Operating Results(For July)Quantity (units)RevenueVariable manufacturing costVariable Selling, General andAdministrative costContribution marginFixed manufacturing costFixed Selling, General andAdministrative costOperating profitQuantityRevenueVariable manufacturing costVariable Selling, General andAdministrative costContribution marginequired:repare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of eachariance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)Fixed manufacturing costFixed Selling, General andAdministrative costOperating profitActuals9,540$ 1,745,800756,394110,440878,966217,040$9,540$ 1,745,800756,394374,000$ 287,926110,440$ 878,966217,040374,000$ 287,926ManufacturingVariancesProfit Variance AnalysisSelling, General andAdministrativeVariancesSales Price VarianceFlexible BudgetSales Activity VarianceMasterBudget8,140$1,546,600586,080$$97,680862,840206,00364,00292,84 Problem 16-78 (Algo) Profit Variance Analysis (LO 16-2, 3, 4)Harlow Parts produces a single product at its Superior Plant. The master budget for July follows:Harlow PartsSuperior PlantMaster Budget(For July)QuantityRevenueVariable manufacturing costVariable Selling, General andAdministrative costContribution marginHarlow PartsSuperior PlantOperating Results(For July)Fixed manufacturing costFixed Selling, General andAdministrative costOperating profitThe following operating income statement shows the actual results for JulyQuantity (units)RevenueVariable manufacturing costVariable Selling, General andAdministrative costContribution margin8,140$ 1,546,600586,08097,680Fixed manufacturing costFixed Selling, General andAdministrative costOperating profit$ 862,840206,000364,000$ 292,8409,540$ 1,745,800756,394110,440$ 878,966217,040374,000$ 287,926Required:Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of eachvariance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

A flexible budget is a budgeting tool that adjusts to changes in activity levels or other variables…

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 Quantity (units) Revenue 8,140 $ 1,546,600 586,088 97,680 $ 862,848 206,000 364,000 $ 292,840 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July Harlow Parts Superior Plant Operating Results (For July) 9,540 $ 1,745,800

