Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with problem 8-27 using the template provided. Part 1: template Part 2: template ar rate explanations for each. 8-27. The fire department

I need help with problem 8-27 using the template provided.

image text in transcribed

Part 1: template

image text in transcribed

Part 2: template

image text in transcribed

ar rate explanations for each. 8-27. The fire department expected to spend $100,000 in April. Actually, it $108,680. The department thought would pay each member of its team of fire- fighters $25 per hour. However, it paid them each $26 per hour on average. The department expected that the team of fire fighters would work a total of 4,000 hours and fight 10o fires. Of course, many hours the firefighters are on duty in the station house between fires. Those hours are con- sidered to be worked and the firefighters are paid for those hours. The actual results were 4,180 hours worked by the team of firefighters and 110 fires fought by the department. What was the total variance? What were the rate (or price), quantity, an riances? Which variances were favorable and which were unfavorable? 8-28. Donate Your Vehicle (DYV) is a that receives donations of old cars a nd AutoSave Off Data ReviewViewHelpTell me what you want to do $108,680 Volumex 40 40 VALUE #VALUE! r Actual Volumex Actual Volume 21 VQA Budget 110 Quantity Variance ,#VALUE! F was a 30 VOA B AutoSave O Week 4 Problems Compatibility Mode Excel Page Layout FormulasData ReviewView Help Tell me what you want to do D8 J K 110 110 S25-#VALUE! 25 X S Quantity Variance #VALUE! , #VALUE! F There was a favorable Quantity Variance of $5.500 because i took less labor to fight each fire than espected. 27 30 VQA Budget 31 Actual: Actual Volumex Actual Quantityx Actual VolumeActual Quantit Budgeted Rate 110 110 38 Price Variance 37 There was an unfavorable Rate Variance of $4,130 because the hourly rate was higher than expected. 38 perhaps because of overtime. 45 48 O Type here to search

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_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

Students also viewed these Finance questions