As the new accountant for Cohen & Company, you have been asked to provide a succinct analysis of financial performance for the yearjust ended. You obtain the following information that pertains to the company's sole product: Master Actual Budget Units Bold 25,000 30,000 Sales 5 400,000 $ 456,000 Variable coats 238,000 276,000 Fixed costs 161,000 141,000 Required: 1. What was the actual operating income for the period? 2. What was the company's master budget operating income for the period? 3. (a) What was the total master budget variance, in terms of operating income, for the period? (b) Is this variance favorable or unfavorable? (If a variance has no amount, select "None" in the corresponding dropdown cell.) 4. The total master budget variance for a period can be decomposed into a total flexible budget variance and a sales volume variance. (a) What was the total flexible-budget variance for the period? (b) Was this variance favorable or unfavorable? (c) What was the sales volume variance for the period? (d) Was this variance favorable or unfavorable? (If a variance has no amount, select "None" in the corresponding dropdown cell.) Actual operating income Master budget operating income Total master budget variance PPNT' Total exible-budget variance Sales volume variance Assume that in October 2022 the Schmidt Machinery Company (Exhibit 14.1) manufactured and sold 980 units for $750 each. During this month, the company incurred $529,200 total variable costs and $181,300 total fixed costs. The master budget data for the month are as given in Exhibit 14.1. Required: 1. Prepare a flexible budget for the production and sale of 980 units. 2. Compute for October 2022: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable or unfavorable. b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable or unfavorable. 3. Compute for October 2022: a. The total flexible budget variance. Indicate whether this variance was favorable or unfavorable. b. The total variable cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. c. The total xed cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. d. The selling price variance. Indicate whether this variance was favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a flexible budget for the production and sale of 980 units. Units sold 980 Sales :30 Required 2 > Required 1 Required 2 Required 3 Compute for October 2022: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable or unfavorable. b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable or unfavorable. Show less A Operating income erg _l Required 1 Required 2 Required 3 Compute for October 2022: a. The total flexible budget variance. Indicate whether this variance was favorable or unfavorable. b. The total variable cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. c. The total fixed cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. d. The selling price variance. Indicate whether this variance was favorable or unfavorable. Show less a. The total flexible budget variance b. The total variable cost flexible budget variance C. The total fixed cost flexible budget variance d. The selling price variance 3 Information regarding Maxwell's direct labor cost for the month of January follows: Direct labor hourly rate paid $ 28.60 Total standard direct labor hours for units produced this period 11 , 100 Direct labor hours actually worked 10 , 900 Direct labor rate variance $ 16 , 100 favorable Required: 1. Compute the standard direct labor wage rate per hour in January. (Round your answer to 2 decimal places.) 2. Compute the direct labor efficiency variance for January. Was this variance favorable or unfavorable? (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) 1 Standard direct labor rate per hour 2. Direct labor efficiency varianceAt a recent seminar you attended, the invited speaker was discussing some ofthe advantages and disadvantages of standard costs in terms of evaluating performance and motivating goal-congruent behavior on the part of employees. One criticism of standard costs in particular caught your attention: The use of conventional standard costs may not provide appropriate incentives for improvements needed to compete effectively with world-class organizations. The speaker then discussed so-called continuous-improvement standard costs. Such standards embody systematically lower costs over time. For example. on a monthly basis, it might be appropriate to budget a 1.0% reduction in per-unit direct labor cost. Assume that the standard wage rate into the foreseeable future is $26 per hour. Assume, too, that the budgeted labor-hour standard for October of the current year is 1.90 hours and that this standard is reduced each month by 1%. During December of the current year the company produced 9,000 units of XL10, using 16,800 direct labor hours. The actual wage rate per hour in December was $30.00. Required: 1. Prepare a table that contains the standard laborhour requirement per unit and standard direct labor cost per unit for the 4 months, October through January. 2. Compute the direct labor efciency variance for December. Was this variance favorable or unfavorable? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a table that contains the standard labor-hour requirement per unit and standard direct labor cost per unit for the 4 months, October through January. (Do not round intermediate calculations. Round your "Standard Direct Labor Cost/Unit" answers to 2 decimal places and \"Standard Labor-Hour Requirement/Unit" answers to 5 decimal places.) __ __ __ Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor efficiency variance for December. Was this variance favorable or unfavorable? (Round your final answer to nearest whole dollar amount.) Direct-labor efficiency variance Steinberg Company had the following direct materials costs for the manufacturing of product T in March: Actual purchase price per pound of direct materials $ 7.30 Standard direct materials allowed for units of product T produced 2,400 pounds Decrease in direct materials inventory 130 pounds Direct materials used in production 2,600 pounds Standard price per pound of. material $ 7.05 Required: 1. What was Steinberg's direct materials purchase-price variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U)' 2. Prepare the appropriate journal entries for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What was Steinberg's direct materials purchaseprice variance and its direct materials usage variance for March? Indicate whether each variance was favorable (F) or unfavorable (U). (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Direct materials purchase-price variance Direct materials usage variance Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entries for March. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account eld. Round final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record the cost of purchases during the month. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entries for March. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account eld. Round final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record the standard direct materials cost for this period's production. Note: Enter debits before credits. Required information [The following information applies to the questions displayed below. ] Phoenix Management helps rental property owners nd renters and charges the owners one-half of the rst month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average rst month's rent of $1,070. Budgeted cost data per tenant application for 2022 follow: - Professional labor: 1.5 hours at $18.00 per hour - Credit checks: $70.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $5,000 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $8,100 for 390 hours of professional labor. Credit checks went up to $75 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $5,600. The average first monthly rentals for August 2022 were $1,200 per apartment unit for 90 units. Required: 1. (a) What is the master budget variance for August 2022? (b) What is the total flexible budget variance for the month? (c) What is the sales volume variance for the month? 2. Determine the professional labor rate and labor efficiency variances for August 2022. The master budget variance 1b. The total exible budget variance 1c. The sales volume variance Direct labor rate variance Direct labor efciency variance