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Check my work 1 Munoz Publications established the following standard price and costs for a hardcover picture book that the company produces. $ 13.33 points Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.90 8.60 4.10 6.00 6.80 eBook $133,000 46,000 References Assume that Munoz actually produced and sold 27,000 books. The actual sales price and costs incurred follow: $ Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative 35.90 8.80 4.00 6.05 6.60 $118,000 52,000 Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Check my work 1 $ Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative 35.90 8.80 4.00 6.05 6.60 13.33 points $ $118,000 52,000 eBook References Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income Check my work 3 Zachary's Doll Company produces handmade dolls. The standard amount of time spent on each dollis 1.50 hours. The standard cost of labor is $7.73 per hour. The company planned to make 8,600 dolls during the year but actually used 13,300 hours of labor to make 9,100 dolls. The payroll amounted to $106,932. 13.34 points Required Skipped a. Should labor variances be based on the planned volume of 8,600 dolls or the actual volume of 9,100 dolls? b. Prepare a table that shows the standard labor price, the actual labor price, the standard labor hours, and the actual labor hours. c. Compute the labor price variance and indicate whether it is favorable (F) or unfavorable (U). d. Compute the labor usage variance and indicate whether it is favorable (F) or unfavorable (U). eBook References Complete this question by entering your answers in the tabs below. Reg A ReqB Req C and D Should labor variances be based on the planned volume of 8,600 dolls or the actual volume of 9,100 dolls? Labor variances should be based on the Req A Req B > Check my work 3 Zachary's Doll Company produces handmade dolls. The standard amount of time spent on each dollis 1.50 hours. The standard cost of labor is $7.73 per hour. The company planned to make 8,600 dolls during the year but actually used 13,300 hours of labor to make 9,100 dolls. The payroll amounted to $106,932. 13.34 points Required Skipped a. Should labor variances be based on the planned volume of 8,600 dolls or the actual volume of 9,100 dolls? b. Prepare a table that shows the standard labor price, the actual labor price, the standard labor hours, and the actual labor hours. c. Compute the labor price variance and indicate whether it is favorable (F) or unfavorable (U). d. Compute the labor usage variance and indicate whether it is favorable (F) or unfavorable (U). eBook References Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Prepare a table that shows the standard labor price, the actual labor price, the standard labor hours, and the actual labor hours. (Round "Standard price" and "Actual price to 2 decimal places.) Labor Variance Information Table Standard labor price per hour Actual price per hour Standard hours for flexible budget Actual hours used Check my work 3 Zachary's Doll Company produces handmade dolls. The standard amount of time spent on each dollis 1.50 hours. The standard cost of labor is $7.73 per hour. The company planned to make 8,600 dolls during the year but actually used 13,300 hours of labor to make 9,100 dolls. The payroll amounted to $106,932. 13.34 points Required Skipped a. Should labor variances be based on the planned volume of 8,600 dolls or the actual volume of 9,100 dolls? b. Prepare a table that shows the standard labor price, the actual labor price, the standard labor hours, and the actual labor hours. c. Compute the labor price variance and indicate whether it is favorable (F) or unfavorable (U). d. Compute the labor usage variance and indicate whether it is favorable (F) or unfavorable (U). eBook References Complete this question by entering your answers in the tabs below. Req A ReqB Req C and D Compute the labor price and labor usage variances and indicate whether they are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance). Round your final answers to nearest whole dollar.) C. Total labor price variance d. Total labor usage variance