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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 9,520 $ 1,740,800. 748,394 110,240 $ 882,166 215,040 372,000 $ 295,126 Required: Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each yorience by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

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 9,520 $ 1,740,800. 748,394 110,240 $ 882,166 215,040 372,000 $ 295,126 Required: Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each yorience by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1 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 Harlow Parts Superior Plant Operating Results (For July) Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,120 $ 1,542,800 584,640 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 97,440 $ 860,720 204,000 362,000 $ 294,720 9,520 $ 1,740,800 748,394 110,240 $ 882,166 215,040 372,000 $ 295,126
Transcribed Image Text:1 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 Harlow Parts Superior Plant Operating Results (For July) Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,120 $ 1,542,800 584,640 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 97,440 $ 860,720 204,000 362,000 $ 294,720 9,520 $ 1,740,800 748,394 110,240 $ 882,166 215,040 372,000 $ 295,126
= 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: Prepare a profit variance analysis for the Superior Plant for July. (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.) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Actuals 9.520 $ 1,740,800 748,394 110,240 882 166 215,040 372.000 295 126 S 9,520 $ 1,740,800 748,394 110,240 $ 882,166 215,040 372,000 $ 295,126 $ Manufacturing Variances U U U Profit Variance Analysis Selling, General and Administrative Variances F U Sales Price Variance U U Flexible Budget Sales Activity Variance 9,520 F U U F 8,120 $ 1.542.800 584 640 97,440 860,720 204,000 362.000 294 720 S Master Budget $
Transcribed Image Text:= 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: Prepare a profit variance analysis for the Superior Plant for July. (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.) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Actuals 9.520 $ 1,740,800 748,394 110,240 882 166 215,040 372.000 295 126 S 9,520 $ 1,740,800 748,394 110,240 $ 882,166 215,040 372,000 $ 295,126 $ Manufacturing Variances U U U Profit Variance Analysis Selling, General and Administrative Variances F U Sales Price Variance U U Flexible Budget Sales Activity Variance 9,520 F U U F 8,120 $ 1.542.800 584 640 97,440 860,720 204,000 362.000 294 720 S Master Budget $
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