could really use some help with this guys. would love to see how you guys come up with the answers as i am really trying to learn.

Your Name: Israel Reyes ACCT 321 Homework Week 5 Complete #1 and #2 using the following information: Revenues and cost data for Madison Electronics, as of December 31, 2015 are as follows: Revenues Variable manufacturing costs Fixed manufacturing costs Variable nonmanufacturing costs Fixed nonmanufacturing costs $ 2,300 450 260 470 380 1. Prepare an income statement in the traditional format. (10 Points) 2. Prepare an income statement in the contribution format. (10 Points) Division Revenues Division Expenses Current Assets Long Term Assets Required Rate of Return Division A 5,600,000 760,000 300,000 75,000 12% Division B 1,500,000 410,000 600,000 1,200,000 8% Division C 4,200,000 2,100,000 1,000,000 800,000 6% 3. Using the above data, calculate the Return on Investment (ROI) for each Division. (5 Points) Return on Investment = Net profit of business unit Assets of business unit Division A = (5,600,000 - 760,000) (300,000 + 75,000) = 1291% Division B = (1,500,000 - 410,000) (600,000 + 1,200,000) = 60% Division C = (4,200,000 - 2,100,000) (1,000,000 + 800,000) = 116% 4. Using the above data, calculate the Residual Income (RI) for each Division. (5 Points) Remote Airplane Company manufactured 10,000 remote controlled airplanes for the month of February. Actual Costs related to these 10,000 airplanes: Direct material 22,200 yards of plastic Direct material $28 per yard Direct Labor hours 9,000 Direct labor $22 per hour Variable manufacturing costs per hour $130,500 Variable manufacturing overhead hours 4,500 Standard Costs: Direct material Direct material Direct labor Variable manufacturing costs per hour Variable manufacturing hours allowed per unit 20,000 yards of plastic $30 per yard .8hr allowed per unit at $20 per hour $31.00 .4 Based on the above data: 5. Calculate the Direct Materials Price Variance. Indicate Favorable or Unfavorable. (5 Points) 6. Calculate the Direct Materials Quantity Variance. Indicate Favorable or Unfavorable. (5 Points) 7. Calculate the Direct Labor Rate Variance. Indicate Favorable or Unfavorable. (5 Points) 8. Calculate the Direct Labor Efficiency Variance. Indicate Favorable or Unfavorable. (5 Points) 9. Calculate the Variable Overhead Spending Variance. Indicate Favorable or Unfavorable. (5 Points) 10. Calculate the Variable Overhead Efficiency Variance. Indicate Favorable or Unfavorable. (5 Points) Arcade Company had the following budget, and results for producing and selling 910,000 video games. Budget amount Sales Variable Costs Fixed Manufacturing Costs Fixed NonManufacturing Costs $50 Per unit $29 Per Unit $6,700,000 $7,800,000 Actual Results for 910,000 Units $43,850,000 $24,000,000 $ 6,720,500 $ 7,562,000 11 .Prepare a schedule showing Flexible Budget for the 910,000 units of output, and the alternative levels of output: 760,000 and 800,000. (10 Points) 12. Calculate the Flexible Budget Variance. (10 Points) 13. Calculate the Sales Volume Variance. (10 Points) 14. Calculate the Static Budget Variance. (10 Points)