Acc 345 TW Homework: chapter 7 Score: 0 of 15 pts E7-22 (similar to) 5016(3compl

Question

Acc 345 TW Homework: chapter 7 Score: 0 of 15 pts E7-22 (similar to) 5016(3complete) Consider the following data collected for Modern Homes, Inc: (click the icon to view the data table.) Requirement Compute the price, efficiency, and flexible-budget variances for direct materials and direct manufacturing labor. First compute the price, efficiency, and flexible-budget variances for droct matorials. Latbel each variance as favorable (F) or unfavorable (U) Price variance Efficiency variance Flexible-budget variance hoose from any ist or enter any number in the input fields and then click Check Answer.

Explanation / Answer

Answer =1 Material price Variance = (Standard Price * Actual Quantity) - (Actual Price X Actual Qantity) Material price Variance = $ 211,000 - $ 202,000 Material price Variance = $ 9000 (F) Answer =2 Material Efficiency Variance = (Actual Quantity X Standard Price ) - (Standard Quantity X Standard Price) Material Efficiency Variance = $ 211,000 - $221,000 Material Efficiency Variance = $ 10,000 (F) Answer =3 Flexible Budget = Actual Result - Flexible Budget Flexible Budget = (Actual input - Actual Prices) - (Standard inputs allowed for actual output X Standard Price) Flexible Budget = $ 202,000 - $ 221,000 Flexible Budget = $ 19,000 (F)

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