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Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below Budgeted Actual $250,000 $250,000 Sales (3,000 pools) Variable expenses Variable cost of goods sold* 53.430 67.000 Variable selling expenses Total variable expenses Contribution margin Fixed expenses 26,000 26,000 79,430 93,000 170,570 157,000 Manufacturing overhead Selling and administrative 67.000 67.000 92,000 92.000 159.000 159.000 $ 11,570 (2,000) Total fixed expenses Net operating income (loss) *Contains direct materials, direct labor, and variable manufacturing overhead Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to "get things under control. Upon reviewing the plant's income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool: Standard Quantity Standard Price Standard or Hours 4.2 pounds 0.5 hours 0.5 hours* or Rate $2.80 per pound $8.30 per hour $3.80 per hour Cost Direct materials Direct labor Variable manufacturing overhead 11.76 1.90 $17.81 Total standard cost Based on machine-hours During June the plant produced 3,000 pools and incurred the following costs a. Purchased 17,600 pounds of materials at a cost of $3.25 per pound b. Used 12,400 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.) c. Worked 2,100 direct labor-hours at a cost of $8.00 per hour d. Incurred variable manufacturing overhead cost totaling $7,560 for the month. A total of 1,800 machine-hours was recorded It is the company's policy to close all variances to cost of goods sold on a monthly basis