Ch 21 Homework Fall 2009

Ch 21 Homework Fall 2009 - Click to edit Master subtitle...

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Unformatted text preview: Click to edit Master subtitle style 2/2/11 Ch 21 Homework Acct 203 Lab 2/2/11 Flexible Budgets • Flexible Budget Performance Report – Lists the difference between actual performance and budgeted performance on actual sales volume or other activity level (p868) – Prepare report once actual volume is known • Price Variance – a difference between 2/2/11 Standard Cost Variances Computing Variances Quantity Variance Price Variance The difference between the actual price and the standard price The difference between the actual quantity and the standard quantity P 2 2/2/11 Standard price is the amount that should have been paid for the resources acquired. Actual Quantity Actual Quantity Standard Quantity × × × Actual Price Standard Price Standard Price Price Variance Quantity Variance Computing Variances P 2 2/2/11 Actual Quantity Actual Quantity Standard Quantity × × × Actual Price Standard Price Standard Price Price Variance Quantity Variance Computing Variances Standard quantity is the quantity that should have been used for the actual good output. P 2 2/2/11 AQ(AP - SP) SP(AQ - SQ) AQ = Actual Quantity SP = Standard Price AP = Actual Price SQ = Standard Quantity Computing Variances Actual Quantity Actual Quantity Standard Quantity × × × Actual Price Standard Price Standard Price Price Variance Quantity Variance P 2 2/2/11 A ctual H ours A ctual H ours S tandard H ours × × × A ctual R ate S tandard R ate S tandard R ate Rate Variance Efficiency Variance Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead Variable overhead...
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This note was uploaded on 02/01/2011 for the course ACCT 203 taught by Professor Hylton during the Fall '08 term at George Mason.

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Ch 21 Homework Fall 2009 - Click to edit Master subtitle...

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