Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 07 Jul 2017 My Price 13.00

Standard costs

Peaceful Corporation manufactures figurines based on the following information.

Standard costs $20  
Materials (4 ounces at $5) $8  
Direct labor (1 hour per unit) $4  
Variable overhead (based on direct labor hours)    
Fixed overhead budget   $19,000
Actual results and costs    
Materials purchased    
Units 9,000  
Cost $39,600  
Materials used in production    
Finished product units 2,000  
Raw material (ounces) 8,200  
Direct labor hours 2,000  
Direct labor cost $20,000  
Variable overhead costs $5,980  
Fixed overhead costs $19,500  

Required:

  1. Prepare a performance report for Peaceful using the following headings.
    1. Actual Production Costs
    2. Flexible Budget Costs
    3. Flexible Budget Variances
  2. Compute the following variances (show calculations).
    1. Materials usage variance
    2. Labor rate variance
    3. Labor efficiency variance
    4. Variable overhead spending variance
    5. Variable overhead efficiency variance
    6. Fixed overhead budget variance
  3. Give one possible explanation for each of the six variances computed in part b.

Problem 2:

The following is the current variable costing income statement for Dolly Corporation.

Sales (5,000 units)   $100,000
Variable expenses Cost of goods sold $35,000  
Selling (10% of sales) $10,000 $45,000
Contribution margin   $55,000
Fixed expenses    
Manufacturing overhead $24,000  
Administrative $12,500 $36,500
Operating income   $18,500

Below is the following information on operations for Dolly Corporation.

Beginning inventory (units) 0
Units produced (units) 6,000
Manufacturing costs  
Direct labor (per unit) $5.00
Direct materials (per unit) $2.30
Variable overhead (per unit) $2.40

Required:
Prepare an absorption costing income statement.

Problem 3:

The following information was compiled for two models of cell phones.

  3G model 4G model Average
Budgeted Contribution Margin $80.00 $120.00 $95.25
Budgeted Sales in Units 28,000 18,000  
Actual Sales in Units 28,600 16,500  

Required:
Calculate the sales mix variance. (Show your calculations.)

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Jul 2017 07:07 PM My Price 13.00

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