Homework Answers
| OSAGE INC. | |||||||||||
| Profit Variance Analysis | |||||||||||
| Actual | Manufacturing variances | Marketing and Administrative variances | Sales price variance | Flexible budget | Sales activity variance | Master budget | |||||
| Sales revenue | $4968000 | (4968000-4500000)= 468000 | F | $4500000 | (4500000-4800000)= 300000 | U | $4800000 | ||||
| Variable costs: | |||||||||||
| Materials | 1440000 | (1440000-1350000)= 90000 | U | 1350000 | (1350000-1440000)= 90000 | F | 1440000 | ||||
| Direct labor | 276000 | (276000-315000)= 39000 | F | 315000 | (315000-336000)= 21000 | F | 336000 | ||||
| Variable overhead | 674400 | (674400-585000)= 89400 | U | 585000 | (585000-624000)= 39000 | F | 624000 | ||||
| Variable marketing and administrative | 468000 | (468000-450000)= 18000 | U | 450000 | (450000-480000)= 30000 | F | 480000 | ||||
| Total variable costs | $2858400 | $2700000 | (2700000-2880000)= 180000 | F | $2880000 | ||||||
| Contribution margin | $2109600 | $140400 | U | $18000 | U | $468000 | F | $1800000 | (1800000-1920000)= 120000 | U | $1920000 |
| Fixed costs: | |||||||||||
| Manufacturing overhead | 988800 | (988800-960000)= 28800 | U | 960000 | 0 | NONE | 960000 | ||||
| Marketing | 288000 | 0 | NONE | 288000 | 0 | NONE | 288000 | ||||
| Administrative | 204000 | (204000-180000)= 24000 | U | 180000 | 0 | NONE | 180000 | ||||
| Total fixed costs | $1480800 | $28800 | U | $24000 | U | $1428000 | 0 | NONE | $1428000 | ||
| Operating profits | $628000 | $169200 | U | $42000 | U | $468000 | F | $372000 | (372000-492000)= $120000 | U | $492000 |
Calculation of Flexible Budget
Sales= $4800000*450000/480000= $4500000
Materials= $1440000*450000/480000= $1350000
Direct labor= $336000*450000/480000= $315000
Variable overhead= $624000*450000/480000= $585000
Variable marketing and administrative= $480000*450000/480000= $450000
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Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 450,000 units) Master Budget (based on budgeted orders for 480,000 units) Sales revenue $ 4,968,000 $ 4,800,000 Less Variable costs Materials 1,440,000 1,440,000 Direct labor 276,000 336,000 Variable overhead 674,400 624,000 Variable marketing and administrative 468,000 480,000 Total variable costs $ 2,858,400 $ 2,880,000 Contribution margin...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage, Inc., manufactures and sells lamps. The company produces
only when it receives orders and, therefore, has no inventories.
The following information is available for the current month:
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 450,000 units) $4.970,000 Master Budget (based o n budgeted orders for 480,000 units) $4,800,000 Sales revenue Less Variable...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage, Inc., manufactures and sells lamps. The company produces
only when it receives orders and, therefore, has no inventories.
The following information is available for the current month:
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 450,000 units) $4,490,000 Master Budget (based on budgeted orders for 480,000 units) S4.320,000 Sales revenue Less Variable costs...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 460,000 units) $ 4,978,000 Master Budget (based on budgeted orders for 500,000 units) $5,000,000 Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits 1,490,000...
Osage. Inc.., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage. Inc.., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month Actual (based on Master Budget (based on budgeted orders for 480,000 units) $4,8e0, eee actual orders for 450,eee units) $4,968,eee Sales revenue Less Variable costs Materials Direct labor 1,440, eee 336, eee 624,eee 480,e0e $2,880,eee $1,920, eee 1,440, eee 276, eee 674,400 468,eee $2,858,400 $2,189,600 Variable overhead Variable marketing and administrative Total...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 450,000 units) $ 4,489,000 Master Budget (based on budgeted orders for 480,000 units) $4,320,000 Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits 1,536,000...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage, Inc., manufactures and sells lamps. The company produces
only when it receives orders and, therefore, has no inventories.
