Flexible Factory produces watches in Vancouver. The original (static) budget and actual results for 2013 were as follows: No. of units Revenue Direct materials @$4.75 Direct labour, $1.50 per unit Rental, $101 Fixed administration costs Net income Static budget 300 Actual Results $2,625 1,425 450 101 900 Flexible Budget Variance (251) Actual 360 Flexible Budget $3,255 1,767 466 90 Required: Subdivide each variance into a sales-activity variance portion and a flexible- budget variance portion. Show fixed costs, variable costs and contribution appropriately. Use the following format: 875 57 Sales Activity Variance Static Budget

Flexible Factory produces watches in Vancouver. The original (static) budget and actual results for 2013 were as follows: No. of units Revenue Direct materials @$4.75 Direct labour, $1.50 per unit Rental, $101 Fixed administration costs Net income Static budget 300 Actual Results $2,625 1,425 450 101 900 Flexible Budget Variance (251) Actual 360 Flexible Budget $3,255 1,767 466 90 Required: Subdivide each variance into a sales-activity variance portion and a flexible- budget variance portion. Show fixed costs, variable costs and contribution appropriately. Use the following format: 875 57 Sales Activity Variance Static Budget

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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Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs Actual Costs 385 units $ $ 17,100 27,800 9,850 13,100 67,850 Spending Variance Flexible Budget 385 units Volume Variance Master Budget 200 units $ $ 15,600 23,600 9,600 11,800 60,600
Selected data for March for Irvington, Incorporated follows. The variable material sales activity variance is $23,040 U. Flexible budget based on actual sales of 9,958 units: Revenue Materials Labor Variable overhead Fixed costs (manufacturing and administrative) Required: a. How many units were budgeted for March in the master budget? b. Recreate the master budget for March. Complete this question by entering your answers in the tabs below. Required A Required B How many units were budgeted for March in the master budget? Budgeted sales units $ 300,440 99,840 78,000 50,960 41,120
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Crystal Glassware Company has the following standards and flexible-budget data. 6.00 per direct-labor hour 3 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $150,000 25,000 units Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor 16,000 units $384,000 $141,000 55,000 hours Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) 1. Variable-overhead spending variance 2. Variable-overhead efficiency variance 3. Fixed-overhead budget variance 4. Fixed-overhead volume variance
Moeller Electric manufactures light fixtures. The following information pertains to the company's manufacturing overhead data. i (Click the icon to view the information.) What is the variable manufacturing overhead flexible-budget variance? Round to the nearest ten cents. A. $387.00 favourable B. $26,661.80 unfavourable C. $2,363.80 favourable D. $2,750.00 favourable E. $2,363.00 unfavourable Information Budgeted output units Budgeted machine-hours Budgeted variable manufacturing overhead costs for 30,000 fixtures Actual output units produced Actual machine-hours used Actual variable manufacturing overhead costs 34,000 fixtures 10,000 hours $80,625 44,000 fixtures 10,000 hours $131,000 X
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