Homework Answers
Activity Variance = $4,000 Favorable
Revenue and Spending Variance = $800 Unfavorable
Calculation:
Planning &
Budget:
Contribution Margin per Unit = Unit Sales Price – Units Variable
Costs
Contribution Margin per Unit = $30 - $10 = $20
Actual
Results:
Contribution Margin per Unit = $20 + $1
Contribution Margin per Unit = $21
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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...
Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries...
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Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries...
Paynesville Corporation manufactures and sells a preservative
used in food and drug manufacturing. The company carries no
inventories. The master budget calls for the company to manufacture
and sell 118,000 liters at a budgeted price of $210 per liter this
year. The standard direct cost sheet for one liter of the
preservative follows.
Direct materials
(2 pounds @ $13)
$
26
Direct labor
(0.5 hours @ $42)
21
Variable overhead is applied based on direct labor hours. The
variable overhead...
2 Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company...
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Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries...
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1.) 2.) 3.) 4.) The master budget at Western Company last period called for sales of...
1.)
2.)
3.)
4.)
The master budget at Western Company last period called for sales of 225,900 units at $9.9 each. The costs were estimated to be $3.84 variable per unit and $225,900 fixed. During the period, actual production and actual sales were 230,900 units. The selling price was $10.00 per unit. Variable costs were $5.40 per unit. Actual fixed costs were $225,900. Required: Prepare a sales activity variance analysis. (Indicate the effect of each variance by selecting "F" for...
the red x are incorrect Paynesville Corporation manufactures and sells a preservative used in food and...
the red x are incorrect
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The following data were drawn from the records of Campbell Corporation. Planned volume for year (static...
The following data were drawn from the records of Campbell Corporation. Planned volume for year (static budget) Standard direct materials cost per unit Standard direct labor cost per unit Total expected fixed overhead costs Actual volume for the year (flexible budget) Actual direct materials cost per unit Actual direct labor cost per unit Total actual fixed overhead costs 4,300 units 3.30 pounds @ $1.10 per pound 4.00 hours @ $3.20 per hour $17,200 4,700 units 2.90 pounds @ $1.60 per...
Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries...
Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 132,000 liters at a budgeted price of $315 per liter this year. The standard direct cost sheet for one liter of the preservative follows. points Direct materials Direct labor (2 pounds @ $20) (0.5 hours @ $56) $40 28 eBook Variable overhead is applied based on direct labor hours. The variable...
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...
Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 108,000 liters at a budgeted price of $135 per liter this year. The standard direct cost sheet for one liter of the preservative follows. Direct materials Direct labor (2 pounds @ $8) (0.5 hours $32) $16 16 Variable overhead is applied based on direct labor hours. The variable overhead rate is...
Paynesville Corporation manufactures and sells a preservative
used in food and drug manufacturing. The company carries no
inventories. The master budget calls for the company to manufacture
and sell 118,000 liters at a budgeted price of $210 per liter this
year. The standard direct cost sheet for one liter of the
preservative follows.
Direct materials
(2 pounds @ $13)
$
26
Direct labor
(0.5 hours @ $42)
21
Variable overhead is applied based on direct labor hours. The
variable overhead...
2 Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 140,000 liters at a budgeted price of $375 per liter this year. The standard direct cost sheet for one liter of the preservative follows. 4 points Direct (2 pounds @ $24) (0.5 hours @ $64) $48 materials Direct labor 32 eBook Variable overhead is applied based on direct labor hours....
Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 100,000 liters at a budgeted price of $75 per liter this vear. The standard direct cost sheet for one liter of the preservative follows. Direct materials Direct labor (2 pounds $4) (0.5 hours $24) $ 8 12 Variable overhead is applied based on direct labor hours. The variable overhead rate is...
1.)
2.)
3.)
4.)
The master budget at Western Company last period called for sales of 225,900 units at $9.9 each. The costs were estimated to be $3.84 variable per unit and $225,900 fixed. During the period, actual production and actual sales were 230,900 units. The selling price was $10.00 per unit. Variable costs were $5.40 per unit. Actual fixed costs were $225,900. Required: Prepare a sales activity variance analysis. (Indicate the effect of each variance by selecting "F" for...
the red x are incorrect
Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 112,000 liters at a budgeted price of $165 per liter this year. The standard direct cost sheet for one liter of the preservative follows. Direct materials Direct labor $20 (2 pounds @ $10) (0.5 hours @ $36) Variable overhead is applied based on direct labor hours....
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Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 132,000 liters at a budgeted price of $315 per liter this year. The standard direct cost sheet for one liter of the preservative follows. points Direct materials Direct labor (2 pounds @ $20) (0.5 hours @ $56) $40 28 eBook Variable overhead is applied based on direct labor hours. The variable...
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