Homework Answers
| Actual results | Revenue and spending variances | Flexible budget | Activity variances | Master budget | |
| Sales | $2,808,000 | $72,000 F | $2,736,000 (36,000*$76) | $152,000 U | $2,888,000 (38,000*$76) |
| Less: V.C. | |||||
| DM | 436,500 | 23,220 U | 413,280 (36,000*11.48) | 22,960 F | 436,240 (38,000*11.48) |
| DL | 1,040,250 | 3,450 U | 1,036,800 (36,000*28.80) | 57,600 F | 1,094,400 (38,000*28.80) |
| V-OH | 482,000 | 15,440 U | 466,560 (36,000*12.96) | 25,920 F | 492,480 (38,000*12.96) |
| CM | 849,250 | 29,890 F | 819,360 | 45,520 U | 864,880 |
| Less: FC | |||||
| Manufacturing | 625,400 | 4,600 F | 630,000 (45,000*$14) | 0 | 630,000 |
| Sell & Admin | 175,000 | 11,500 F | 186,500 | 0 | 186,500 |
| NOI | $48,850 | $45,990 F | $2,860 | $45,520 U | $48,380 |
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Oakly Variance Case manufactures a single product, XR2. Oakly uses budgets and standards and control functions. Oakly m...
Oakly Variance Case manufactures a single product, XR2. Oakly uses budgets and standards and control functions....
Oakly Variance Case manufactures a single product, XR2. Oakly uses budgets and standards and control functions. Oakly makes use of its standards in order to budgeted cost per unit. For example, Exhibit A provides information on the budgeted variable costs per unit. When determining direct material costs for the planning (master) budget income statement, the $11.48 budgeted material cost per unit of XR2 would be used in the calculation. Exhibit A Budgeted (Standard) Variable Costs Per Unit of XR2 Raw...
Company A manufactures one product, ABC. Company A uses budgets and standards in their functions, and...
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Practice Exam 3 Cost Accounting XYZ Company manufactures and sells patio chairs. For the year 2016,...
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...
A variance analysis question for cost accounting that I am struggling with. I have parts of...
A variance analysis question for cost
accounting that I am struggling with. I have parts of it completed,
but there are some parts that I did not really understand. Could
you please take a look and help me? I really appreciate it! Thank
you very much! You may need to zoom in to see the numbers and
information for this question
Part 1: Calculate direct materials price and efficiency variances. Actual Costs Incurred Flexible Budget Budgeted Input Qt. Alloved for...
Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of...
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Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost...
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Oakly Variance Case manufactures a single product, XR2. Oakly uses budgets and standards and control functions. Oakly makes use of its standards in order to budgeted cost per unit. For example, Exhibit A provides information on the budgeted variable costs per unit. When determining direct material costs for the planning (master) budget income statement, the $11.48 budgeted material cost per unit of XR2 would be used in the calculation. Exhibit A Budgeted (Standard) Variable Costs Per Unit of XR2 Raw...
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...
A variance analysis question for cost
accounting that I am struggling with. I have parts of it completed,
but there are some parts that I did not really understand. Could
you please take a look and help me? I really appreciate it! Thank
you very much! You may need to zoom in to see the numbers and
information for this question
Part 1: Calculate direct materials price and efficiency variances. Actual Costs Incurred Flexible Budget Budgeted Input Qt. Alloved for...
Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $ 19 per direct - labor hour 2.2 hours per unit of output $400, eee 30,units Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor 19,808 units $1,025, 150 $ 341,800 50, 500 hours Required: Use the following diagrams below (similar to Exhibit 11-6 and Exhibit 11-8 to...
Lane Company manufactures a single product that requires a great
deal of hand labor. Overhead cost is applied on the basis of
standard direct labor-hours. The budgeted variable manufacturing
overhead is $2.20 per direct labor-hour and the budgeted fixed
manufacturing overhead is $279,000 per year.
The standard quantity of materials is 4 pounds per unit and the
standard cost is $3.50 per pound. The standard direct labor-hours
per unit is 1.5 hours and the standard labor rate is $12.10 per...
Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted variable manufacturing overhead is $3.20 per direct labor-hour and the budgeted fixed manufacturing overhead is $864,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $6.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.60 per...
Lane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $5.40 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,679,000 per year. The standard quantity of materials is 4 pounds per unit and the standard cost is $11.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.70 per hour. The company planned to operate at a...
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