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could some one help me step by step how to do this please. E9-2 (Algo) Preparing Flexible Budget for Manufacturing Costs [LO 9-2] Olive Company
could some one help me step by step how to do this please.
E9-2 (Algo) Preparing Flexible Budget for Manufacturing Costs [LO 9-2] Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table Required: Complete the table by preparing Olive's flexible budget for 5,300,7300, and 8,300 units. (Round your intermediate calculations to 2 decimal places.) Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing cost Master Budget Flexible Budget Flexible Budget Flexible Budget (6,300 Units) (5,300 Units) (7,300 Units) (8.300 Units) 5 1,260 3.150 1 890 17,600 5 23.900 Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $500,040 +926,000 units) Standard Standard Quantity Standard Price (Rate) Unit Cost 13 sq ft. $ 0.70 per sq. ft. $ 9.10 0.25 hr. $12.20 per hr. 3.05 0.25 hr. $ 1.40 per hr 0.35 0.54 Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 2,200,000 12,200,000 57,320,000 324,000 $ 3,855,600 $ 1,300,000 $ 381,000 Required: Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance).) Direct Material Price Variance Direct Material Quantity Variance Step by Step Solution
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