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MRO Department - 2020 Results 3 Revenues (billed out): 4 - Labor (hrs.) 5 - Labor rate ($/hr.) 6 - Parts (S/hr.) 7 Costs: 3 - Labor (hrs.) 9 - Labor ($/hr.) 10 - Parts (% of revenue) Budget 3,456 Actual Fav./(Unfav.) 3,648 Change in Gross Margin 45,868 192 120 120 Labor Variance Revenue (hrs.) Parts Variance Revenue (hrs.) Revenue ($/hr.) Costs (hrs.) Costs ($/hr.) 345 320 (25) 3,840 3,877 Rate (S/hr.) Costs (hrs.) 37 42 44 2 80% 77% -3% Labor ($/hr.) 11 12 Revenues: 13 - Labor 14 - Parts Total Mark-up S Fav./(Unfav.) Other 437,760 414,720 1,192,320 1,168,092 23,040 Total (24,228) 15 16 Costs: 17 - Labor 18 - Parts 19 20 e1 Gross Margin 22 Overhead: 23 - Space 24 - General & Admin. 25 - Depreciation 26 - Legal & Regulatory 27 28 29 Net before Taxes 30 Taxes 31 Net after Taxes Total Revenues 1,607,040 1,605,852 (1,188) 161,280 953,856 168,650 899,431 7,370 (54,425) (47,056) Total Costs 1,115,136 1,068,080 Insert your text explanation of the variances here. 491,904 537,772 45,868 75,000 35,000 68,500 75,000 35,000 68,500 18,000 18,000 196,500 Total Overhead 196,500 295,404 62,035 341,272 71,667 45,868 9,632 233,369 269,605 36,235

MRO Department - 2020 Results 3 Revenues (billed out): 4 - Labor (hrs.) 5 - Labor rate ($/hr.) 6 - Parts (S/hr.) 7 Costs: 3 - Labor (hrs.) 9 - Labor ($/hr.) 10 - Parts (% of revenue) Budget 3,456 Actual Fav./(Unfav.) 3,648 Change in Gross Margin 45,868 192 120 120 Labor Variance Revenue (hrs.) Parts Variance Revenue (hrs.) Revenue ($/hr.) Costs (hrs.) Costs ($/hr.) 345 320 (25) 3,840 3,877 Rate (S/hr.) Costs (hrs.) 37 42 44 2 80% 77% -3% Labor ($/hr.) 11 12 Revenues: 13 - Labor 14 - Parts Total Mark-up S Fav./(Unfav.) Other 437,760 414,720 1,192,320 1,168,092 23,040 Total (24,228) 15 16 Costs: 17 - Labor 18 - Parts 19 20 e1 Gross Margin 22 Overhead: 23 - Space 24 - General & Admin. 25 - Depreciation 26 - Legal & Regulatory 27 28 29 Net before Taxes 30 Taxes 31 Net after Taxes Total Revenues 1,607,040 1,605,852 (1,188) 161,280 953,856 168,650 899,431 7,370 (54,425) (47,056) Total Costs 1,115,136 1,068,080 Insert your text explanation of the variances here. 491,904 537,772 45,868 75,000 35,000 68,500 75,000 35,000 68,500 18,000 18,000 196,500 Total Overhead 196,500 295,404 62,035 341,272 71,667 45,868 9,632 233,369 269,605 36,235

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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G D E MRO Department 2020 Results A B F H. I J K M 3 Revenues (billed out): Change in Gross Margin Budget 3,456 Actual Fav./(Unfav.) 3,648 4 - Labor (hrs.) 5 - Labor rate ($/hr.) 6 - Parts (S/hr.) 7 Costs: 8 - Labor (hrs.) 9 - Labor ($/hr.) 10 - Parts (% of revenue) 192 45,868 120 120 345 320 (25) Labor Variance Parts Variance Revenue (hrs.) Rate ($/hr.) Costs (hrs.) -3% Labor (S/hr.) Revenue (hrs.) Revenue ($/hr.) Costs (hrs.) 3,840 3,877 37 42 44 2 80% 77% Costs ($/hr.) 11 Total Mark-up S Fav./(Unfav.) 12 Revenues: 13 - Labor Other 437,760 1,192,320 1,168,092 23,040 (24,228) (1,188) 414,720 Total 14 - Parts 15 Total Revenues 1,607,040 1,605,852 16 Costs: 17 - Labor - Parts 7,370 (54,425) 161,280 168,650 18 953,856 899,431 19 Total Costs 1,115,136 1,068,080 (47,056) 20 Insert your text explanation of the variances here. 21 Gross Margin 22 Overhead: 491,904 537,772 45,868 23 - Space 75,000 35,000 68,500 75,000 35,000 68,500 18,000 196,500 24 - General & Admin. 25 - Depreciation 26 - Legal & Regulatory 18,000 27 Total Overhead 196,500 28 29 Net before Taxes 30 Taxes 295,404 62,035 341,272 45,868 71,667 9,632 31 Net after Taxes 233,369 269,605 36,235
Transcribed Image Text:G D E MRO Department 2020 Results A B F H. I J K M 3 Revenues (billed out): Change in Gross Margin Budget 3,456 Actual Fav./(Unfav.) 3,648 4 - Labor (hrs.) 5 - Labor rate ($/hr.) 6 - Parts (S/hr.) 7 Costs: 8 - Labor (hrs.) 9 - Labor ($/hr.) 10 - Parts (% of revenue) 192 45,868 120 120 345 320 (25) Labor Variance Parts Variance Revenue (hrs.) Rate ($/hr.) Costs (hrs.) -3% Labor (S/hr.) Revenue (hrs.) Revenue ($/hr.) Costs (hrs.) 3,840 3,877 37 42 44 2 80% 77% Costs ($/hr.) 11 Total Mark-up S Fav./(Unfav.) 12 Revenues: 13 - Labor Other 437,760 1,192,320 1,168,092 23,040 (24,228) (1,188) 414,720 Total 14 - Parts 15 Total Revenues 1,607,040 1,605,852 16 Costs: 17 - Labor - Parts 7,370 (54,425) 161,280 168,650 18 953,856 899,431 19 Total Costs 1,115,136 1,068,080 (47,056) 20 Insert your text explanation of the variances here. 21 Gross Margin 22 Overhead: 491,904 537,772 45,868 23 - Space 75,000 35,000 68,500 75,000 35,000 68,500 18,000 196,500 24 - General & Admin. 25 - Depreciation 26 - Legal & Regulatory 18,000 27 Total Overhead 196,500 28 29 Net before Taxes 30 Taxes 295,404 62,035 341,272 45,868 71,667 9,632 31 Net after Taxes 233,369 269,605 36,235
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