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 | |
| Materials cost | 8.60 | ||
| Labor cost | 3.50 | ||
| Overhead cost | 6.35 | ||
| Selling, general, and administrative costs | 6.80 | ||
| Actual fixed costs | |||
| Manufacturing overhead | $ | 112,000 | |
| Selling, general, and administrative | 53,000 | ||
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).)
Homework Answers
Flexible budget variance
| Revenue ( | 35000 U | |
| Variable cost | ||
| material | 7000 U | |
| Labor | 3500 F | |
| Overhead | 1750 U | |
|
7000 F | |
| Contribution margin | 33250 U | |
| Fixed Cost | ||
| Manufacturing overhead | 15000 F | |
|
6000 U | |
| Net operating income | 24250 U | |
Add Answer to:
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...
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 Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.80 9.00 3.70 6.10 6.90 $127,000 47,000 Assume that Vernon actually produced and sold 26,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor...
Finch Publications established the following standard price and costs for a hardcover picture book that the...
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 Materials cost 8.30 Labor cost 4.00 Overhead cost 6.30 Selling, general, and administrative costs 6.80 Planned fixed costs Manufacturing overhead Selling, general, and administrative $130,000 45,000 Assume that Finch actually produced and sold 34,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price 35.30 Materials cost 8.50...
Finch Publications established the following standard price and costs for a hardcover picture book that the...
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 Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.30 8.30 4.00 6.30 6.80 $130,000 45,000 Assume that Finch actually produced and sold 34,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials cost...
Solomon Publications established the following standard price and costs for a hardcover picture book that the...
Solomon 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 $ 36.90 8.40 4.50 6.10 7.20 Planned fixed costs Manufacturing overhead Selling, general, and administrative $135,000 45,000 Assume that Solomon actually produced and sold 29,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor...
Finch Publications established the following standard price and costs for a hardcover picture book that the...
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
$
36.80
Materials cost
8.60
Labor cost
4.10
Overhead cost
5.90
Selling, general, and administrative costs
6.60
Planned fixed costs
Manufacturing overhead
$
129,000
Selling, general, and administrative
53,000
Assume that Finch actually produced and sold 22,000 books. The
actual sales price and costs incurred follow:
Actual price and variable costs
Sales price
$
35.80...
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...
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...
Gibson Publications established the following standard price and costs for a hardcover picture book that the...
Gibson 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 36.10 8.10 3.70 6.10 7.10 $131,000 49,000 Assume that Gibson actually produced and sold 34,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials cost...
Gibson Publications established the following standard price and costs for a hardcover picture book that the...
Gibson 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 8.50 Labor cost 3.60 Overhead cost 5.40 Selling, general, and administrative costs 6.60 Planned fixed costs Manufacturing overhead $ 127,000 Selling, general, and administrative 50,000 Gibson planned to make and sell 38,000 copies of the book. Required: a. - d. Prepare the pro forma income statement that would appear in the...
Finch Publications established the following standard price and costs for a hardcover picture book that the...
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 Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.30 8.80 3.60 5.50 6.20 $127,000 47,000 Finch planned to make and sell 35,000 copies of the book. Required: a.-d. Prepare the pro forma income statement that would appear in the master budget and...
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 Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.80 9.00 3.70 6.10 6.90 $127,000 47,000 Assume that Vernon actually produced and sold 26,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor...
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 Materials cost 8.30 Labor cost 4.00 Overhead cost 6.30 Selling, general, and administrative costs 6.80 Planned fixed costs Manufacturing overhead Selling, general, and administrative $130,000 45,000 Assume that Finch actually produced and sold 34,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price 35.30 Materials cost 8.50...
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 Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.30 8.30 4.00 6.30 6.80 $130,000 45,000 Assume that Finch actually produced and sold 34,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials cost...
Solomon 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 $ 36.90 8.40 4.50 6.10 7.20 Planned fixed costs Manufacturing overhead Selling, general, and administrative $135,000 45,000 Assume that Solomon actually produced and sold 29,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor...
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
$
36.80
Materials cost
8.60
Labor cost
4.10
Overhead cost
5.90
Selling, general, and administrative costs
6.60
Planned fixed costs
Manufacturing overhead
$
129,000
Selling, general, and administrative
53,000
Assume that Finch actually produced and sold 22,000 books. The
actual sales price and costs incurred follow:
Actual price and variable costs
Sales price
$
35.80...
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...
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...
Gibson 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 36.10 8.10 3.70 6.10 7.10 $131,000 49,000 Assume that Gibson actually produced and sold 34,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials cost...
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 Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.30 8.80 3.60 5.50 6.20 $127,000 47,000 Finch planned to make and sell 35,000 copies of the book. Required: a.-d. Prepare the pro forma income statement that would appear in the master budget and...
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