Homework Answers
| ODESSA, INC. | |||||||||||
| Profit Variance Analysis | |||||||||||
| Actual (495 Units) |
Manufacturing Variance | Marketing and Administrative Variance | Sales Price Variance | Flexible Budget (495 Units) | Sales Activity Variance | Master Budget (550 Units) | |||||
| Sales revenue | 91390 | 2290 | F | 89100 | 9900 | U | 99000 | ||||
| Variable costs: | |||||||||||
| Manufacturing | |||||||||||
| Direct labor | 12430 | 550 | U | 11880 | 1320 | F | 13200 | ||||
| Materials | 10120 | 770 | F | 10890 | 1210 | F | 12100 | ||||
| Overhead | 7570 | 845 | F | 8415 | 935 | F | 9350 | ||||
| Marketing | 4486 | 167 | F | 4653 | 517 | F | 5170 | ||||
| Administrative | 4950 | 495 | U | 4455 | 495 | F | 4950 | ||||
| Contribution margin | 51834 | 1065 | F | 328 | U | 2290 | F | 48807 | 5423 | U | 54230 |
| Fixed costs: | |||||||||||
| Manufacturing | 4255 | 145 | F | 4400 | 0 | 4400 | |||||
| Marketing | 9186 | 386 | U | 8800 | 0 | 8800 | |||||
| Administrative | 8760 | 40 | F | 8800 | 0 | 8800 | |||||
| Operating profit | 29633 | 1210 | F | 674 | U | 2290 | F | 26807 | 5423 | U | 32230 |
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Problem 16-52 Profit Variance Analysis (LO 16-4) Odessa, Inc., reports the following information concerning operations for...
4 Odessa, Inc., reports the following information concerning operations for the most recent month Master Budget...
4 Odessa, Inc., reports the following information concerning operations for the most recent month Master Budget 14.28 Actual (based on actual of 540 units) $ 88,320 (based on points budgeted 6e0 units) $ 96,e00 Sales revenue Less Manufacturing costs eBook Direct labor 13,632 11,520 14,400 13,440 Materials References Variable overhead 7,872 9,60e Marketing Administrative 5,088 4,88e 5,768 4,8e8 Total variable $ 42,912 $ 48,eee costs $ 45,408 Contribution margin Fixed costs Manufacturing Marketing Administrative 48,e00 4,800 9,600 4,665 9,984 9,561...
Odessa, Inc., reports the following information concerning operations for the most recent month: ...
Odessa, Inc., reports the following information concerning operations for the most recent month: Master Bud based on budgeted 500 units) $85,000 Actual (based on actual I of 450 units) $77,360 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative 11,242 9,020 6,210 4,076 4,000 $34,548 $42,812 12,000 11,000 8,000 4,750 4,000 $39,750 $45,260 Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative 3,855 8,388 7,963 $20,206 $22,606 4,000 8,000 8,000 $20,000 $25,250 Total fixed costs Operating...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 675 units) $112,340 Master Budget (based on budgeted 750 units) $120.000 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits 14,232 16,060 10,980 6,512 6.000 $ 53,784 $S1.556 15,000 18,000 12,750 7. 200 6,000 $ 58,950 $ 61,050 5,360 12,382 11.961 530,203 $ 28,353...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 450 units) Master Budget (based on budgeted 500 units) Sales revenue $ 82,310 $ 90,000 Less Manufacturing costs Direct labor 11,250 12,000 Materials 9,010 11,000 Variable overhead 6,190 8,000 Marketing 4,114 4,800 Administrative 4,000 4,000 Total variable costs $ 34,564 $ 39,800 Contribution margin $ 47,746 $ 50,200 Fixed costs Manufacturing 3,855 4,000 Marketing 8,382 8,000 Administrative 7,964 8,000 Total fixed costs...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 585 units) $ 109,320 Master Budget (based on budgeted 650 units) $117,000 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits 13,528 11,670 7,290 5,623 5,850 $ 43,961 $ 65,359 14,300 13,650 9,109 6,305 5,850 49,205 67,795 4,470 9,984 9,364 $ 23,818 $ 41,541...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 540 units) $94, 350 Master Budget (based on budgeted 600 units) $102,000 points eBook Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits 11,844 10,080 6,640 4,962 4,200 $37,726 $56,624 12,600 12,000 8,400 5,640 4,200 $ 42,840 $ 59, 160 Print References 4,470 9,782...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 630 units) $111,360 Master Budget (based on budgeted 700 units) $119,000 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits 13,236 14,870 9,390 6,038 5,600 $ 49,134 $ 62,226 14,000 16,800 11, 200 6,720 5,600 $ 54, 320 $ 64, 680 4,470 9,790 9,955...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 630 units) Master Budget (based on budgeted 700 units) Sales revenue $ 111,340 $ 119,000 Less Manufacturing costs Direct labor 15,332 16,100 Materials 14,800 16,800 Variable overhead 10,140 11,900 Marketing 6,172 6,860 Administrative 5,600 5,600 Total variable costs $ 52,044 $ 57,260 Contribution margin $ 59,296 $ 61,740 Fixed costs Manufacturing 5,470 5,600 Marketing 11,588 11,200 Administrative 11,157 11,200 Total fixed...
