1 Flexible Budget Performance Report For the Year Ended December 31, 2019 3 5 (1)-(3) (3) - (5) Flexible Sales Budget Amounts Per Unit Actual Results Budget Variance Flexible Budget Volume Variance Static Budget Units 4,000 4,000 3,900 273,000 $ 70.00 $ 280,000 $ 0 $ 280,000 $ 7,000 F $ Net Sales Revenue Variable Costs: Product Costs 1,250 U 62,402 2,800 61,152 2,800 6,150 U 70 U - 780 F 55,002 2,730 0 214,798 125 1,250 U 216,048 215,268 Selling and Admin. Costs Contribution Margin Fixed Costs: Product Costs Selling and Admin. Costs 2,160 F 0 20,688 53,200 22,848 53,200 22,848 53,200 0 0 $ 140,910 $ 910, $ 140,000 $ 780 $ Operating Income 139,220 Print Done Review the flexible budget performance report from Requirement 3. Trenton Toy Company Standard Cost Income Statement For the Year Ended December 31, 2019 Net Sales Revenue $ 280,000 L -273000 -55002 7000 Cost of Goods Sold at standard cost Manufacturing Cost Variances: Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance Direct Labor Efficiency Variance Variable Overhead Cost Variance Variable Overhead Efficiency Variance Fixed Overhead Cost Variance 200 316 200 2160 Fixed Overhead Volume Variance 192 Total Manufacturing Cost Variances 4,690 Cost of Goods Sold at actual 60512 Gross Profit 219488) Formula Variance Direct materials cost variance Direct materials efficiency variance (AC - SC) XAQ (AQ - SQ) x SC = $ = $ 7,110 U 300 F Select the formula to calculate direct labor cost and efficiency variances, then enter the variance amounts. (Label each variance as favorable (F) or unfavorable (U).) Variance Direct labor cost variance Direct labor efficiency variance Formula (AC - SC) XAQ (AQ - SQ) SC = $ = $ 948 U 2009 F Requirement 8. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. We will start with the variable overhead (VOH). Select the formula to calculate VOH cost and efficiency variances, then enter the variance amounts. (Label each variance as favorable (F) or unfavorable (U).) Variance VOH cost variance VOH efficiency variance Formula (AC - SC) XAQ (AQ - SQ) x SC = $ = $ 316 F 2009 F Select the formula to calculate the fixed overhead (FOH) cost and volume variances, then enter the variance amounts. (Label each variance as favorable (F) or unfavorable (U).) Formula Variance FOH cost variance Actual FOH - Budgeted FOH = $ = $ 2,160 F 192' F FOH volume variance Bugeted FOH - Allocated FOH. A Data Table Trenton Toy Company Balance Sheet December 31, 2018 Assets Current Assets: Cash 10,000 55,000 900 4,350 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment $ 70,250 199,000 (42,000) Less: Accumulated Depreciation 157,000 $ 227,250 Total Assets Liabilities Current Liabilities: Accounts Payable 10,000 Stockholders' Equity $ Common Stock, no par 150,000 67,250 Retained Earnings Print [Done Print Done 1 Flexible Budget Performance Report For the Year Ended December 31, 2019 3 5 (1)-(3) (3) - (5) Flexible Sales Budget Amounts Per Unit Actual Results Budget Variance Flexible Budget Volume Variance Static Budget Units 4,000 4,000 3,900 273,000 $ 70.00 $ 280,000 $ 0 $ 280,000 $ 7,000 F $ Net Sales Revenue Variable Costs: Product Costs 1,250 U 62,402 2,800 61,152 2,800 6,150 U 70 U - 780 F 55,002 2,730 0 214,798 125 1,250 U 216,048 215,268 Selling and Admin. Costs Contribution Margin Fixed Costs: Product Costs Selling and Admin. Costs 2,160 F 0 20,688 53,200 22,848 53,200 22,848 53,200 0 0 $ 140,910 $ 910, $ 140,000 $ 780 $ Operating Income 139,220 Print Done Review the flexible budget performance report from Requirement 3. Trenton Toy Company Standard Cost Income Statement For the Year Ended December 31, 2019 Net Sales Revenue $ 280,000 L -273000 -55002 7000 Cost of Goods Sold at standard cost Manufacturing Cost Variances: Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance Direct Labor Efficiency Variance Variable Overhead Cost Variance Variable Overhead Efficiency Variance Fixed Overhead Cost Variance 200 316 200 2160 Fixed Overhead Volume Variance 192 Total Manufacturing Cost Variances 4,690 Cost of Goods Sold at actual 60512 Gross Profit 219488) Formula Variance Direct materials cost variance Direct materials efficiency variance (AC - SC) XAQ (AQ - SQ) x SC = $ = $ 7,110 U 300 F Select the formula to calculate direct labor cost and efficiency variances, then enter the variance amounts. (Label each variance as favorable (F) or unfavorable (U).) Variance Direct labor cost variance Direct labor efficiency variance Formula (AC - SC) XAQ (AQ - SQ) SC = $ = $ 948 U 2009 F Requirement 8. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. We will start with the variable overhead (VOH). Select the formula to calculate VOH cost and efficiency variances, then enter the variance amounts. (Label each variance as favorable (F) or unfavorable (U).) Variance VOH cost variance VOH efficiency variance Formula (AC - SC) XAQ (AQ - SQ) x SC = $ = $ 316 F 2009 F Select the formula to calculate the fixed overhead (FOH) cost and volume variances, then enter the variance amounts. (Label each variance as favorable (F) or unfavorable (U).) Formula Variance FOH cost variance Actual FOH - Budgeted FOH = $ = $ 2,160 F 192' F FOH volume variance Bugeted FOH - Allocated FOH. A Data Table Trenton Toy Company Balance Sheet December 31, 2018 Assets Current Assets: Cash 10,000 55,000 900 4,350 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment $ 70,250 199,000 (42,000) Less: Accumulated Depreciation 157,000 $ 227,250 Total Assets Liabilities Current Liabilities: Accounts Payable 10,000 Stockholders' Equity $ Common Stock, no par 150,000 67,250 Retained Earnings Print [Done Print Done