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Category > Business & Finance Posted 18 Aug 2017 My Price 8.00

Sarah's Salad Supplier is a high-end producer of different pre-packaged salads that are sold to some of the best restaurants in the world.

Sarah’s Salad Supplier is a high-end producer of different pre-packaged salads that are sold to some of the best restaurants in the world.  Following is the company’s April contribution report comparing budgeted and actual results for their chicken salad.

         

Static

  
       

Actual

Budget

  
 

Chicken salad sold

24,700

25,000

  
             
 

Revenues

494,000

500,000

  
 

Direct materials:

      
   

Chicken

204,930

210,000

  
   

Salad Ingredients

133,425

135,000

  
   

Salad Dressing

19,240

18,750

  
 

Direct labor

38,400

40,000

  
 

Variable overhead

51,800

50,000

  
  Total variable costs

447,795

453,750

  
  Contribution margin

46,205

46,250

  

 

Standard costs for one chicken salad are            Chicken                 1.2 pounds   @  $7.00/pound            Salad Ingredients    12 ounces   @  $0.45/ounce            Salad Dressing       0.6 ounces   @  $1.25/ounce                                                    Direct labor           $9.60/hour   (10 minutes per unit at $0.16 per minute)            Variable OH        $12.00/hour   (10 minutes per unit at $0.20 per minute)                   Variable overhead is applied on the basis of direct labor hours

Accounting and production records indicate that the company purchased and used the following quantities during the month.

    Purchased Used
  Chicken 30,000 pounds 29,700 pounds
  Salad Ingredients 296,400 ounces 296,500 ounces
  Salad Dressing 15,000 ounces 14,800 ounces
  Direct labor     4,000 hours

 

REQUIRED

Prepare a performance report showing

Actual results, Flexible-Budget Variances, Flexible Budget, Sales-Volume Variances, and Static Budget

Your report should look similar to the following.

     

Actual

Flex-Bud

Variance

Flexible Budget

Sales-Vol

Variance

Static Budget

Chicken salad Sold

          
               

Revenues

          

Direct materials:

          
 

Chicken

          
 

Salad Ingredients

          
 

Salad Dressing

        

Direct labor

          

Variable overhead

          
Total variable costs          

Contribution margin

          

 

Calculate the following variances:

Material price variance – Chicken

Material quantity variance – Chicken

Material price variance – Salad Ingredients

Material quantity variance – Salad Ingredients

Material price variance – Salad Dressing

Material quantity variance – Salad Dressing

Labor rate variance

Labor efficiency variance

Variable overhead spending variance

Variable overhead efficiency variance

Name one possible cause for each of the non-zero material and labor variances calculated in part two.

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Martinakom
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Status NEW Posted 18 Aug 2017 03:08 PM My Price 8.00

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