Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a)Explain why we introduce two types of variance, when understanding the variance between budgeted and actual use of costs. b)If the budgeted cost of materials

  1. a)Explain why we introduce two types of variance, when understanding the variance between budgeted and actual use of costs.
  2. b)If the budgeted cost of materials is 100 per unit, but the actual cost per unit is 80, and the budgeted quantity used is 1000 units, whilst the actual quantity used is 1250, provide a short report to management about what has happened.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

3rd Edition

133427889, 978-0133427882

More Books

Students also viewed these Accounting questions

Question

1. Empirical or factual information,

Answered: 1 week ago

Question

1. To take in the necessary information,

Answered: 1 week ago