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 Quantity (units) Revenue 8,140 $ 1,546,600 586,088 97,680 $ 862,848 206,000 364,000 $ 292,840 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July Harlow Parts Superior Plant Operating Results (For July) 9,540 $ 1,745,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information relates to Steele Manufacturing's overhead costs for the month: Static budget variable overhead $35,900 Static budget fixed overhead $15,600 Static budget direct labor hours 15,400 hours Static budget number of units 5,500 units Steele allocates variable manufacturing overhead to production based on standard direct labor hours. Steele reported the following actual results for last month: actual variable overhead, $35,400;actual fixed overhead, $15,400; actual production of 5,400 units at 2.4 direct labor hours per unit. The standard direct labor time is 2.8 direct labor hours per unit. Compute the variable overhead efficiency variance. (Round the answer to the nearest dollar.) A. $4,474 U B. $5,033 U C. $4,474 F D. $5,033 F
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further Product X 2,500 $ 23.00 $ 2.00 Product Y 3,000 $ 24.00 $ 4.00 Product Z 4,000 $ 25.00 $ 4.00 $ 27.00 $ 27.00 $ 32.00 The cost of the joint raw material input is $92,000. Which of the products should be processed beyond the split-off point? Product Y ABCD A) Product X yes Product Z yes no B) yes no yes c) no yes no D) no yes yes
Nn.18. Subject :- Account
( ces Nina Company prepared the following fixed budget for July using 7.780 units for budgeted sales. Actual sales were 7.480 units and actual costs are shown below. For Month Ended July 31 Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Total variable costs Contribution margin Fixed costs Depreciation Machinery Supervisor salary Insurance Depreciation-Office equipment Administrative salaries i Total fixed costa Income For Month Ended July 31 Sales Variable costs Direct matanals Direct labor indirect materials Sales commissions Total Variable Costs Contribution margin Find costs Depreciation Machinery Supervisory salary Insurance Depreciation Offenequere Administrative salaries Total Fed Costs Fixed Budget Incue Variable Amount per Total Fixed Unit Cost $ 100 |===== $ 70,860 42,040 10,420 7,680 31,900 $164,900 Fixed Budget (7,788 units) 5 778,000 Actual Results 272,300 116,700 31,120 85,540 505,700 $ 272,300 Prepare a flexible budget performance…
A summary of Coastal Equipment's flexible budget for manufacturing overhead follows: Cost Formula Direct Labour - Hours (DLHS) Overhead Costs (per direct labour-hour) 4,400 4,900 5,400 Variable cost $2.20 $9,680 $ 10,780 $11,880 Fixed cost 54,560 54,560 54,560 Total overhead cost $ 64,240 $ 65,340 $ 66,440 The following information is available for a recent period: The denominator activity of 4,400 DLHS was chosen to compute the predetermined overhead rate. At the 4,400 standard DLH level of activity, the company should produce 2,200 units of product. The company's actual operating results were as follows: Number of units produced 2,350 Actual DLHS 4,400 Actual variable overhead costs $9,890 Actual fixed overhead costs $ 54,900 Required: Compute the predetermined overhead rate and break it down into variable and fixed cost elements. Note: Round your answers to 2 decimal places. What were the standard hours allowed for the year's actual output? Note: Do not round intermediate…
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further Product X 2,200 $ 20.00 $ 5.00 Product Y 2,700 $ 26.00 $ 7.00 Product Z 3,700 $ 22.00 $ 7.00 $ 28.00 $ 28.00 $ 33.00 The cost of the joint raw material input is $75,000. Which of the products should be processed beyond the split-off point? Product X yes Product Y yes Product Z A) no B) yes no yes C) no yes no D) no yes yes Multiple Choice о Choice B О Choice C Choice D О Choice A
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 8,200 $ 1,558,000 590,400 98,400 $ 869,200 212,000 370,000 $ 287,200 The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Required: 9,600 $ 1,760,800 780,394 111,040 $ 869,366 223,040 380,000 $ 266,326 Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each variance by…
8. Sweet Tooth Company budgeted the following costs for anticipated production for August: Advertising expenses $273,290 Manufacturing supplies 14,980 Power and light 44,670 Sales commissions 302,050 Factory insurance 26,010 Production supervisor wages 131,390 Production control wages 34,160 Executive officer salaries 278,550 Materials management wages 37,580 Factory depreciation 21,290 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs.
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 Quantity (units) Revenue. The following operating income statement shows the actual results for July. Harlow Parts Superior Plant Operating Results (For July) Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margini 8,000 $ 1,520,000 576,000 96,000 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit $ 848,000 192,000 350,000 $ 306,000 9,400 $ 1,710,800 700,394 109,040 $ 901,366 203,040 360,000 $ 338,326 Required: Help the managers at Harlow understand the implications from the profit variance analysis by writing a short summary of your analysis. Include…
Winston Company had two products code named X and Y. The firm had the following budget for August: Product X $ 296,040 197,360 $ 98,680 50,000 Product Y $ 541,000 216,400 $324,600 108,000 $216,600 $ 50 $ 48,680 $ 120 Sales Variable Costs Contribution Margin Fixed costs Operating Income Selling Price per unit On September 1, the following actual operating results for August were reported: Product X $366,800 203,500 $ 163,300 58,500 $ 104,800 3,170 Sales Variable Costs Contribution Margin Fixed costs Operating Income Units Sold Product Y $ 546,800 224,500 $322,300 116,500 $ 205,800 9,850 Total industry volume for both products X and Y was estimated to be 138,500 units at the time of the budget. Actual industry volume for the period for products X and Y was 106,800 units. The contribution margin sales volume variance for Product X is: Multiple Choice $12,500 unfavorable. $15,800 favorable. $23,200 favorable. $23,200 unfavorable. Total $ 837, 040 413,760 $ 423,280 158,000 $ 265,280 $28,120…
The following are the budgeted and actual income statements for Tucan Ltd, a manufacturing business, for the month of January: Budget Output (production and sales) Sales revenue Raw materials Labour Fixed overheads Operating profit Output (production and sales) Sales revenue Raw materials Labour Fixed overheads 5,000 units Flexed budget £ 500,000 200,000 150,000 70,000 80,000 £ units Actual 6,000 units £ 630,000 270,000 150,000 78,000 132,000 C
Perez Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost $ 8.98 per unit $ 3.40 per unit Fixed manufacturing cost Fixed selling and administrative cost $ 2,000 total $ 600 total Perez planned to produce and sell 2,300 units. Actual production and sales amounted to 2,600 units. Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. b. Prepare the proforma Income statement in contribution format that would appear in a flexible budget. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the pro forma income statement in contribution format that would appear in a master budget. PEREZ MANUFACTURING COMPANY Pro Forma Income Statement Master Budget 2,300 Units