Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Fanning Publications established the following standard...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5
Fanning Publications established the following standard price and costs for a hardcover picture book that the company produces.
| Standard price and variable costs | |||
| Sales price | $ | 36.70 | |
| Materials cost | 8.10 | ||
| Labor cost | 4.40 | ||
| Overhead cost | 5.50 | ||
| Selling, general, and administrative costs | 6.80 | ||
| Planned fixed costs | |||
| Manufacturing overhead | $ | 130,000 | |
| Selling, general, and administrative | 48,000 | ||
Assume that Fanning actually produced and sold 31,000 books. The actual sales price and costs incurred follow:
| Actual price and variable costs | |||
| Sales price | $ | 35.70 | |
| Materials cost | 8.30 | ||
| Labor cost | 4.30 | ||
| Overhead cost | 5.55 | ||
| Selling, general, and administrative costs | 6.60 | ||
| Actual fixed costs | |||
| Manufacturing overhead | $ | 115,000 | |
| Selling, general, and administrative | 54,000 | ||
Required
a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
| Flexible Budget Variances | ||
| Sales revenue | ||
| Variable manufacturing costs | ||
| Materials | ||
| Labor | ||
| Overhead | ||
| Selling, general,and administrative costs | ||
| Contribution margin | ||
| Fixed costs | ||
| Manufacturing overhead | ||
| Selling, general, and administrative costs | ||
| Net income | ||
Homework Answers
| Actual results | Flexible budget | Flexible Budget Variances | ||
| Sales revenue | 1106700 | 1137700 | 31000 | U |
| Variable manufacturing costs | ||||
| Materials | 257300 | 251100 | 6200 | U |
| Labor | 133300 | 136400 | 3100 | F |
| Overhead | 172050 | 170500 | 1550 | U |
| Selling, general,and administrative costs | 204600 | 210800 | 6200 | F |
| Contribution margin | 339450 | 368900 | 29450 | U |
| Fixed costs | ||||
| Manufacturing overhead | 115000 | 130000 | 15000 | F |
| Selling, general, and administrative costs | 54000 | 48000 | 6000 | U |
| Net income | 170450 | 190900 | 20450 | U |
| Workings: | ||||
| Actual results | Flexible budget | |||
| Sales revenue | =31000*35.7 | =31000*36.7 | ||
| Variable manufacturing costs | ||||
| Materials | =31000*8.3 | =31000*8.1 | ||
| Labor | =31000*4.3 | =31000*4.4 | ||
| Overhead | =31000*5.55 | =31000*5.5 | ||
| Selling, general,and administrative costs | =31000*6.6 | =31000*6.8 | ||
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Problem 15-21 Determining and interpreting flexible budget
variances LO 15-5
Fanning Publications
established the following standard...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Campbell Publications established the following standard...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Campbell Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.40 8.10 4.20 5.80 7.10 $131,000 54.000 Assume that Campbell actually produced and sold 34,000 books. The actual sales price and costs incurred follow....
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Baird Publications established the following standard...
Problem 15-21 Determining and interpreting flexible budget
variances LO 15-5
Baird Publications established the following standard price and
costs for a hardcover picture book that the company produces.
Standard price and variable costs
Sales price
$
36.90
Materials cost
8.60
Labor cost
3.60
Overhead cost
5.90
Selling, general, and administrative costs
7.00
Planned fixed costs
Manufacturing overhead
$
128,000
Selling, general, and administrative
53,000
Assume that Baird actually produced and sold 27,000 books. The
actual sales price and costs incurred...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Finch Publications established the following standard...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Finch Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price 36.30 8.80 $ Materials cost 4.20 Labor cost 5.30 Overhead cost Selling, general, and administrative costs Planned fixed costs 7.10 Manufacturing overhead Selling, general, and administrative $128,000 48,000 Assume that Finch actually produced and sold 20,000 books. The actual sales price and costs incurred follow:...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Narcisco Publications established the following standard...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Narcisco Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price 90.00 Materials cost 18.00 Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 9.00 12.60 14,40 $270,000 108,000 Assume that Narcisco actually produced and sold 32,000 books. The actual sales price and costs incurred follow Actual...
Vernon Publications established the following standard price and costs for a hardcover picture book that the...
Vernon Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.70 Materials cost 8.40 Labor cost 3.60 Overhead cost 6.30 Selling, general, and administrative costs 7.00 Planned fixed costs Manufacturing overhead $ 127,000 Selling, general, and administrative 47,000 Assume that Vernon actually produced and sold 35,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.70...
Problem 8-21A Determining and interpreting flexible budget variances Use the standard price and cost data supplied...
