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If the budgeted fixed costs are $50,000 and the actual fixed costs are $55,000,
If the budgeted fixed costs are $50,000 and the actual fixed costs are $55,000, what is the fixed cost variance?
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Practice Questions
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Q1
If the budgeted fixed costs are $50,000 and the actual fixed costs are $55,000, what is the fixed cost variance?
$5,000 Favorable
$5,000 Unfavorable
$50,000 Favorable
$50,000 Unfavorable
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The fixed cost variance is calculated as Actual Fixed Costs - Budgeted Fixed Costs, which is $55,000 - $50,000 = $5,000 Unfavorable.
Questions & Step-by-step Solutions
1 item
Q
Q: If the budgeted fixed costs are $50,000 and the actual fixed costs are $55,000, what is the fixed cost variance?
Solution:
The fixed cost variance is calculated as Actual Fixed Costs - Budgeted Fixed Costs, which is $55,000 - $50,000 = $5,000 Unfavorable.
Steps: 5
Show Steps
Step 1: Identify the budgeted fixed costs, which are $50,000.
Step 2: Identify the actual fixed costs, which are $55,000.
Step 3: Subtract the budgeted fixed costs from the actual fixed costs: $55,000 - $50,000.
Step 4: Calculate the result, which is $5,000.
Step 5: Determine if the variance is favorable or unfavorable. Since actual costs are higher than budgeted costs, it is unfavorable.
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