Homework Answers
ANSWER :-
(1).
Flexible Budget
| Working | Flexible Budget (980 Recliners) | ||
| Sales | 980*505 | $494,900 | |
|
|||
| -Direct Material |
|
$52,830 | |
| -Direct labor | 9600*9.4 | $90,240 | |
| -Variable overhead | 6143*5.0 | $30,715 | |
| Fixed Manufacturing cost: | |||
| -Fixed Overheads | $60,000 | ||
| Total cost of goods sold | $2,33,785 | ||
| Gross profit |
2,61,118 |
(2):
Variances
|
F/N | |||
| Material Price Variance | 6143(8.40-8.60) | 1229 | Favorable | |
| Material Quantity Variance | 8.6(6143-6000/1000*980) | 2262 | Unfavorable | |
| Labor Price Variance | 9600(9.50-9.40) | 960 | Unfavorable | |
| Labor Efficiency Variance | 9.4(9600-10,000/1000*980) | 1880 | Favorable | |
|
6143(6.40-5.0) | 8600 | Unfavorable | |
|
5.0(6143-6000/1000*980) | 1315 | Unfavorable | |
| Fixed Overhead Rate Variance | 62,000-60,000 | 2000 | Unfavorable | |
| Fixed Overhead Volume Variance | 60,000-(980*60,000/1000) | 1200 | Unfavorable | |
|
(3)
Manager have done reasonably good job in controlling Material and
Labor cost as unfavorable variance is being almost offset by
favorable variance in these two cases.
However, manager could have done better in case of controlling Overhead cost where we have unfavorable variance only for Rate and Volume.
Add Answer to:
Data Table Static Budget (1,000 recliners) Actual Results (980 recliners) Sales (1,000 recliners x $ 505...
Static Budget Actual Results (1,000 recliners (980 recliners) Sales (1,000 recliners x $ 505 each)$ 505,000...
Static Budget Actual Results (1,000 recliners (980 recliners) Sales (1,000 recliners x $ 505 each)$ 505,000 (980 recliners x $ 480 each) 470,400 Variable Manufacturing Costs: (6,000 yds. @ $ 8.60 / yd.) (6,143 yds. $ 8.40 / yd.) (10,000 DLHr$9.20/ DLHr) (9,600 DLHr$ 9.30/ DLHr) (6,000 yds. $ 5.20 /yd.) (6,143 yds. $ 6.60 / yd.) Direct Materials 51,600 51,601 Direct Labor 92,000 89,280 Variable Overhead 31,200 40,544 Fixed Manufacturing Costs: 60,600 235,400 269,600 S 62,600 244,025 226,375 Fixed...
Smith Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Smith allocates...
Smith Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Smith allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: (Click the icon to view the selected data.) Read the requirements Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) 980 Smith Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) Sales Revenue...
Question 2: Cole Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system....
Question 2: Cole Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Cole allocates overhead based on yards of direct ma The company's performance report includes the following selected data Static Budget Actual Results (975 recliners) (955 recliners) S 482,625 $ 453,625 Sales (975 recliners x S 495 each) (955 recliners x $ 475 each) Variable Manufacturing Costs: Direct Materials 52,065 52,087 Direct Labor 91,650 (5,850 yds @ $ 8.90 / yd.) (5.987 yds @ $...
P23-31B (similar to) budget and a standard cost system White allocaties overhead based on yards of...
P23-31B (similar to) budget and a standard cost system White allocaties overhead based on yards of direct The company's performance reportedades the following selected data White Recliners manufactures the recensind se Click the icon to view the selected data) Read the rent Requirement 1. Prepare a feble budget based on the actual number of rediners sold round budget amounts per unit to the nearest cont.) White Recliners Flexible del Sales Revue Vari a ntacturing Costs Direct Materal Dired labor Variable...
Question 2: cole recliners manufacturers leather recliners and uses flexible budgeting . and a standard cost...
Question 2: cole recliners manufacturers leather recliners and
uses flexible budgeting . and a standard cost system.
Question 2: Cole Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Cole allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Static Budget Actual Results (975 recliners) (955 recliners) (975 recliners x $ 495 each) Sales $ 482,625 (955 recliners x $ 475 each) 453,625 Variable Manufacturing Costs: (5,850 yds.@...
Preston’s Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Preston allocates...
Preston’s Recliners manufactures leather recliners and uses
flexible budgeting and a standard cost system. Preston allocates
overhead based on yards of direct materials.
Please prepare a flexible budget based on the actual number of
recliners sold & then (2) Compute the cost variance and the
efficiency variance for direct materials and for direct labor. For
manufacturing overhead, compute the variable overhead cost,
variable overhead efficiency, fixed overhead cost, and fixed
overhead volume variances. Round to the nearest dollar.
Have Preston's...
Preston Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Preston allocates...
Preston Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Preston allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: EEB (Click the icon to view the selected data.) Read the requirements. Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to Data Table Preston Recliners Static Budgt Actual Results 75 recliners) (955 recliners) Flexible Budget Budget Amounts...
select from formulas given above Headsound manufactures headphone cases. During September 2018, the company produced and...
select from formulas given above
Headsound manufactures headphone cases. During September 2018, the company produced and sold 108,000 cases and recorded the following cost data: (Click the icon to view the cost data) Read the requirements. Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U)....
