budgets to estimate revenue and expenses for a…

Q: Tharaldson Corporation makes a product with the following standard costs:     Standard Quantity or…

A: Given,  Actual labor hours = 550 Standard labor hours per unit = 0.3 hours Standard labor rate per…

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.