User Account

All Pages

What is the budget variation made of

Assignment Help Managerial Accounting
Reference no: EM132585978

Based on the information provided by the company's management, we will calculate the variations in materials, labor and indirect cost.

The company uses a standard cost system. Standard prime costs per unit include three units of materials at a standard price of $ 38 and one-half hour of direct labor at the standard rate of $ 20.

Information to calculate variations is provided below:

Of materials Of labor        Indirect cost

Budgeted Hours                  30,000

Worked hours of labor            19,320

Budgeted production            60,000

Actual production                 52,000

Materials purchased at a rate of $ 32.5 per unit     $ 640,000

Used materials                                   $ 325,800

Fixed real indirect cost (IC)                $ 78,100

Total actual indirect cost (IC)             $ 368,200

Budgeted Variable Indirect Cost (IC)       $ 290,000

Budgeted Fixed Indirect Cost (IC)               $ 80,000

Question 1: What is the budget variation made of? Define in your words each of its elements.

Reference no: EM132585978

Questions Cloud

What amount of factory that kaumajet factory allocate : If a table lamp requires 3 hours of fabrication and 6 hour of assembly, the amount of factory overhead that Kaumajet Factory will allocate to each unit?
New advances in fighting super germs : Discuss this as well as new advances in fighting super germs.
The ugly side of beautiful nails : This section describes several "workplace rights." Which of these rights are violated in the nail salon industry, and what evidence do you have of this?
Suggest ways for setu to achieve the necessary amount : Staged by a community theater organization, and the ethnicity aspect. Suggest ways for SETU to achieve the necessary amount of ticket sales.
What is the budget variation made of : What is the budget variation made of? Define in your words each of its elements.calculate the variations in materials, labor and indirect cost.
Identify and research two leadership strategies : Identify and research two leadership strategies. Formulate an overview of how the strategy is used and rate its effectiveness.
How would figure out the break-even point in units : If were to assume that last year's fixed costs totaled $960,000, how would figure out the break-even point in units?How do figure out the weighted average?
Diminish the observed functional recovery : Suggest a chemical inhibitor or protein whose action you could block that would diminish the observed functional recovery. Why?
Rett syndrome and fragile x syndrome : Rett Syndrome and Fragile X syndrome are two different syndromes that cause Autism Spectrum Disorders.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  What conversion costs during the month totaled

What Conversion costs during the month totaled.Manufacturing overhead $46,000. Direct materials $41,000. Direct labor $13,000

  What is small portion of the net income

What is Small's portion of the net income? What is Big's portion of the net income?

  Calculate the net income and annual corportate taxes

Calculate the Net Income, Annual Corportate Taxes and VAT (fiscal year 2018) of a Company located in Barcelona, Spain based on the information

  Comparing absorption and variable costing

When comparing absorption and variable costing which is false? Selling and administrative costs are period costs under both absorption and variable costing.

  How much should evans budget for direct labour for april

How many kilograms of plastic direct materials should Evans plan to buy during April? How much should Evans budget for direct labour for April?

  What ghi finished goods inventory at the end of the year was

What GHI Finished Goods Inventory at end of the year was? Job 1 was completed, while Job 2 was completed and sold. Job 3 is still process at the end of year.

  Determine what will break-even point be if price is changed

Determine What will the break-even point be if the price is changed,reduction in the sales price to $2,500 will result in orders for 1,200 more TVs each year.

  Demonstrate how much will net operating income increase

Determine How much will net operating income increase (decrease) per month if the company uses higher-quality components that increase the variable expense

  Find the number of units transferred to assembly

The Cutting department had $563,382 of direct materials and $435,402 of conversion cost. Compute the number of units transferred to Assembly.

  Calculate the cost per equivalent unit for direct labor

Find and Calculate the cost per equivalent unit for direct materials, direct labor, overhead, and in total. Show your calculations.

  Company wants to better understand its costs

Wooddale Landscaping has enjoyed profits for many years, but new competition has cut service revenue by as much as 30%. As a result, the company wants to better understand its costs.

  Determine the profitability of the gamma co

Determine the profitability of the Gamma Co Profitability as the percentage profit margin? Nimoy, Inc. is contemplating the use of a CPM system.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd