Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I am needing assistance with the following items. Please advise. 5. According to its original plan, Jordan Consulting Services Company plans to charge its customers
I am needing assistance with the following items. Please advise.
5.
According to its original plan, Jordan Consulting Services Company plans to charge its customers for service at $133 per hour in Year 2. The company president expects consulting services provided to customers to reach 50,000 hours at that rate. The marketing manager, however, argues that actual results may range from 43,000 heurs to 57,000 hours because of market uncertainty. Jordan's standard variable cost is $41 per hour, and its standard fixed cost is $1,320,000. Required Develop flexible budgets based on the assumptions of service levels at 43,000 hours. 50,000 hours, and 57,000 hours. Monique's Florals produced a special Mother's Day arrangement that included eight roses. The standard and actual costs of the roses used in each arrangement follow: Standard Actual Average number of roses per arrangement ?.36 156 Price per rose x :8 6.68 x :8 6.58 Cost of roses per arrangement 5 4.38 5 4.35 Monique's Florals planned to make 830 arrangements but actually made 950. Required 3. Determine the total flexible budget materials variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the materials price variance and indicate whether it is favorable (F) or unfavorable (U), c. Determine the materials usage variance and indicate whether it is favorable (F1 or unfavorable (U). d. Conrm the accuracy of Requirements a. b. and c by showing that the sum of the price and usage variances equals the total variance. Reg A to C Reg D Confirm the accuracy of Requirements a, b, and c by showing that the sum of the price and usage variances equals the total variance. Note: Select "None" if there is no effect (i.e., zero variance). Round your answers to 2 decimal places. Price variance Usage variance Total varianceReg A to C Reg D Confirm the accuracy of Requirements a, b, and c by showing that the sum of the price and usage variances equals the total variance. Note: Select "None" if there is no effect (i.e., zero variance). Round your answers to 2 decimal places. Price variance Usage variance Total varianceRussell and Sons. a CPA firm, established the following standard labor cost data for completing what the firm referred to as a Class 2 tax return, Russell expected each Class 2 return to require 4.2 hours of labor at a cost of $51 per hour, The firm actually completed 700 Class 2 returns. Actual labor hours averaged 4.1 hours per return and actual labor cost amounted to $57 per hour. Required 3. Determine the total labor variance and indicate whether it is favorable {F} or unfavorable (U). b. Determine the labor price variance and indicate whether it is favorable {F} or unfavorable (U). c. Determine the labor usage variance and Indicate whether it Is favorable {F} or unfavorable {U}. Note: For all requirements. do not round intermediate calculations and select "None" if there is no effect (i.e., zero variance]. a. Total labor variance b. Total labor price variance c. Total labor usage variance Rundle Car Wash, Incorporated expected to wash 1,000 cars during the month of August. Washing each car was expected to require 0.3 hour of labor. The company actually used 320 hours of labor to wash 980 cars. The labor usage variance was $520 unfavorable. Required a. Determine the standard labor price. b. If the actual labor rate is $13, calculate the labor price variance and indicate whether it would be favorable (F) or unfavorable (U) Note: Select "None" if there is no effect (i.e., zero variance). a. Standard labor price b. Total labor price varianceFanning Company established a predetermined variable overhead cost rate at $9.50 per direct labor hour. The actual variable overhead cost rate was $8.60 per hour. The planned level of labor activity was 73,400 hours of labor. The company actually used T3400 hours of labor. Required at. Determine the total flexible budget variable overhead cost variance and indicate the effect of the variance by selecting favorable (F1 or unfavorable [U]. Note: Select \"None" if there is no effect {l.e.. zero variance}. Adams Company established a predetermined fixed overhead cost rate of $37 per unit of product. The company planned to make 7,000 units of product but actually produced only 6,300 units. Actual fixed overhead costs were $266,400. Required a. Determine the fixed cost spending variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the fixed cost volume variance and indicate whether it is favorable (F) or unfavorable (U). Note: For all requirements, Select "None" if there is no effect (i.e., zero variance). a. Total spending variance b. Total volume varianceStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started