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If a company has a budgeted cost of $100,000 and an actual cost of $90,000, what
If a company has a budgeted cost of $100,000 and an actual cost of $90,000, what is the cost variance?
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Q1
If a company has a budgeted cost of $100,000 and an actual cost of $90,000, what is the cost variance?
$10,000 Favorable
$10,000 Unfavorable
$90,000 Favorable
$90,000 Unfavorable
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Cost Variance = Actual Cost - Budgeted Cost = $90,000 - $100,000 = $10,000 Favorable.
Questions & Step-by-step Solutions
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Q: If a company has a budgeted cost of $100,000 and an actual cost of $90,000, what is the cost variance?
Solution:
Cost Variance = Actual Cost - Budgeted Cost = $90,000 - $100,000 = $10,000 Favorable.
Steps: 6
Show Steps
Step 1: Identify the budgeted cost, which is $100,000.
Step 2: Identify the actual cost, which is $90,000.
Step 3: Use the formula for cost variance: Cost Variance = Actual Cost - Budgeted Cost.
Step 4: Substitute the values into the formula: Cost Variance = $90,000 - $100,000.
Step 5: Calculate the result: $90,000 - $100,000 = -$10,000.
Step 6: Since the result is negative, it indicates a favorable variance, so we say it is $10,000 Favorable.
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