Blossom, Inc. prepared the following master budget Items for July 34,000 unita Production and sales variable manufacturing contar Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing conta Total manufacturing costa $ 34,000 8 54,400 $ 68,000 $190,000 $346,400 During July, Blossom actually sold 40,000 units. Prepare a flexible budget for Blossom based on actual sales. (Do not round your Intermediate calculations.) units Production and Sales Variable Manufacturing Costs: Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Costs Total Manufacturing Costs Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 2.9 pounds of material at $14 per pound, and labor standards are 2 hours of tabor at a standard wage rate of $10. During July Regent Corp. produced 3.270 units. Materiais purchased and used totaled 10,100 pounds at a total cost of $143,200. Payroll totaled $147,880 for 13,190 hours worked a. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (i.e., zero variance).) Price Variance b. Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable" "Unfavorable", or "None" for no effect (ie, zero variance).) Quantity Variance Wisteria Co. produces snowboards and uses a standard cost system. Variable overhead is applied using direct labor hours. Standards allowed for each unit are 5,3 hours of labor at a standard variable overhead rate of $7.10. During December, Wisteria Co produced 3,050 snowboards, Materials purchases totaled 21,600 pounds at a total cost of $224,780. Materials usage totaled 20,990 pounds. Payroll totaled $183,750 for 17.100 hours worked. Variable overhead incurred totaled $118,340. a. Calculate the variable overhead rate variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (1.e., zero variance).) Rate Variance b. Calculate the variable overhead efficiency variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Do not round your intermediate calculations and round your final answer to the nearest whole dollar amount.) Efficiency Variance Scarlett Company has a direct materials standard of 3 gallons of input at a cost of $11 per gallon. During July, Scarlett Company purchased and used 7,570 gallons. The direct materials quantity variance was $110 unfavorable and the direct materials price variance was $3,785 favorable. What price per gallon was paid for the purchases? Multiple Choice $10.50 $11.40 $11.00 $8,40
