Homework Answers
| calculation of direct material price variance: |
| = (Standard price per unit of material - Actual price per unit of material) × Actual quantity |
| = ($2.30/Pound - $2.75/Pound ) × 16100 Pound = $7245 U F |
| Calculation of direct material quantity variance |
| =(standard quantity of material required for actual production - actual quantity used) × Standard price per unit |
| ((3.7 Pound X 3000)-10900Pound )X $2.30 = $460 F |
| Calculation of direct labor rate variance |
| = (Standard direct labor rate per hour - actual direct labor rate per hour) × Actual hours used |
| = ($7.80/hour - $7.5/hour) × 2400 Hours= $720F |
| Calculation of direct labor efficiency variance: |
| = (standard hours required for actual production - actual hours used) × standard Rate |
| = (0.6 Hour × 3000 - 2400) × $7.80 = $4680 U F |
| Calculation of Variable OH rate variance |
| = (Standard Variable OH per hour - actual variable OH per hour) × Actual hours used |
| = ($3.30/hour - $3.7/hour) × 1800 Hours= $720 U F |
| * Actual Cost /Hour= $6660/1800=$3.7/Hour |
| Calculation of Variale OH efficiency variance: |
| = (standard hours required for actual production - actual hours used) × standard Rate |
| = (0.5Hour × 3000 - 1800) × $3.30 = $990 U F |
| Part-2 | |
| Computation of Net variance | |
| Material price Variance | 7245 UF |
| Material Quantity Variance | 460F |
| Labour Rate Variance | 720F |
| Labor Efficiency Variance | 4680UF |
| Variable Overhead Rate Variance | 720UF |
| Variable Overhead Efficiency Variance | 990UF |
| Net Variance | 12455 UF |
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Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual $ 225,000 $225,000 Sales (6,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 73,620 17,000 90,620 134,380 88,700 17,000 105,700 119,300 53,000 68,000 121,000 $ 13,380 $...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual $ 265,000 $265,000 Sales (6,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses : Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 95,580 14,000 109,580 155,420 112,700 14,000 126,700 138,300 63,000 63,000 78,000 78,000 141,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Actual Flexible Budget $675,000 $675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000 214,000 214,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 675,000 $ 675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 675,000 $ 675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below Flexible Actual Budget $175,000 $175,000 Sales (3,000 pools) Variable expenses: Variable cost of goods sold Variable selling expenses 58,310 10,000 68,310 106,690 24,300 10,000 34,300 140,700 Total variable expenses Contribution margin Fixed expenses Manufacturing overhead Selling and administrative Total fixed expenses 50,000 65,000 65,000 115,000 115,000 $ 25,700 (8,310) 50,000 Net operating...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual Sales (6,000 pools) $ 225,000 $ 225,000 Variable expenses: Variable cost of goods sold* 73,620 88,700 Variable selling expenses 17,000 17,000 Total variable expenses 90,620 105,700 Contribution margin 134,380 119,300 Fixed expenses: Manufacturing overhead 53,000 53,000 Selling and administrative 68,000 68,000 Total fixed expenses 121,000 121,000 Net operating income...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 272,000 $ 272,000 Sales (5,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 84,250 23,000 107,250 164,750 99,765 23,000 122,765 149,235 64,000 89,000 153,000 11,750 $...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below Flexible Actual Budget Sales (6,000 pools) Varlable expenses: Variable cost of goods sold Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses $ 225,000 225,8e0 73,620 88,700 17,000 105,700 119,300 17,000 90,620 134,380 53,000 68,000 53,000 68,000 121,000 121,000 $ 13,380 (1,7e0) Net...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 675,000 $ 675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual $ 225,000 $225,000 Sales (6,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 73,620 17,000 90,620 134,380 88,700 17,000 105,700 119,300 53,000 68,000 121,000 $ 13,380 $...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual $ 265,000 $265,000 Sales (6,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses : Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 95,580 14,000 109,580 155,420 112,700 14,000 126,700 138,300 63,000 63,000 78,000 78,000 141,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Actual Flexible Budget $675,000 $675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000 214,000 214,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 675,000 $ 675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 675,000 $ 675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below Flexible Actual Budget $175,000 $175,000 Sales (3,000 pools) Variable expenses: Variable cost of goods sold Variable selling expenses 58,310 10,000 68,310 106,690 24,300 10,000 34,300 140,700 Total variable expenses Contribution margin Fixed expenses Manufacturing overhead Selling and administrative Total fixed expenses 50,000 65,000 65,000 115,000 115,000 $ 25,700 (8,310) 50,000 Net operating...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 272,000 $ 272,000 Sales (5,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 84,250 23,000 107,250 164,750 99,765 23,000 122,765 149,235 64,000 89,000 153,000 11,750 $...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below Flexible Actual Budget Sales (6,000 pools) Varlable expenses: Variable cost of goods sold Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses $ 225,000 225,8e0 73,620 88,700 17,000 105,700 119,300 17,000 90,620 134,380 53,000 68,000 53,000 68,000 121,000 121,000 $ 13,380 (1,7e0) Net...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Actual Budget $ 675,000 $ 675,000 Sales (15,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 435,000 20,000 455,000 220,000 461,890 20,000 481,890 193, 110 130,000 130,000 84,000 84,000...
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