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SharpSlicer, Inc., manufactures a full line of professional grade mandolines (frames and blades). SharpSlicer uses a standard costing system to set attainable standards for direct materials, labor, and overhead costs. SharpSlicer reviews and revises standards annually, as necessary. Department managers, whose evaluations and bonuses are affected by their department's performance, are held responsible to explain variances in their department performance reports. Recently, the manufacturing variances in the Prestige line of mandolines have caused some concern. For no apparent reason, unfavorable materials and labor variances have occurred. At the monthly staff meeting, Carmela Milani, manager of the Prestige line, will be expected to explain her variances and suggest ways of improving performance. Milani will be asked to explain the following performance report for scal year end 2020: Actual Results StaticBudget Amounts Units sold 2,275 2,500 Revenues $596,5 50 $600,000 Variable manufacturing costs 3 51,965 324,000 Fixed manufacturing costs 108,398 1 12,500 Gross margin 136,18? 163,500 Milani collected the following information: Three items comprised the standard variable manufacturing costs in 2020: 0 Direct materials: Frames. Static budget cost of $49,500. The standard input for 2020 is 3 .00 ounces per unit. 0 Direct materials: Blades. Static budget costs of $139,500. The standard input for 2020 is 6.00 ounces per unit. 0 Direct manufacturing labor: Static budget costs of $135,000. The standard input for 2020 is 1.20 hours per unit. Assume there are no variable manufacturing overhead costs. The actual variable manufacturing costs in 2020 were as follows: 0 Direct materials: Frames. Actual costs of $5 5,872. Actual ounces used were 3.20 ounces per unit 0 Direct materials: Blades. Actual costs of $150,?3 8. Actual ounces used were 7.00 ounces per unit. 0 Direct manufacturing labor: Actual costs of $145,355. The actual labor rate was $14.80 per hour. Prepare a report that includes the following (feel free to use or not the template provided): 1. Selling-price variance 2. Sales-volume variance, efciency variance, and input-price variance SharpSlicer Manufacturer of Mandoline Slicers Actual Flexible- Flexible Sales- Static Results Budget Budget Volume Budget Variances Variances Units sold 7,275 7,500 Revenues (sales) $596,550 $600,000 Variable mfg. costs 351,965 324,000 Fixed mfg. costs 108,398 112,500 Gross Margin $136,187 $163,500 Sale Price Vbl.cost/unit