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 | |||||||
(18,290 - 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 | |||||
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
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 $ 675,000 $675,000 Sales (15,000 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) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000 214,000...
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: Plexible Budget Actual $180,000 $180,000 Sales (4,000 pools) Variable expenses : Variable cost of goods sold Variable selling expenses Total variable expenses Contribution margin Pixed expenses Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 37, 720 15,000 52,720 127,280 49,210 15,000 64,210 115,790 51,000 $1,000 66,000 66.000 117,000...
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 Sales (5,000 pools) $ 200,000 $ 200,000 Variable expenses: Variable cost of goods sold* 54,100 67,330 Variable selling expenses 16,000 16,000 Total variable expenses 70,100 83,330 Contribution margin 129,900 116,670 Fixed expenses: Manufacturing overhead 52,000 52,000 Selling and administrative 67,000 67,000 Total fixed expenses 119,000 119,000 Net operating income...
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 Sales (6,000 pools) $ 265,000 $ 265,000 Variable expenses: Variable cost of goods sold* 95,580 112,700 Variable selling expenses 14,000 14,000 Total variable expenses 109,580 126,700 Contribution margin 155,420 138,300 Fixed expenses: Manufacturing overhead 63,000 63,000 Selling and administrative 78,000 78,000 Total fixed expenses 141,000 141,000 Net operating income...
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 Sales (7,000 pools) $ 255,000 $ 255,000 Variable expenses: Variable cost of goods sold* 85,400 104,590 Variable selling expenses 15,000 15,000 Total variable expenses 100,400 119,590 Contribution margin 154,600 135,410 Fixed expenses: Manufacturing overhead 64,000 64,000 Selling and administrative 79,000 79,000 Total fixed expenses 143,000 143,000 Net operating income...
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 $265,000 Actual $265,000 Sales (7,000 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) 79,240 19,000 98,240 166,760 97,525 19,000 116,525 148,475 67,000 67,000 85,000 85,000 152,000 152,000 $...
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 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 Fixed expenses: Manufacturing overhead 66,000 66,000 Selling and administrative 81,000 81,000 Total fixed expenses 147,000 147,000 Net operating income...
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 Sales (6,000 pools) $ 240,000 $ 240,000 Variable expenses: Variable cost of goods sold* 57,900 74,210 Variable selling expenses 18,000 18,000 Total variable expenses 75,900 92,210 Contribution margin 164,100 147,790 Fixed expenses: Manufacturing overhead 66,000 66,000 Selling and administrative 84,000 84,000 Total fixed expenses 150,000 150,000 Net operating income...
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 Sales (6,000 pools) $ 265,000 $ 265,000 Variable expenses: Variable cost of goods sold* 95,580 112,700 Variable selling expenses 14,000 14,000 Total variable expenses 109,580 126,700 Contribution margin 155,420 138,300 Fixed expenses: Manufacturing overhead 63,000 63,000 Selling and administrative 78,000 78,000 Total fixed expenses 141,000 141,000 Net operating income...
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 Sales (4,000 pools) $ 239,000 $ 239,000 Variable expenses: Variable cost of goods sold* 57,680 70,390 Variable selling expenses 16,000 16,000 Total variable expenses 73,680 86,390 Contribution margin 165,320 152,610 Fixed expenses: Manufacturing overhead 72,000 72,000 Selling and administrative 82,000 82,000 Total fixed expenses 154,000 154,000 Net operating income...