Selected data for October for Rio Vista Company is shown as follows. The variable overhead sales activity variance is $6,000 F.Flexible budget based on actual sales of 13,600 units:RevenueMaterialsLaborVariable overheadFixed costs (manufacturing and administrative)Required:a. How many units were budgeted for October in the master budget?b. Recreate the master budget for October.Complete this question by entering your answers in the tabs below.Required ARequired BSales revenueVariable costs:Recreate the master budget for October. (Do not round Intermediate calculations. Indicate the effect of each varlance byselecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)MaterialsDirect laborVariable overheadSales revenueVariable costs:$124,00048,80026,80024,00018,200RIO VISTA COMPANYSales Activity VarianceFlexibleBudgetMaterialsDirect laborVariable overheadTotal variable costsContribution marginFixed costs:Manufacturing overhead and administrativeTotal fixed costsOperating profitsSales ActivityVarianceMaster Budget

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Description: Selected data for October for Rio Vista Company is shown as follows. The variable overhead sales activity variance is $6,000 F.Flexible budget based on actual sales of 13,600 units:RevenueMaterialsLaborVariable overheadFixed costs (manufacturing and

Number of units that were budgeted for October in Master Budget =15,300 Workings:- Particulars…

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Selected data for October for Rio Vista Company is shown as follows. The variable overhead sales activity variance is $6,000 F. Flexible budget based on actual sales of 13,600 units: Revenue Materials Labor Variable overhead Fixed costs (manufacturing and administrative) $124,000 48,800 26,800 24,000 18,200 Required: a. How many units were budgeted for October in the master budget? b. Recreate the master budget for October. Complete this question by entering your answers in the tabs below. Required A Required B

Selected data for October for Rio Vista Company is shown as follows. The variable overhead sales activity variance is $6,000 F. Flexible budget based on actual sales of 13,600 units: Revenue Materials Labor Variable overhead Fixed costs (manufacturing and administrative) $124,000 48,800 26,800 24,000 18,200 Required: a. How many units were budgeted for October in the master budget? b. Recreate the master budget for October. Complete this question by entering your answers in the tabs below. Required A Required B

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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Robinson Company has two products, A and B. Robinson's budget for August follows: Master Budget Sales Variable cost Contribution margin Fixed cost Operating income Selling price Sales Variable cost Contribution margin Fixed cost On September 1, these operating results for August were reported: Operating Results Operating income Units sold Product A $ 330,000 180,000 $ 150,000 120,000 $ 30,000 $ 110 a. Flexible-budget variance b. Sales volume variance c. Sales quantity variance d. Sales mix variance Product B $ 450,000 270,000 $ 180,000 90,000 $ 90,000 $ 50 Product A $ 112,500 68,750 $ 43,750 120,000 $ (76,250) 1,250 Required: 1. For each product, determine the following variances measured in dollars of contribution margin: Product B $ 585,000 393,750 $ 191,250 90,000 $ 101,250 11,250 Product A Product B
Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September: Standards Direct materials Direct labor Variable overhead (per direct labor- $ 22.60 hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual resulta Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) pounds at 0.75 $9.40 per pound hours at 1.25 $27.40 per hour K4 $ 418,080 17,420 pounds at 11,000 $8.80 per pound hours at 14,870 $27.70 per hour $ 359,060 $ 393,740 12,340 units X7 pound at 1 $10.00 per pound 1.50 $24.40 $ 494,970 23,570 hours at $30 per hour pounds at 14,270 $10.30 per pound hours at 22,370 $34.00 per hour $ 471,212 $ 491,960 14,570 units Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round…
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k I t nces Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September: Standards Direct materials Direct labor Variable overhead (per direct labor-hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) Direct materials Direct labor Variable overhead Fixed overhead Price Variance K4 K4 0.75 pounds at $8.60 per pound 1.25 hours at $26.60 per hour Efficiency Variance $ 21.80 $ 417,120 17,380 Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.…
tour company uses two measures of activity, routes and passengers in its cost formulas used for budgeting and performance evaluation. The cost formula for tour operating costs is $56,880 per month plus $2,880 per route plus $15 per passenger. The company expected in August to perform 90 routes and serve 256 passengers, but the actual activity was 96 routes and 263 passengers. The actual tour operating costs in August was $305,100. The spending variance for tour operating costs in August would be closest to: Multiple Choice $32,205 Unfavorable $32,205 Favorable $14,820 Unfavorable $17,385 Favorable $14,820 Favorable O O O
The standard labour budget for CTF of 800 units with detail information as follows: 3hours/unit and $12 per labour hour. The actual labour budget of 1,000 units with detail information as follows: 2,6hours/unit and 13$/labour hour. Analyse the direct labour costs variance → Do we need to set up a flexible budget in this case? Why?
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Pittman Framing's cost formula for its supplies cost is $1,120 per month plus $12 per frame. For the month of November, the company planned for activity of 610 frames, but the actual level of activity was 602 frames. The actual supplies cost for the month was $8,600. The spending variance for supplies cost in November would be closest to: Multiple Choice O $160 U $256 F $256 U $160 F
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A company provides delivery services and uses two activity measures for its costs: the miles driven and the number of customer order. For the most recent month, the company reported the following information: Budgeted Fixed cost per month Variable cost per mile Variable cost per order Actual $13,070 $ 26 per mile $ 14 per order $ 25 $ 13 Miles driven Customer orders Budgeted 74 480 Actual 64 miles 460 orders Spending Variance for total costs $ 294 Unfavorable Q: What was the company's budgeted fixed cost per month? ANS: $ Q: What was the company's activity variance for the month? ANS: $ (Click to select) v