1-a) | Material price variance | |||||
(Actual price - standard price )* AQ purchased | ||||||
(4.95-5)*60000 | ||||||
3000 | F | |||||
Materials Quantity variance | ||||||
(AQ used - SQ allowed)*Standard price | ||||||
(49200 -15000*3)*5 | ||||||
21000 | U | |||||
1-b) | Labor rate variance | |||||
(Actual rate - standard rate)*Actual hours | ||||||
(17 - 16)*11800 | ||||||
11800 | U | |||||
Labor Efficiency variance | ||||||
(Actual hours - standard hours allowed)* Std rate | ||||||
(11800 -15000*.8)*16 | ||||||
3200 | F | |||||
1-c) | Variable overhead rate variance | |||||
(Actual rate - standard rate)*Actual machinehours | ||||||
(18290 - 5900*3) | ||||||
590 | U | |||||
Variable overhead Efficiency variance | ||||||
(Actual hours - standard hours allowed)* Std rate | ||||||
(5900 - 15000*.4)*3 | ||||||
300 | F | |||||
2) | Net Variance | 26,890 | U | |||
Material price variance | 3,000 | F | ||||
Material quantity variance | 21000 | U | ||||
labor rate variance | 11800 | U | ||||
labor efficiecny variance | 3200 | F | ||||
variable overhead rate variance | 590 | U | ||||
variable overhead efficiency variance | 300 | F | ||||
net variance | 26,890 | U | ||||
work #7 - Chapter 10 Help Save & Exit Problem 10-15 Comprehensive Variance Analysis (L010-1, LO10-2,...
Problem 10-15 Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 265,000 $ 265,000 Sales (6,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 95,580 14,000 109,580 155,420 112,700...
Problem 10-15 Comprehensive Variance Analysis (L010-1, LO10-2, LO10-3] Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 210,000 $ 210,000 Sales (4,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 50,680 12,000 62,680 147,320 63,710...
Problem 10-13 (Algo) Basic Variance Analysis; the Impact of Variances on Unit Costs [LO10-1, LO10-2, LO10-3] Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit $ 3.24 $ 3.85 17.10 Direct materials: Standard: 1.80 feet at $1.80 per foot Actual: 1.75 feet at $2.20 per foot Direct labor: Standard: 0.90 hours at $19.00 per hour Actual:...
Problem 10-13 (Algo) Basic Variance Analysis: the Impact of Variances on Unit Costs [LO10-1, LO10-2, LO10-3] Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May Standard Cost per Unit Actual Cost per Unit S 3.24 $ 3.85 17.10 Direct materials: Standard: 1.80 feet at $1.80 per foot Actual: 1.75 feet at $2.20 per foot Direct labor: Standard: 0.90 hours at $19.00 per hour Actual:...
NEED HELP ASAP PLEASE Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual $ 179,000 $ 179,000 Sales (3,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 33,390 11,000 44,390 134,610 44,540 11,000 55,540 123,460 50,000...
Check my work Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 275,000 $275,000 ints Sales (4,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 74,720 27,000 101,720 173,280 90,040 27,000 117,040 157,960 eBook 68,200...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual $ 225,000 $225,000 Sales (6,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 73,620 17,000 90,620 134,380 88,700 17,000 105,700 119,300 53,000 68,000 121,000 $ 13,380 $...
Problem 10-9 (Algo) Comprehensive Variance Analysis (LO10-1, LO10-2, LO10-3) Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 995 hours each month to produce 1,990 sets of covers. The standard costs associated...
Problem 8-18A Comprehensive Variance Analysis [LO8-4, LO8-5, LO8-6] Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Budgeted Actual Sales (3,000 pools) $ 210,000 $ 210,000 Variable expenses: Variable cost of goods sold* 38,220 49,235 Variable selling expenses 15,000 15,000 Total variable expenses 53,220 64,235 Contribution margin 156,780 145,765...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 225,000 $225,000 Sales (3,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 44,520 21,000 65,520 159,480 56,975 21,000 77,975 147,025 62,000 87,000 149,000 10,480 $ 62,000...