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Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Quantity (units) Revenue Harlow Parts Superior Plant Operating Results (For July) Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,220 $ 1,561,800 591,840 98,640 $ 871,320 214,000 372,000 $ 285,320 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 9,620 $ 1,765,800 788,394 111, 240 $ 866,166 225,040 382,000 $ 259, 126 Required: Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Actuals 9,620 $ 1,765,800 788,394 111,240 $ 866,166 225,040 382,000 $ 259,126 Manufacturing Variances Profit Variance Analysis Selling, General and Administrative Variances Sales Price Variance Flexible Budget Sales Activity Variance 8,220 $ 1,561,800 591,840 $ Master Budget SA 98,640 871,320 214,000 372,000 285,320

Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Quantity (units) Revenue Harlow Parts Superior Plant Operating Results (For July) Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,220 $ 1,561,800 591,840 98,640 $ 871,320 214,000 372,000 $ 285,320 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 9,620 $ 1,765,800 788,394 111, 240 $ 866,166 225,040 382,000 $ 259, 126 Required: Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Actuals 9,620 $ 1,765,800 788,394 111,240 $ 866,166 225,040 382,000 $ 259,126 Manufacturing Variances Profit Variance Analysis Selling, General and Administrative Variances Sales Price Variance Flexible Budget Sales Activity Variance 8,220 $ 1,561,800 591,840 $ Master Budget SA 98,640 871,320 214,000 372,000 285,320

FINANCIAL ACCOUNTING
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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Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Quantity (units) Revenue Harlow Parts Superior Plant Operating Results (For July) Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,220 $ 1,561,800 591,840 98,640 $ 871,320 214,000 372,000 $ 285,320 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 9,620 $ 1,765,800 788,394 111, 240 $ 866,166 225,040 382,000 $ 259, 126
Transcribed Image Text:Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Quantity (units) Revenue Harlow Parts Superior Plant Operating Results (For July) Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,220 $ 1,561,800 591,840 98,640 $ 871,320 214,000 372,000 $ 285,320 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 9,620 $ 1,765,800 788,394 111, 240 $ 866,166 225,040 382,000 $ 259, 126
Required: Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Actuals 9,620 $ 1,765,800 788,394 111,240 $ 866,166 225,040 382,000 $ 259,126 Manufacturing Variances Profit Variance Analysis Selling, General and Administrative Variances Sales Price Variance Flexible Budget Sales Activity Variance 8,220 $ 1,561,800 591,840 $ Master Budget SA 98,640 871,320 214,000 372,000 285,320
Transcribed Image Text:Required: Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Actuals 9,620 $ 1,765,800 788,394 111,240 $ 866,166 225,040 382,000 $ 259,126 Manufacturing Variances Profit Variance Analysis Selling, General and Administrative Variances Sales Price Variance Flexible Budget Sales Activity Variance 8,220 $ 1,561,800 591,840 $ Master Budget SA 98,640 871,320 214,000 372,000 285,320
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