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Cox Engineering performs cement core tests in its laboratory. The following standards have been set for each core test performed: During March, the laboratory performed 2,000 core tests. On March 1 no direct materials (sand) were on hand. Variable manufacturing overhead is assigned to core tests on the basis of standard direct labor-hours. The following events occurred during March:
• 8,600 pounds of sand were purchased at a cost of $7,310.
• 7,200 pounds of sand were used for core tests.
• 840 actual direct labor-hours were worked at a cost of $8,610.
• Actual variable manufacturing overhead incurred was $3,200.
-The materials quantity variance for March is:
Flexible Budget
A budget that is adaptable and varies according to the changes in activity level or volume.
Net Operating Income
The profit generated from a company's core business operations, excluding deductions of taxes and interest.
Facility Expenses
Costs associated with the physical locations a business operates, including utilities, maintenance, and rent or mortgage payments.
Flexible Budget
A budget that adjusts or flexes with changes in volume or activity, allowing for more accurate financial planning.
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