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E15-2 Compute variances for the following items and indicate

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E15-2 Required
Compute variances for the following items and indicate whether each variance is favorable (F) or
unfavorable (U).
LO 2
Item Budget Actual Variance F or U
Sales price $650 $525
Sales revenue $580,000 $600,000
Cost of goods sold $385,000 $360,000
Material purchases at 5,000 pounds $275,000 $280,000
Materials usage $180,000 $178,000
Production volume 950 units 900 units
Wages at 4,000 hours $60,000 $58,700
Labor usage at $16 per hour $96,000 $97,000
Research and development expense $22,000 $25,000
Selling and administrative expenses $49,000 $40,000

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