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Category > Accounting Posted 22 Jul 2017 My Price 12.00

Pacific Company

Pacific Company provides the following information about its budgeted and actual results for June 2011. Although the expected June volume was 25,000 units produced and sold, the company actually produced and sold 27,000 units as detailed here:

 

Budget

(25,000 units)

Actual

(27,000 units)

Selling price                              

$5.00 per unit

$5.23 per unit

Variable costs (per unit)

 

 

Direct materials                         

1.24 per unit

1.12 per unit

Direct labor                            

1.50 per unit

1.40 per unit

Factory supplies*                        

0.25 per unit

0.37 per unit

Utilities*                                

0.50 per unit

0.60 per unit

Selling costs                            

0.40 per unit

0.34 per unit

Fixed costs (per month)

 

 

Depreciation—machinery*                

$3,750

$3,710

Depreciation—building*                  

2,500

2,500

General liability insurance                 

1,200

1,250

Property taxes on office equipment         

500

485

Other administrative expense              

750

900

Standard costs based on expected output of 25,000 units

 

Per Unit

of Output

Quantity

to Be Used

Total

Cost

Direct materials, 4 oz @ $031/oz          

$1.24/unit

100,000 oz.

$31,000

Direct labor, 025 hrs @ $600/hr          

1.50/unit

6,250 hrs.

37,500

Overhead                              

1.00/unit

 

25,000

Actual costs incurred to produce 27,000 units

 

Per Unit

of Output

Quantity

to Be Used

Total

Cost

Direct materials, 4 oz @ $028/oz

$1.12/unit

108,000 oz.

$30,240

Direct labor, 020 hrs @ $700/hr

1.40/unit

5,400 hrs.

37,800

Overhead

1.20/unit

 

32,400

Standard costs based on expected output of 27,000 units

 

Per Unit

of Output

Quantity

to Be Used

Total

Cost

Direct materials, 4 oz @ $031/oz          

$1.24/unit

108,000 oz.

$33,480

Direct labor, 025 hrs @ $600/hr          

1.50/unit

6,750 hrs.

40,500

Overhead                               

 

 

26,500

Required

1. Prepare June flexible budgets showing expected sales, costs, and net income assuming 20,000, 25,000, and 30,000 units of output produced and sold.

2. Prepare a flexible budget performance report that compares actual results with the amounts budgeted if the actual volume had been expected.

3. Apply variance analysis for direct materials and direct labor.

4. Compute the total overhead variance, and the controllable and volume variances.

5. Compute spending and efficiency variances for overhead. (Refer to Appendix 24A.)

6. Prepare journal entries to record standard costs, and price and quantity variances, for direct materials, direct labor, and factory overhead.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 10:07 PM My Price 12.00

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