Backpack Inc. reported the following actual and budgeted results for 2021. Actual 200,000 150,000 $20 Budgeted Backpack production Backpacks sold Selling price Direct materials per backpack Direct labor per backpack Direct materials used in yards Direct material costs Direct manufacturing hours used Direct labor costs 190,000 160,000 $18 1.5 yards @ $2.00 0.5 hr. @ $14 290,000 $580,000 140,000 $1,820,000 $900,000 Fixed manufacturing overhead costs $825,000 Required: (a) Calculate the direct materials price and efficiency variances. (b) Calculate the direct labor price and efficiency variances. (c) Fixed overhead flexible budget and production volume variances (d) Calculate the flexible budget variance for sales revenue.

Backpack Inc. reported the following actual and budgeted results for 2021. Actual 200,000 150,000 $20 Budgeted Backpack production Backpacks sold Selling price Direct materials per backpack Direct labor per backpack Direct materials used in yards Direct material costs Direct manufacturing hours used Direct labor costs 190,000 160,000 $18 1.5 yards @ $2.00 0.5 hr. @ $14 290,000 $580,000 140,000 $1,820,000 $900,000 Fixed manufacturing overhead costs $825,000 Required: (a) Calculate the direct materials price and efficiency variances. (b) Calculate the direct labor price and efficiency variances. (c) Fixed overhead flexible budget and production volume variances (d) Calculate the flexible budget variance for sales revenue.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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