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Palermo Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor (Click the icon to view the data.) Dond the ranuiramante Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Output units Revenues Actual Results Data table × Data table Direct materials Direct manufacturing labor Fixed costs Total costs Operating income Direct materials Standard Quantity Standard Price Standard Unit Cost 10 pounds $8 per pound $80 3.7 hours $50 per hour Expected production and sales Expected selling price per unit Total fixed costs 6,300 units $ 745 $1,600,000 $185 Direct manufacturing labor During 2020, actual number of units produced and sold was 4,800, at an average selling price of $760. Actual cost of direct materials used was $392,700 (66,000 pounds at $5.95 per pound). Actual direct manufacturing labor costs were $878,400 (18,300 actual direct manufacturing labor-hours at $48.00 per hour). Actual fixed costs were $1,150,000. There were no beginning or ending inventories. Print Done Print Done Clear all Check answer -

Palermo Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor (Click the icon to view the data.) Dond the ranuiramante Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Output units Revenues Actual Results Data table × Data table Direct materials Direct manufacturing labor Fixed costs Total costs Operating income Direct materials Standard Quantity Standard Price Standard Unit Cost 10 pounds $8 per pound $80 3.7 hours $50 per hour Expected production and sales Expected selling price per unit Total fixed costs 6,300 units $ 745 $1,600,000 $185 Direct manufacturing labor During 2020, actual number of units produced and sold was 4,800, at an average selling price of $760. Actual cost of direct materials used was $392,700 (66,000 pounds at $5.95 per pound). Actual direct manufacturing labor costs were $878,400 (18,300 actual direct manufacturing labor-hours at $48.00 per hour). Actual fixed costs were $1,150,000. There were no beginning or ending inventories. Print Done Print Done Clear all Check answer -

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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am. 164.

Palermo Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor (Click the icon to view the data.) Dond the ranuiramante Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Output units Revenues Actual Results Data table × Data table Direct materials Direct manufacturing labor Fixed costs Total costs Operating income Direct materials Standard Quantity Standard Price Standard Unit Cost 10 pounds $8 per pound $80 3.7 hours $50 per hour Expected production and sales Expected selling price per unit Total fixed costs 6,300 units $ 745 $1,600,000 $185 Direct manufacturing labor During 2020, actual number of units produced and sold was 4,800, at an average selling price of $760. Actual cost of direct materials used was $392,700 (66,000 pounds at $5.95 per pound). Actual direct manufacturing labor costs were $878,400 (18,300 actual direct manufacturing labor-hours at $48.00 per hour). Actual fixed costs were $1,150,000. There were no beginning or ending inventories. Print Done Print Done Clear all Check answer -
Transcribed Image Text:Palermo Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor (Click the icon to view the data.) Dond the ranuiramante Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Output units Revenues Actual Results Data table × Data table Direct materials Direct manufacturing labor Fixed costs Total costs Operating income Direct materials Standard Quantity Standard Price Standard Unit Cost 10 pounds $8 per pound $80 3.7 hours $50 per hour Expected production and sales Expected selling price per unit Total fixed costs 6,300 units $ 745 $1,600,000 $185 Direct manufacturing labor During 2020, actual number of units produced and sold was 4,800, at an average selling price of $760. Actual cost of direct materials used was $392,700 (66,000 pounds at $5.95 per pound). Actual direct manufacturing labor costs were $878,400 (18,300 actual direct manufacturing labor-hours at $48.00 per hour). Actual fixed costs were $1,150,000. There were no beginning or ending inventories. Print Done Print Done Clear all Check answer -
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