Problem 8-21A Determining and
interpreting flexible budget variances
Use the standard price and cost data supplied in Problem 8-20A.
Assume that Narcisco actually produced and sold 32,000 books. The
actual sales price and costs incurred follow.
Required
Determine the flexible budget variances. Provide another name
for the fixed cost flexible budget variances.
Indicate whether each variance is favorable (F) or unfavorable
(U).
Identify the management position responsible for each variance.
Explain what could have caused the variance.
Problem 8-20A Determining...
Narcisco Publications established the following standard price and costs for a hardcover picture book that the...
Narcisco Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 90.00 18.00 9.00 12.60 14.40 $270,000 108,000 Assume that Narcisco actually produced and sold 32,000 books. The actual sales price and costs incurred follow. Actual price and variable costs Sales price Materials cost Labor...
help please fill in the boxes with the correct information. Fanning Publications established the following standard...
help please fill in the boxes with the correct information.
Fanning Publications established the following standard price and costs for a hardcover picture book that the company produces. standard prioe and variable costs Sales price Materials cost Labor coat Overhead cost Selling, general, and administrative costs Planned fixed costs Manofacturing overhead Selling, general, and administrative 36.90 e.e0 3-70 6.10 6.40 $133,000 47,000 Fanning planned to make and sell 32,000 copies of the book. Required: a.-d. Prepare the pro forma income...
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Perez Publications established...
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Perez Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.70 8.20 4.50 5.60 7.10 $ 130,000 46,000 Perez planned to make and sell 24,000 copies of the book. Required: a.-d....
Zachary Publications established the following standard price and costs for a hardcover picture book that the...
Zachary Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.30 8.10 3.50 6.20 7.10 $ 130,000 52,000 Assume that Zachary actually produced and sold 25,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Campbell Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.40 8.10 4.20 5.80 7.10 $131,000 54.000 Assume that Campbell actually produced and sold 34,000 books. The actual sales price and costs incurred follow....
Problem 15-21 Determining and interpreting flexible budget
variances LO 15-5
Baird Publications established the following standard price and
costs for a hardcover picture book that the company produces.
Standard price and variable costs
Sales price
$
36.90
Materials cost
8.60
Labor cost
3.60
Overhead cost
5.90
Selling, general, and administrative costs
7.00
Planned fixed costs
Manufacturing overhead
$
128,000
Selling, general, and administrative
53,000
Assume that Baird actually produced and sold 27,000 books. The
actual sales price and costs incurred...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Finch Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price 36.30 8.80 $ Materials cost 4.20 Labor cost 5.30 Overhead cost Selling, general, and administrative costs Planned fixed costs 7.10 Manufacturing overhead Selling, general, and administrative $128,000 48,000 Assume that Finch actually produced and sold 20,000 books. The actual sales price and costs incurred follow:...
Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Narcisco Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price 90.00 Materials cost 18.00 Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 9.00 12.60 14,40 $270,000 108,000 Assume that Narcisco actually produced and sold 32,000 books. The actual sales price and costs incurred follow Actual...
Problem 8-21A Determining and
interpreting flexible budget variances
Use the standard price and cost data supplied in Problem 8-20A.
Assume that Narcisco actually produced and sold 32,000 books. The
actual sales price and costs incurred follow.
Required
Determine the flexible budget variances. Provide another name
for the fixed cost flexible budget variances.
Indicate whether each variance is favorable (F) or unfavorable
(U).
Identify the management position responsible for each variance.
Explain what could have caused the variance.
Problem 8-20A Determining...
Narcisco Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 90.00 18.00 9.00 12.60 14.40 $270,000 108,000 Assume that Narcisco actually produced and sold 32,000 books. The actual sales price and costs incurred follow. Actual price and variable costs Sales price Materials cost Labor...
help please fill in the boxes with the correct information.
Fanning Publications established the following standard price and costs for a hardcover picture book that the company produces. standard prioe and variable costs Sales price Materials cost Labor coat Overhead cost Selling, general, and administrative costs Planned fixed costs Manofacturing overhead Selling, general, and administrative 36.90 e.e0 3-70 6.10 6.40 $133,000 47,000 Fanning planned to make and sell 32,000 copies of the book. Required: a.-d. Prepare the pro forma income...
Problem 15-20 Determining sales and variable cost volume variances LO 15-2, 15-3, 15-4 Perez Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.70 8.20 4.50 5.60 7.10 $ 130,000 46,000 Perez planned to make and sell 24,000 copies of the book. Required: a.-d....
Zachary Publications established the following standard price and costs for a hardcover picture book that the company produces. $ Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.30 8.10 3.50 6.20 7.10 $ 130,000 52,000 Assume that Zachary actually produced and sold 25,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials...
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