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Author Question: Materials and manufacturing labor variances. Consider the following data collected for Great ... (Read 18 times)

abc

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on: Jul 6, 2018
Materials and manufacturing labor variances.
 
  Consider the following data collected for Great Homes, Inc.:
 
  Required:
  Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor.

Question 2

GAAP-based financial statements are prepared according to the accrual basis of accounting.
 
  Indicate whether the statement is true or false


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swimkari

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Reply #1 on: Jul 6, 2018
Answer to Question 1

Actual Costs
Incurred
(Actual Input Qty.
 Actual Price)

Actual Input Qty.
 Budgeted Price Flexible Budget
(Budgeted Input
Qty. Allowed for
Actual Output
 Budgeted Price)
Direct
Materials 200,000 214,000 225,000

14,000 F 11,000 F
Price variance Efficiency variance
25,000 F
Flexible-budget variance

Direct 90,000 86,000 80,000
Mfg. Labor 4,000 U 6,000 U
Price variance Efficiency variance
10,000 U
Flexible-budget variance

Answer to Question 2

T


abc

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Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

ghepp

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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