Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Last year, Bandana Corporation budgeted for production and sales of 11,000 bandanas. The company produced and sold 10,500 bandanas. Each bandana has a standard requiring

Last year, Bandana Corporation budgeted for production and sales of 11,000 bandanas. The company produced and sold 10,500 bandanas. Each bandana has a standard requiring 2 feet of material at a budgeted cost of $1.50 per foot and 30 minutes of sewing time at a cost of $0.30 per minute. The bandanas sell for $14.75. Actual costs for for the production of 10,500 bandanas were $33,880 for materials (22,000 feet at $1.54 per foot) and $92,800 for labor (320,000 minutes at $0.29 per minute). What was Bandana's sales volume variance?

   a.) $1,695

   b.) $1,345

   c.) $1,375

   d.) $1,595

B.Refer to the information above. Bandana's actual revenue from bandana sales was $154,875. What was bandana's sales price variance?

   a.) $1,950 F

   b.) $1,950 U

   c.) $0

   d.) It cannot be determined from the information provided

C.) Refer to the information in question A.). What was Bandana's direct material price variance?

   a.) $1,500 F

   b.) $1,500 U

   c.) $880F

   d.) $880 U

D.) Refer to the information in question A.). What was Bandana's direct material usage variance?

   a.) $1,500 F

   b.) $1,500 U

   c.) $880 F

   d.) $880 U

E.) Refer to the information in question A.).  What was Bandana's direct labor rate variance?

   a.) $1,500 F

   b.) $1,500 U

   c.) $3,200 F

   d.) $3,200 U

F. Refer to the information in question A.). What was BAndana's direct labor efficiency varince?

   a.) $1,500 F

   b.) $1,500 U

   c.) $3,200 F

   d.) $3,200 U

Step by Step Solution

3.58 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

Answer Budgeted Production 11000 Actual Production 10500 Standard Material Cost per unit Material pe... 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_2

Step: 3

blur-text-image_3

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

Managerial Accounting A Focus on Ethical Decision Making

Authors: Steve Jackson, Roby Sawyers, Greg Jenkins

5th edition

324663854, 978-0324663853

More Books

Students also viewed these Accounting questions

Question

6.66 Find zo such that P(-zo

Answered: 1 week ago

Question

What is cultural tourism and why is it growing?

Answered: 1 week ago