blem 16-52 (Static) Find Missing Data for Profit Variance Analysis (LO 16-4) | the values of...
blem 16-52 (Static) Find Missing Data for Profit Variance Analysis (LO 16-4) | the values of the missing items. Assume that the actual sales volume equals actual production volume. (There are no inventory I changes.) (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" Infavorable. If there is no effect, do not select either option.) Reported Income Statement (2,250 units) $ 117,000 Marketing and Manufacturing Variance Administrative Variance Sales Price Variance...
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...
4 Odessa, Inc., reports the following information concerning operations for the most recent month Master Budget 14.28 Actual (based on actual of 540 units) $ 88,320 (based on points budgeted 6e0 units) $ 96,e00 Sales revenue Less Manufacturing costs eBook Direct labor 13,632 11,520 14,400 13,440 Materials References Variable overhead 7,872 9,60e Marketing Administrative 5,088 4,88e 5,768 4,8e8 Total variable $ 42,912 $ 48,eee costs $ 45,408 Contribution margin Fixed costs Manufacturing Marketing Administrative 48,e00 4,800 9,600 4,665 9,984 9,561...
Odessa, Inc., reports the following information concerning operations for the most recent month: Master Bud based on budgeted 500 units) $85,000 Actual (based on actual I of 450 units) $77,360 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative 11,242 9,020 6,210 4,076 4,000 $34,548 $42,812 12,000 11,000 8,000 4,750 4,000 $39,750 $45,260 Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative 3,855 8,388 7,963 $20,206 $22,606 4,000 8,000 8,000 $20,000 $25,250 Total fixed costs Operating...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 675 units) $112,340 Master Budget (based on budgeted 750 units) $120.000 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits 14,232 16,060 10,980 6,512 6.000 $ 53,784 $S1.556 15,000 18,000 12,750 7. 200 6,000 $ 58,950 $ 61,050 5,360 12,382 11.961 530,203 $ 28,353...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 585 units) $ 109,320 Master Budget (based on budgeted 650 units) $117,000 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits 13,528 11,670 7,290 5,623 5,850 $ 43,961 $ 65,359 14,300 13,650 9,109 6,305 5,850 49,205 67,795 4,470 9,984 9,364 $ 23,818 $ 41,541...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 540 units) $94, 350 Master Budget (based on budgeted 600 units) $102,000 points eBook Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits 11,844 10,080 6,640 4,962 4,200 $37,726 $56,624 12,600 12,000 8,400 5,640 4,200 $ 42,840 $ 59, 160 Print References 4,470 9,782...
Odessa, Inc., reports the following information concerning operations for the most recent month: Actual (based on actual of 630 units) $111,360 Master Budget (based on budgeted 700 units) $119,000 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative Total fixed costs Operating profits 13,236 14,870 9,390 6,038 5,600 $ 49,134 $ 62,226 14,000 16,800 11, 200 6,720 5,600 $ 54, 320 $ 64, 680 4,470 9,790 9,955...
blem 16-52 (Static) Find Missing Data for Profit Variance Analysis (LO 16-4) | the values of the missing items. Assume that the actual sales volume equals actual production volume. (There are no inventory I changes.) (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" Infavorable. If there is no effect, do not select either option.) Reported Income Statement (2,250 units) $ 117,000 Marketing and Manufacturing Variance Administrative Variance Sales Price Variance...
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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