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Ksivusya [100]
3 years ago
11

A software development project at day 70 exhibits an actual cost of $78,000 and a scheduled cost of $84,000. The software manage

r estimates a value completed of $81,000. What are the cost and schedule variances and CSI? Estimate the time variance.
Business
1 answer:
Rina8888 [55]3 years ago
7 0

Answer and Explanation:

Given:

Actual time (AT) = 70 days

Actual cost (AC) = $78,000

Scheduled cost (SC) = $84,000

Earned value (EV) = $81,000

Computation of cost variance:

Cost variance = Earned value - Actual cost

Cost variance = $81,000 - $78,000

Cost variance = $3,000

Computation of schedule variance:

Schedule variance = Earned value - Scheduled cost

Schedule variance = $81,000 - $84,000

Schedule variance = - $3,000

Computation of Cost schedule Index (CSI):

Cost schedule Index = EV² / (AC × SC)

Cost schedule Index = ($81,000)² / ($78,000 × $84,000)

Cost schedule Index = 1.00137363

Cost schedule Index = 1.001 (Approx)

Computation of time variance:

Time variance = (AT × CSI) - AT

Time variance = (70 × 1.001) - 70

Time variance = (70.07) - 70

Time variance = 0.07 days

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It will take 8.04 years for the initial investment of $15000 to become $30,000

What is the future value of an investment?

The future value of $15,000 invested now earning a rate of return of 9% per year is $30,000, it the future equivalent of an amount invested now when the invested amount has earned interest over a specific period of time.

The below future value formula of single cash flow can be used to determine the number of years it takes for the initial investment to double.

FV=PV*(1+r)^N

FV=future value=$30,000

PV=initial investment=$15,000

r=rate of return=9%

N=number of years it takes for the initial investment to double=unknown(assume it is X)

$30,000=$15000*(1+9%)^N

$30000/$15000=(1+9%)^N

2=1.09^N

take log  of both sides

ln(2)=N*ln(1.09)

N=ln(2)/ln(1.09)

N=8.04 years

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The journal entry that is to be recorded on May 1 is shown below:

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