2.b. What impact did this figure have on the company's income statement? This will cause the cost of Goods Sold to thereby net income by that amount 3. Pick out the two most significant variances you computed in part (1). (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Materals price variance Materiais quartiny variance Labour rate variance Variable overhead efficiency variance vuruble overhead spending variance Labout efficiency variano 4. Compute the fixed overhead cost variances (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (.e. zero variance).) Fixed overhead budget variance Fixed overhead volume variance 5. This part of the question is not part of your connect assignment Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The standard cost for one pool is as fo Direct materials Direct labour Variable manufacturing overhead Total standard cost Standard Quantity or Hours 1.40 kilograms 0.80 hours 0.48 machine-hours Standard Price or Rate $5.00 per kilogram $6.00 per hour $2.00 per machine-hour Standard Cost $ 7.00 4.80 0.80 $12.60 The plant has been experiencing problems for some time, as is shown by its June income statement when it made and so pools, the normal volume is 14.950 pools per month Fixed costs are allocated using machine hours. Flexible Budgeted $444,000 Actual $ 444,000 Sales (14,880 pools) Less: Variable expenses: Variable cost of goods sold Variable selling expenses Total variable expenses Contribution margin Less: Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net income 186, 480 19,700 206,180 237,820 193,250 19,700 212,950 231,050 128,000 82,880 210,880 $ 26,940 128,000 82,880 210,880 $ 20,170 *Contains direct materiais direct labour, and variable manufacturing overhead Janet Dunn, the general manager of the Westwood Plant, wants to get things under control. She needs information about operations in June since the income statement signalled that the problem could be due to the variable cost of goods sold the following about operations and costs in June 186,480 19,700 206,180 237,820 193,250 19,700 212,950 231,050 Variable cost of goods sold Variable selling expenses Total variable expenses Contribution margin Less: Fixed expenses Manufacturing overhead Selling and administrative Total Fixed expenses Net Income 128,000 12,880 210,830 $ 26,900 128,000 82,550 210,000 $ 20,170 *Contains direct materials, direct labour, and variable manufacturing overhead Janet Dunn, the general manager of the Westwood Plant, wants to get things under control She needs information about the operations in June since the income statement signaled that the problem could be due to the variable cost of goods sold Dunn learns the following about operations and costs in June." a 31200 kilograms of moterials were purchased at a cost of $4.00 per kilogram 24 500 kilograms of matenals were used in production (Finished goods and work in process inventories are insignificant and can be ignored) C 11800 direct labour hours were worked at a cost of $7 per hour a Variable manufacturing overhead cost totaling $19,350 for the month was incurred A total of 4,300 machine hours was recorded. It is the company's policy to close all variances to cost of goods sold on a monthly basis