12 The sales price variance is *Sample format: 111,111 F or 111,111 UData for National Co. is as follows:Product AProduct B202020212020202120,000Units soldUnit selling priceUnit cost10,000P10P510,000P15P1315,000P10P8P15P7.50

Sales Price Variance can be calculated as = Actual Quantity sold x Standard Selling price - Actual…

Answered: The sales price variance is * O Sample…

The sales price variance is * O Sample format: 111,111 F or 111,111 U Data for National Co. is as follows: Product A Product B 2020 2021 2020 2021 Units sold 10,000 20,000 10,000 15,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Calculate Material price variance. Material usage variance and material cost variance from the…

A: Material Price Variance = Standard Cost of Actual Material Used - Actual Cost of Material used…

Q: Data Table Requirements Performance Report, June 2017 1. Calculate the static-budget variance in…

A: Flexible Budget at 490,000 units- CALCULATIONS Revenue = $2,586,600 / 479,000 × 490,000 = $2,646,000…

Q: Cost of Goods Sold (at standard) $361,000 Direct Labor Efficiency Variance $19,000 F Sales Revenue…

A: Standard cost income statement is the income statement used by manufacturing firms for recording the…

Q: Prepare an income statement through gross profit for Venneman Company for the month ended March 31.…

A: Cost of goods sold - at standard Standard cost per unit Standard cost Direct material 3.5 *…

Q: Direct Labor Variances Bellingham Company produces a product that requires 2 standard direct labor…

A: Cost variances are the deviations of the actual data from the standard data prepared. These…

Q: The standard direct labor cost per unit for a company was $27 (- $18 per hour x 15 hours per unit)…

A: Direct labor cost is referred to as that cost which is related to the labor force which is used in…

Q: Direct Labor Variances Bellingham Company produces a product that requires 5 standard direct labor…

A: Direct labor cost variance determined the difference between the actual direct labor cost incurred…

Q: Use the information provided below to calculate the following variances for May 2021. Each answer…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Direct Labor Variances Bellingham Company produces a product that requires 5 standard direct labor…

A: In this numerical has covered the concept of Standard Costing .

Q: Standard Cost Variance Analysis and Interpretations Glavine & Co. produces a single product,…

A: Direct labor: Direct labor includes the wages of the employees who are directly involved in…

Q: Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price…

A: Direct material variance means the difference between the standard cost of direct material &…

Q: Direct materials variances Bellingham Company produces a product that requires 2.5 standard pounds…

A: The variances refers to the difference between the budgeted amount and the actual amount. It may be…

Q: 10. Volume variance in units and in hours. Consider the following standard cost per unit based on a…

A: Note: As per our guidelines only the first three subparts must be answered. 10. Based on the given…

Q: Compute the revenue, sales price, and the sales volume variances.

Q: 2a) the standard material costs of finished product X are as follows 2kg raw material Y @R10 per kg…

A: Calculation of Material Purchase price variance Material Purchase price variance = (Standard price…

Q: Bellingham Company produces a product that requires eight standard pounds per unit. The standard…

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

Q: E10.23 Straightforward calculation of variances; variance diagrams: тапufacturer During June, Andrew…

A: Answer - Handwritten Solution is Given below.

Q: I need helo solving this problem

A: Calculate the direct labor rate, efficiency, and spending variances.

Q: Direct Materials Variances 1.-Bellingham Company produces a product that requires 14 standard…

A: Standard cost means the cost which is to be incurred as per estimate already done. Actual cost means…

Q: Use the information provided below to calculate the following manufacturing variances for March…

Q: Required: (a) Which formula will correctly calculate the direct labour efficiency variance in cell…

A: (a) Direct labour efficiency variance = (26,000 x $48) - (150,000 x $8) = $1,248,000 - $1,200,000 =…

Q: The following data relate to product no. 89 of Des Moines Corporation: at9 Direct material standard:…

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

Q: Haku Comprehensive Inc had the following variances for the most recent month: Materials Price…

A: The direct material price variance implies a difference between the actual price and the standard…

Q: Corp a multi-product firm, has a Sales Mix Variance of 925 unfavorable and a Final Sales Volume…

