Check It Off Printers, Inc., produces luxury checkbooks with three checks and stubs per page. Each checkbook is designed for an individual customer and is ordered through the customer's bank. The company's operating budget for September 2020 included these data: (Click the icon to view the operating budget and actual results.) The executive vice president of the company observed that the operating income for September was much lower than anticipated, despite a higher-than-budgeted selling price and a lower-than-budgeted variable cost per unit. As the company's management accountant, you have been asked to provide explanations for the disappointing September results. Check It Off develops its flexible budget on the basis of budgeted per-output-unit revenue and per-output-unit variable costs without detailed analysis of budgeted inputs. Read the requirements Requirement 1. Prepare a static-budget-based variance analysis of the September performance. Begin with the actual results, then compute the static budget and the static-budget variances. Label each variance as favorable or unfavorable. (Enter an operating loss with a minus sign or parentheses.) Actual Data Table Results Units sold Revenues The budgeted amounts for September 2020 were: Variable costs Contribution margin Fixed costs Number of checkbooks 12.000 Selling price per book S 21 Variable cost per book S 10 Fixed costs for the month $ 120.000 The actual results for September 2020 were as follows: Operating income (loss) 9,300 Enter any number in the edit fields and then click Check Answer. $ 3 Number of checkbooks produced and sold Average selling price per book Variable cost per book Fixed costs for the month 23 9 g $ $ 6 parts remaining $ 125, 100 Check Answer The Yates Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials direct manufacturing labor. purchased amounted to 100,300 lb., at a total cost of SS16,545. Input price variances are isolated upon purchase. Click the icon to view the standards.) Input efficiency variances are isolated at the time of usage. The number of finished units budgeted for January 2020 was 10,030; 9,950 units were actually produced. Read the requirements (Click the icon to view actual data.) A Standards Requirement 1. Compute the January 2020 price and efficiency variances of direct materials and direct manufacturing labor. Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest whole dollar.) Actual input Budgeted price = Cost Direct materials (purchases) Direct materials (usage) Direct manufacturing labor Direct materials: 10 lb. at $5.00 per lb. Direct manufacturing labor: 0.5 hour at $30 per hour $ 50.00 15.00 A Actual Data Actual results in January 2020 were as follows: Direct materials: 98,500 lb. used Direct manufacturing labor: 4,900 hours $ 153,125 Print Done Enter any number in the edit fields and then click Check Answer. ? parts remaining Clear All Check Answer Dager, Inc. is a privately held furniture manufacturer. For August 2020, Dager had the following standards for one of ils products, a wicker chair: (Click the icon to view the standards per chair.) The following data were compiled regarding actual performance actual output units (Chairs) produced, 2,800; square yards of input purchased and used, 8.000; price per square yard, $8.00; direct manufacturing labor costs $9,434; actual hours of input, 890; labor price per hour, $10.60. Read the requirements Requirement 1. Show computations of price and efficiency variances for direct materials and direct manufacturing labor. Give a plausible explanation of why each variance occurred. Let's begin by determining the formula used to calculate the actual costs of direct materials, then enter the amounts in the formula and calculate the cost. Actual cost Direct materials i Data Table Standards per Chair Direct materials 3 square yards of input at $5.90 per square yard Direct manufacturing labor 0.5 hour of input at $10.50 per hour Print Done Choose from any list or enter any number in the input fields and then click Check Answer. G parts remaining Clear All Check