9,500 | 10,000 | 14.40 | |||||||
Static Budget | Actual | Variance | flexible budget | Actual | Variance | ||||
Sales Price | a | 50.0 | 4,75,000 | 5,51,000 | 76,000 | 54.0 | 5,40,000 | 5,51,000 | 11,000 |
Variable Cost | |||||||||
Direct Material | 12.0 | 1,14,000 | 1,44,000 | -30,000 | 12.6 | 1,26,000 | 1,44,000 | -18,000 | |
Direct Labor | 7.0 | 66,500 | 76,800 | -10,300 | 7.7 | 77,000 | 76,800 | 200 | |
Manufacturing overhead | 2.0 | 19,000 | 19,000 | - | 2 | 20,000 | 19,000 | 1,000 | |
Selling and Admn overhead | 5.0 | 47,500 | 55,100 | -7,600 | 5 | 50,000 | 55,100 | -5,100 | |
Total Variable cost | b | 26.0 | 2,47,000 | 2,94,900 | -47,900 | 27 | 2,73,000 | 2,94,900 | -21,900 |
Contribution | c=a-b | 24.0 | 2,28,000 | 2,56,100 | 28,100 | 27 | 2,67,000 | 2,56,100 | -10,900 |
Fixed Cost | |||||||||
Manufacturing(factory) overhead | 50,000 | 55,000 | -5,000 | 55,000 | 55,000 | - | |||
Selling and Admn overhead | 20,000 | 24,000 | -4,000 | 24,000 | 24,000 | - | |||
Total Fixed cost | d | 70,000 | 79,000 | -9,000 | 79,000 | 79,000 | - | ||
Operating Income | c-d | 1,58,000 | 1,77,100 | 19,100 | 1,88,000 | 1,77,100 | -10,900 | ||
Fixed Cost / Unit | 7.37 | 8.32 | 7.90 | 7.90 | |||||
MPV(Actual price paid - Std price)*no of units used | Unfavorable | 30,000 | Unfavorable | 18,000 | |||||
MEV( Std qty of material consumed - Actual material consumed)*std price /unit | Unfavorable | 36 | Unfavorable | 23 | |||||
LRV(Actual price paid for th direct labor-Std rate of labor)*no of units used | Unfavorable | 10,300 | Unfavorable | 200 | |||||
LEV( Std qty labor consumed - Actual qty labor consumed)*std labor rate/hr | Unfavorable | 1.12 |
Exercise 4) Mighty Marketer manufactures boxes for marketing workstations. The firm's standard cost sheet prior to...
please help!! mondlel uu Exercise 4) Mighty Marketer manufactures boxes for marketing workstations. The firm's standard cost sheet prior to October and actual results for October 2019 are as follows Budget Information Standard Price Actual & Variable Costs Fixed Results per Unit Costs October 2019 Units 9.500 105% Sales x 1.08 50.00 11.09 $ 551,000 Variable costs: 1.05 X Direct materials 5 pounds at $2.40 per pound $ 12.00 V $ 144,000 . Direct labor 2.05 0.5 hour at $14...
Solid Box Fabrications manufactures boxes for workstations. The firm’s standard cost sheet prior to October of the current year and actual results for October are as follows: Required information {The following information applies to the questions displayed below.] Solid Box Fabrications manufactures boxes for workstations. The firm's standard cost sheet prior to October of the current year and actual results for October are as follows: Budget Information Standard Price and Variable Fixed Costs per Unit Costs Actual Results October 9,500...
The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 40 yards at $3.00 per yard $ 120 Direct labor, 5 hours at $30 per hour 150 Factory overhead applied at 70% of direct labor (variable costs = $70; fixed costs = $35) 105 Variable selling and administrative 74 Fixed selling and administrative 50 Total unit costs $ 499 Standards have been computed based on a master budget activity level of 29,800 direct labor-hours...
The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 30 yards at $2.50 per yard $ 75 Direct labor, 4 hours at $25 per hour 100 Factory overhead applied at 80% of direct labor 80 (variable costs = $60; fixed costs = $20) Variable selling and administrative 67 Fixed selling and administrative 43 Total unit costs $ 365 Standards have been computed based on a master budget activity level of 29,100 direct labor-hours...
Kingbird Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials—1 pound plastic at $6.00 per pound $ 6.00 Direct labor—1.5 hours at $12.20 per hour 18.30 Variable manufacturing overhead 9.00 Fixed manufacturing overhead 15.00 Total standard cost per unit $48.30 The predetermined manufacturing overhead rate is $16.00 per direct labor hour ($24.00 ÷ 1.5). It was computed from a master manufacturing overhead budget based on normal production of 8,700 direct labor hours...
Practice Exam 3 Cost Accounting XYZ Company manufactures and sells patio chairs. For the year 2016, XYZ prepared its master budget on the basis of 4,000 units produced and sold. However, in 2016, because of acute competition in the industry, XYZ was only able to produce and sell 3,000 units. Table 1 provides XYZ Company's static budget and actual results using a contribution margin income statement. Table 1 Flexible-Budget Variances (2) (1)-(3) Sales Volume Variances (4)=(3)-(5) Flexible Budget (3) Actual...
The standard cost sheet for Chambers Company, which manufactures one product, follows: $ 100 100 Direct materials, 40 yards at $2.50 per yard Direct labor, 4 hours at $25 per hour Factory overhead applied at 70% of direct labor (variable costs - $50; fixed costs $20) Variable selling and administrative Fixed selling and administrative Total unit costs Standards have been computed based on a master budget activity level of 28,900 direct labor hours per month. Actual activity for the past...
The standard cost sheet for Chambers Company, which manufactures one product, follows: Direct materials, 30 yards at $2.00 per yard Direct labor, 6 hours at $25 per hour Factory overhead applied at 7e% of direct labor (variable costs = $75; fixed costs $30) Variable selling and administrative Fixed selling and adminisstrative $ 60 158 105 88 56 451 Total unit costs Standards have been computed based on a master budget activity level of 30.400 direct labor-hours per month. Actual activity...
Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $7 per pound Direct labor-2.50 hours at $11.80 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit $ 7.00 29.50 17.50 17.50 $71.50 The predetermined manufacturing overhead rate is $14 per direct labor hour ($35.00 = 2.50). It was computed from a master manufacturing overhead budget based on normal production of 13,250 direct labor hours...
Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at 58 per pound Direct labor-2.00 hours at $12.15 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit $8.00 24.30 12.00 8.00 $52.30 The predetermined manufacturing overhead rate is $10 per direct labor hour ($20.00 - 2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,200 direct labor hours (5,600...