A: The sales volume variance is the difference between the actual and expected number of units sold,…

Q: The sales mix factor shows a variance of * O Sample format: 111,111 F or 111,111 U National Co.…

A: The calculation of sales mix variance is shown hereunder : First, we have to assume that the…

Q: 2,400.00 29,400.0

A: In the given question decision of cost whether increase or decrease is to be taken as a percentage…

Q: Direct Materials Variances Bellingham Company produces a product that requires 16 standard pounds…

A: Variance refers to a change between the expected value and the actual result. This term is usually…

Q: The standard direct material cost per unit for a product is calculated as follows: 10.5 liters at…

A: The variances are difference between actual usage or cost and standard usage or cost. The variances…

Q: lask 2. Calculate Material price variance. Material usage variance and material cost variance from…

A: Material Price Variance = Standard Cost of Actual Material Used - Actual Cost of Material used…

Q: 27. The standard set for material consumption was 100 kg e 3.25 per unit. In a cost period: Opening…

Q: Direct Materials Variances Dvorak Company produces a product that requires 5 standard pounds per…

A: Variance refers to a change between the expected value and the actual result. This term is usually…

Q: Data Table AC × AQ SC × AQ SC × SQ $0.65 per pounds $0.30 per pounds…

A: The following information is provided : AC × AQ SC × AQ SC × SQ…

Q: Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price…

A: Material Price Variance = (Standard Price-Actual Price)*Actual Quantity Material Quantity Variance =…

Q: Newbill Corporation recently purchased 25,000 gallons of direct material at OMR 5.60 per gallon.…

A: Variances are computed when there is difference in the budget amounts and actual amounts. Direct…

Q: Rockport Industries Inc. gathered the following data for March: Planned Actual Sales price per…

A: Formula: Revenue price variance = Actual units sold x ( Actual price - planned price ) Deduction of…

Q: Direct Labor Variances Bellingham Company produces a product that requires 7 standard direct labor…

A: Direct labour cost variance arises when there is a difference between standard cost of labour and…

Q: Unit VIII QUESTION 6

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

Q: Bellingham Company produces a product that requires 4 standard direct labor hours per unit at a…

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

Q: Direct Labor Variances Bellingham Company produces a product that requires 9 standard direct labor…

A: We have the following information: A product requires 9 standard direct labor hours per unit at a…

Q: Mia Wiz sells computers. During May, it sold 400 computers at a $900 per unit price. The fixed…

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

Q: 2. Note: Each answer must state whether the variance is favourable or unfavourable. 1. Labour rate…

A: Labour rate variance and Variable overheads expenditure variance calculates the difference between…

Q: Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price…

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

Q: 27. The standard set for material consumption was 100 kg @ 3.25 per unit. In a cost period: Opening…

A: Variance is computed to determine the difference between the standard data and the actual data.…

Q: Mia Wiz sells computers. During May, it sold 500 computers at a $800 per unit price. The fixed…

A: Variance refers to the difference between the budgeted, planned, or standard cost and the actual…

Q: What was the adverse direct material price variance for last month

A: As per the question Standard Price - $2.50 Standard QTY - 10.5 ltr per Unit Actual QTY - 12,000

Q: Direct Materials Variances Bellingham Cormpany produces a product that requires 11 standard pounds…

A: Variance refers to a change between the expected value and the actual result. This term is usually…

Q: Blue Co. has the following variances gathered from its reports: Analysis 2,000 Unfavorable 3,500…

A: Solution: Total gross profit variance = Favorable cost price variance, 4 way - Unfavorable volume…

Q: Direct Labor Variances Bellingham Company produces a product that requires 9 standard direct labor…

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds…

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

Question

The sales price variance is *
Sample format: 111,111 F or 111,111 U
Data for National Co. is as follows:
Product A
Product B
2020
2021
2020
2021
20,000
Units sold
Unit selling price
Unit cost
10,000
P10
P5
10,000
P15
P13
15,000
P10
P8
P15
P7.50