The following information is available for the current month:
Actual (based on actual orders for 467,000
units)
Master Budget (based on budgeted orders for 514,000
units)
Sales revenue
$
4,985,000
$
5,140,000
Less
Variable costs
Materials
1,525,000
1,542,000
Direct labor
293,000
359,800
Variable overhead
676,100
668,200
Variable marketing and administrative
502,000
514,000
Total variable costs
$
2,996,100
$
3,084,000
Contribution...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore,...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 470,000 units) Master Budget (based on budgeted orders for 520,000 units) Sales revenue $ 4,988,000 $ 5,200,000 Less Variable costs Materials 1,540,000 1,560,000 Direct labor 296,000 364,000 Variable overhead 676,400 676,000 Variable marketing and administrative 508,000 520,000 Total variable costs $ 3,020,400 $ 3,120,000 Contribution...
Exercise 16-29 Profit Variance Analysis (LO 16-4) (PLEASE INCLUDE STEP BY STEP CALCULATIONS) Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore...
Exercise 16-29 Profit Variance Analysis (LO 16-4)
(PLEASE INCLUDE STEP BY STEP CALCULATIONS)
Osage, Inc., manufactures and sells lamps. The company produces
only when it receives orders and, therefore, has no inventories.
The following information is available for the current month
Actual (based on actual orders for 464,000
units)
Master Budget (based on budgeted orders for 508,000
units)
Sales revenue
$
4,982,000
$
5,080,000
Less
Variable costs
Materials
1,510,000
1,524,000
Direct labor
290,000
355,600
Variable overhead
675,800
660,400
Variable marketing...
Osage, Inc., manufactures and sells lamps. The company produces
only when it receives orders and, therefore, has no inventories.
The following information is available for the current month:
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 450,000 units) $4.970,000 Master Budget (based o n budgeted orders for 480,000 units) $4,800,000 Sales revenue Less Variable...
Osage, Inc., manufactures and sells lamps. The company produces
only when it receives orders and, therefore, has no inventories.
The following information is available for the current month:
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 450,000 units) $4,490,000 Master Budget (based on budgeted orders for 480,000 units) S4.320,000 Sales revenue Less Variable costs...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 460,000 units) $ 4,978,000 Master Budget (based on budgeted orders for 500,000 units) $5,000,000 Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits 1,490,000...
Osage. Inc.., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month Actual (based on Master Budget (based on budgeted orders for 480,000 units) $4,8e0, eee actual orders for 450,eee units) $4,968,eee Sales revenue Less Variable costs Materials Direct labor 1,440, eee 336, eee 624,eee 480,e0e $2,880,eee $1,920, eee 1,440, eee 276, eee 674,400 468,eee $2,858,400 $2,189,600 Variable overhead Variable marketing and administrative Total...
Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 450,000 units) $ 4,489,000 Master Budget (based on budgeted orders for 480,000 units) $4,320,000 Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits 1,536,000...
Osage, Inc., manufactures and sells lamps. The company produces
only when it receives orders and, therefore, has no inventories.
The following information is available for the current month:
Actual (based on actual orders for 467,000
units)
Master Budget (based on budgeted orders for 514,000
units)
Sales revenue
$
4,985,000
$
5,140,000
Less
Variable costs
Materials
1,525,000
1,542,000
Direct labor
293,000
359,800
Variable overhead
676,100
668,200
Variable marketing and administrative
502,000
514,000
Total variable costs
$
2,996,100
$
3,084,000
Contribution...
Exercise 16-29 Profit Variance Analysis (LO 16-4)
(PLEASE INCLUDE STEP BY STEP CALCULATIONS)
Osage, Inc., manufactures and sells lamps. The company produces
only when it receives orders and, therefore, has no inventories.
The following information is available for the current month
Actual (based on actual orders for 464,000
units)
Master Budget (based on budgeted orders for 508,000
units)
Sales revenue
$
4,982,000
$
5,080,000
Less
Variable costs
Materials
1,510,000
1,524,000
Direct labor
290,000
355,600
Variable overhead
675,800
660,400
Variable marketing...
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