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 marginFixed manufacturing costFixed Selling, General andAdministrative costOperating profitThe following operating income statement shows the actual results for July:Harlow PartsSuperior PlantOperating Results(For July)Quantity (units)RevenueVariable manufacturing costVariable Selling, General andAdministrative costContribution margin8,800$ 1,560,000721,60097,600$ 740,800211, 200334,000$ 195,600Fixed manufacturing costFixed Selling, General andAdministrative costOperating profit10,200$ 1,726,800879,954110,640$ 736,206220,320344,000$ 171,886< Prev10 of 10‒‒‒Next OBookVariable overhead is applied on the basis of machine-hours. The standard cost sheet follows:Standard production costsDirect materialsDirect laborVariable overheadFixed overheadTotal unit costThe actual resource usage for July per unit of output follows:Actual production costsDirect materials.Direct laborVariable overheadFixed overheadTotal unit costDirect materials:Price variance5.00 kilo grams0.50 direct labor-hours.0.75 machine-hours.0.50 direct labor-hoursEfficiency varianceDirect materials total varianceDirect labor:Price varianceEfficiency variance5.65 kilo grams0.48 direct labor-hours0.70 machine-hours.0.48 direct labor-hours@ $ 6.40 $ 32.000@ 34.00@ 44.0017.00033.00024.000@ 48.00$ 106.000Required:Prepare a manufacturing cost variance analysis for the Superior Plant for July.Note: Do not round intermediate calculations and Round your answers to the nearest whole dollar amount. Indicate teach variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.@ $ 5.80@ 40.00@ 49.00@ 45.00$ 32.7719.2034.3021.60$ 107.87

Manufacturing cost analysis includes the comparison between the actual output at standard cost with…

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 8,800 $ 1,560,000 721,600 97,600 $ 740,800 211,200 334,000 $ 195,600 The following operating income statement shows the actual results for July:

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 8,800 $ 1,560,000 721,600 97,600 $ 740,800 211,200 334,000 $ 195,600 The following operating income statement shows the actual results for July:

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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The following information is available for Brownstone Products Company for the month of July: Master Actual Budget 4, eee $ 60,000 16, e00 Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses 3,8ee $ 53,600 19,400 14,300 8,100 9,see 13, 30e 8, e00 9,400 Required: 1. What was the master budget varidnce for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budiget for each of the following two output levels: a. 3,790 units. b. 4,190 units. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 .. Next
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
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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
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