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Required: (a) Which formula will correctly calculate the direct labour efficiency variance in cell B18? A = (C9*C4)- B13B = B13-(C9*C4)C = (C9*C4)- (150,000*8)D = (150,000-(C9*6))*8 (b) Calculate the following for month 1: (i) Sales volume variance and state whether it is favourable or adverse; (ii) Sales price variance and state whether it is favourable or adverse.
The following variances are determined by Bulldogs Co.: · Sales Price Variance – 560,000 favorable · Cost Price Variance – 120,000 unfavorable · Sales Volume Variance – 255,000 unfavorable · Cost Volume Variance – 550,000 unfavorable If based on the forecast the budgeted sales amounts to P2,462,000, what is the amount of actual sales? 2,647,0002,157,0002,767,0002,610,000
What is the sales volume variance? A. 11,000F B. 12,000F C. 12,000U D. 11,500U
ACE CORP HAS THE FOLLOWING DL STANDARDS: DLHRS/UNIT 1.25 DL COST/HR $32 ACE USED 21,780 DLHRS TO PRODUCE 18,000 UNITS. ACTUAL DL COSTS = $713,295. WHAT IS THE AMOUNT OF THE DL PRICE VARIANCE? ___________ IS THE VARIANCE FAVORABLE OR UNFAVORABLE? ___________ REFER TO QUESTION 1. WHAT IS THE AMOUNT OF THE DL EFFICIENCY VARIANCE? _________ IS THE VARIANCE FAVORABLE OR UNFAVORABLE__________
This year’s total sales of Bulldogs Inc. is P4,600,000. The following variances are determined:· Sales Price Variance – 750,000 favorable· Cost Price Variance – 100,000 unfavorable· Sales Volume Variance – 150,000 unfavorableUsing horizontal analysis, determine the percentage change from the prior year total sales to the current year total sales. A. 10% B. 15% C. 20% D. 25%
Variances Spending Efficiency Production-Volume Variable Manufacturing Overhead $7,500 F $30,000 U 0 Fixed Manufacturing Overhead $28,000 U 0 $80,000 U 1. In a combined 3-variance analysis, what would the variance report show? (HINT: The answer is total spending variance $20,500 unfavorable, but I need work to support this)
17. The cost price factor shows a variance of: a) P95,250 unfavorable b) P61,500 unfavorable c) P42,000 unfavorable d) P33,750 favorable
CompuWorld sells two products, R66 and R100, and calculates sales variances using the CM. Info for the current year: Budgeted Actual R66 R100 R66 R-100 Selling Price $50 $160 $55 $155 VC per unit $40 $90 $43 $95 CM $10 $70 $12 $60 FC per unit $6 $30 $5 $25 Op Income $4 $40 $7 $35 Sales in units 1,200 400 1,000 1,000. What is R100 Sales Mix Variance? What is total sales volume variance? What is the R66 sales quantity variance?
This year’s total sales of Bulldogs Inc. is P4,600,000. The following variances are determined:· Sales Price Variance – 750,000 favorable· Cost Price Variance – 100,000 unfavorable· Sales Volume Variance – 150,000 unfavorableUsing horizontal analysis, determine the percentage change from the prior year total sales to the current year total sales.
Use the information provided below to calculate the following variances. In each case state whether the variance is favourable or unfavourable. 3.1 Material issue price variance 3.2 Material quantity variance 3.3 Total material variance, without using the answers from the previous questions. INFORMATION To produce one unit of Product Rap a standard quantity of 4 kilograms of material Y at a standard price of R5 per kilogram is allowed. Expected production per month is 8 500 units. The cost figures for September 2022 showed that 35 200 kilograms of material Y were purchased at R5.20 per kilogram. 8 000 units of Product Rap were produced during September 2022 using 33 600 kilograms of material Y.
Find the missing values and label F/U Direct Labor Direct Labor Direct Labor Rate Variance Efficiency Variance Spending Variance A.$ 1500 U $2700 F ? B.$ 1250 F ? $2000 U C.$ 1750 F ? $3300 F D. ? $ 1250 U $4000 U E. ? $ 1850 F $ 2700 F.$1400 U $1900 U ?
Indicate whether each statement is true or false.1.a) DM quantity variance is favorable when the actual price is lower than the standardprice/pound. (……….)1.b) DL rate variance is unfavorable when the actual rate per hour was greater than thestandard rate per hour. (……….)