Maurice Tutor

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Category > Accounting Posted 29 Jul 2017 My Price 9.00

Shumaker Company

Problem 21-58 FLEXIBLE BUDGET, OVERHEAD VARIANCES

Shumaker Company manufactures a line of high-top basketball shoes. At the beginning of the year, the following plans for production and costs were revealed:

 

 

Pairs of shoes to be produced and sold

55,000

Standard cost per unit:

 

Direct materials

$15

Direct labor

12

Variable overhead

6

Fixed overhead

3

Total unit cost

$36

 

During the year, a total of 50,000 units were produced and sold. The following actual costs were incurred:

 

Direct materials

$775,000

Direct labor

590,000

Variable overhead

310,000

Fixed overhead

180,000

 

There were no beginning or ending inventories of raw materials. In producing the 50,000 units, 63,000 hours were worked, 5 percent more hours than the standard allowed for the actual output. Overhead costs are applied to production using direct labor hours.

 

Required:

1.        Using a flexible budget, prepare a performance report comparing expected costs for the actual production with actual costs.

2.        Determine the following:

a.        Fixed overhead spending and volume variances.

b.        Variable overhead spending and efficiency variances.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 11:07 AM My Price 9.00

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