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PROBLEM 11-15 Comprehensive Variance Analysis (L011-1, L011-2, L011-3] 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: Standard Costs and Varances Budgeted Sales (15.000 pools) Actual Variable expenses: $450 000 $450,000 Variable cost of goods sold Variable selling expenses 180.000 196 290 Total variable expenses 20,000 20,000 Contribution margin 200.000 216.290 Fixed expenses: 250.000 233,710 Manufacturing overhead...... Selling and administrative 130,000 130,000 84000 84.000 Total fixed expenses 214,000 Net operating income... 214,000 $36.000 $ 19,710 The revenue variance is labeled favorable lunfavorable when the revenue in the flexible budget is greater than less than the planning budget. The expense variances are labeled favorable undevorable) when the expense in the flexible budget is less than greater than the planning budget Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been instructions to get things under control." Upon reviewing the plant's income statement Ms. has concluded that the major problem lies in the variable cost of goods sold. She has been vided with the following standard cost per swimming pool Standard Standard Price or Standard Quantity or Hours Rate Cost Direct materials... 3.0 pounds $2.00 per pound $ 6.00 Direct labor 0.8 hours $6.00 per hour 4.80 Variable manufacturing overhead.... 0.4 hours $3.00 per hour 1.20 Total standard cost $12.00 The revenue variance is labeled favorable (unfavorable when the actual revenue is greater than less than the flexible budget. The expense variances are labeled favorable (unfavorable when the actual expense is less than (greater than the flexible budget. During June the plant produced 15.000 pools and incurred the following costs a. Purchased 60,000 pounds of materials at a cost of $1.95 per pound b. Used 49,200 pounds of materials in production. (Finished goods and work in process invento ries are insignificant and can be ignored.) C. Worked 11.800 direct labor-hours at a cost of $7.00 per hour. d. Incurred variable manufacturing overhead cost totaling $18,290 for the month. A total of 5.900 machine-hours was recorded. It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for Jone: a. Materials price and quantity variances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in requirement by showing the net overall favorable or unfavorable variance for the month, what impact did this figure have on the com- pany's income statement? Show computations. 3. Pick out the two most significant variances that you computed in requirement 1. Explain to Ms. Dunn possible causes of these variances. 1 101131