The Vizzini Shop (TVS) specializes in making fraternity and sorority tote bags for the college market. TVS produces bags in batch sizes of 94. For rush orders, TVS will produce smaller batches for an additional charge of $172 per setup. Budgeted and actual costs for the production process for 2020 are as follows: Requirements 1. What is the static budget number of setups for 2020? 2. What is the flexible-budget number of setups for 2020? 3. What is the actual number of setups in 2020? 4. Assuming fixed setup overhead costs are allocated using setup-hours, what is the predetermined fixed setup overhead allocation rate? 5. Does TVS's charge of $172 cover the budgeted variable overhead cost of an order? The budgeted total cost? 6. For direct variable setup costs, compute the price and efficiency variances. 7. For fixed setup overhead costs, compute the spending and the production-volume variances. 8. What qualitative factors should TVS consider before accepting or rejecting a special order? bt ups

The Vizzini Shop (TVS) specializes in making fraternity and sorority tote bags for the college market. TVS produces bags in batch sizes of 94. For rush orders, TVS will produce smaller batches for an additional charge of $172 per setup. Budgeted and actual costs for the production process for 2020 are as follows: Requirements 1. What is the static budget number of setups for 2020? 2. What is the flexible-budget number of setups for 2020? 3. What is the actual number of setups in 2020? 4. Assuming fixed setup overhead costs are allocated using setup-hours, what is the predetermined fixed setup overhead allocation rate? 5. Does TVS's charge of $172 cover the budgeted variable overhead cost of an order? The budgeted total cost? 6. For direct variable setup costs, compute the price and efficiency variances. 7. For fixed setup overhead costs, compute the spending and the production-volume variances. 8. What qualitative factors should TVS consider before accepting or rejecting a special order? bt ups

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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