X Data Table 1 Standard Cost Information Quantity Cost 0.15 per part Direct Materials 2 parts...
X Data Table 1 Standard Cost Information Quantity Cost 0.15 per part Direct Materials 2 parts 0.02 hours Direct Labor 9.00 per hour Variable Manufacturing Overhead 0.02 hours 9.00 per hour Fixed Manufacturing Overhead ($31,360 for static budget volume of 98,000 units and 1,960 hours, or $16 per hour) Actual Cost Information $ 0.20 per part) $ 42,200 (211,000 parts@ Direct Materials $ 9.15 per hour) Direct Labor (1,660 hours@ 15,189 Variable Manufacturing Overhead 10,000 Fixed Manufacturing Overhead 30,000 Print...
data Smart Hearing marnufactures headphone cases. During September 2018, the company produced and sold 105.000 cases...
data
Smart Hearing marnufactures headphone cases. During September 2018, the company produced and sold 105.000 cases and recorded the following cost data Click the loon to view the cost data) Read the reauirements Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or untavorable (U). (Abbreviations used AC...
Static Budget Actual Results (1,000 recliners (980 recliners) Sales (1,000 recliners x $ 505 each)$ 505,000 (980 recliners x $ 480 each) 470,400 Variable Manufacturing Costs: (6,000 yds. @ $ 8.60 / yd.) (6,143 yds. $ 8.40 / yd.) (10,000 DLHr$9.20/ DLHr) (9,600 DLHr$ 9.30/ DLHr) (6,000 yds. $ 5.20 /yd.) (6,143 yds. $ 6.60 / yd.) Direct Materials 51,600 51,601 Direct Labor 92,000 89,280 Variable Overhead 31,200 40,544 Fixed Manufacturing Costs: 60,600 235,400 269,600 S 62,600 244,025 226,375 Fixed...
Smith Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Smith allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: (Click the icon to view the selected data.) Read the requirements Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) 980 Smith Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) Sales Revenue...
Question 2: Cole Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Cole allocates overhead based on yards of direct ma The company's performance report includes the following selected data Static Budget Actual Results (975 recliners) (955 recliners) S 482,625 $ 453,625 Sales (975 recliners x S 495 each) (955 recliners x $ 475 each) Variable Manufacturing Costs: Direct Materials 52,065 52,087 Direct Labor 91,650 (5,850 yds @ $ 8.90 / yd.) (5.987 yds @ $...
P23-31B (similar to) budget and a standard cost system White allocaties overhead based on yards of direct The company's performance reportedades the following selected data White Recliners manufactures the recensind se Click the icon to view the selected data) Read the rent Requirement 1. Prepare a feble budget based on the actual number of rediners sold round budget amounts per unit to the nearest cont.) White Recliners Flexible del Sales Revue Vari a ntacturing Costs Direct Materal Dired labor Variable...
Question 2: cole recliners manufacturers leather recliners and
uses flexible budgeting . and a standard cost system.
Question 2: Cole Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Cole allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Static Budget Actual Results (975 recliners) (955 recliners) (975 recliners x $ 495 each) Sales $ 482,625 (955 recliners x $ 475 each) 453,625 Variable Manufacturing Costs: (5,850 yds.@...
Preston’s Recliners manufactures leather recliners and uses
flexible budgeting and a standard cost system. Preston allocates
overhead based on yards of direct materials.
Please prepare a flexible budget based on the actual number of
recliners sold & then (2) Compute the cost variance and the
efficiency variance for direct materials and for direct labor. For
manufacturing overhead, compute the variable overhead cost,
variable overhead efficiency, fixed overhead cost, and fixed
overhead volume variances. Round to the nearest dollar.
Have Preston's...
Preston Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Preston allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: EEB (Click the icon to view the selected data.) Read the requirements. Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to Data Table Preston Recliners Static Budgt Actual Results 75 recliners) (955 recliners) Flexible Budget Budget Amounts...
select from formulas given above
Headsound manufactures headphone cases. During September 2018, the company produced and sold 108,000 cases and recorded the following cost data: (Click the icon to view the cost data) Read the requirements. Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U)....
X Data Table 1 Standard Cost Information Quantity Cost 0.15 per part Direct Materials 2 parts 0.02 hours Direct Labor 9.00 per hour Variable Manufacturing Overhead 0.02 hours 9.00 per hour Fixed Manufacturing Overhead ($31,360 for static budget volume of 98,000 units and 1,960 hours, or $16 per hour) Actual Cost Information $ 0.20 per part) $ 42,200 (211,000 parts@ Direct Materials $ 9.15 per hour) Direct Labor (1,660 hours@ 15,189 Variable Manufacturing Overhead 10,000 Fixed Manufacturing Overhead 30,000 Print...
data
Smart Hearing marnufactures headphone cases. During September 2018, the company produced and sold 105.000 cases and recorded the following cost data Click the loon to view the cost data) Read the reauirements Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or untavorable (U). (Abbreviations used AC...
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