Could use a hand on this question. Also need solution, thank you

Gerald/Brooke, Ltd. manufactures shirts, which it sells to customers for embroidering with various slogans and emblems. The standard cost card for the shirts is as follows. Direct materials Direct labor Variable overhead Fixed overhead Standard Price $1.6 per yard $12 per DLH $4 per DLH $6 per DLH Standard Quantity 1.25 yards 0.25 DLH 0.25 DLH 0.25 DLH Standard Cost $2 3 1 1.5 $7.50 Bobby Brickley, operations manager, was reviewing the results for November when he became upset by the unfavorable variances he was seeing. In an attempt to understand what had happened, Bobby asked CFO Lila Davis for more information. She provided the following overhead budgets, along with the actual results for November. The company purchased and used 116,000 yards of fabric during the month. Fabric purchases during the month were made at $1.45 per yard. The direct labor payroll ran $253,979, with an actual hourly rate of $12.1 per direct labor hour. The annual budgets were based on the production of 1,007,110 shirts, using 250,500 direct labor hours. Though the budget for November was based on 87,800 shirts, the company actually produced 83,960 shirts during the month. Indirect material Indirect labor Equipment repair Equipment power Total Supervisory salaries Insurance Property taxes Depreciation Utilities Quality inspection Total Variable Overhead Budget Annual Per November Budget Shirt Actual $452,300 $0.45 $36,800 302,500 0.3 34,410 204,300 0.2 17,900 51,600 0.05 12,500 $1,010,700 $1.00 $101,610 Fixed Overhead Budget Annual November Budget Actual $263,400 $23,600 351,900 32,400 82,700 7,400 323,000 34,500 210,200 21,700 282,700 31,600 $1,513,900 $151,200 (a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct material price variance Direct material quantity variance $ (b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct labor rate variance $ Direct labor efficiency variance (c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Variable overhead spending variance $ Variable overhead efficiency variance (d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Fixed overhead spending variance Gerald/Brooke, Ltd. manufactures shirts, which it sells to customers for embroidering with various slogans and emblems. The standard cost card for the shirts is as follows. Direct materials Direct labor Variable overhead Fixed overhead Standard Price $1.6 per yard $12 per DLH $4 per DLH $6 per DLH Standard Quantity 1.25 yards 0.25 DLH 0.25 DLH 0.25 DLH Standard Cost $2 3 1 1.5 $7.50 Bobby Brickley, operations manager, was reviewing the results for November when he became upset by the unfavorable variances he was seeing. In an attempt to understand what had happened, Bobby asked CFO Lila Davis for more information. She provided the following overhead budgets, along with the actual results for November. The company purchased and used 116,000 yards of fabric during the month. Fabric purchases during the month were made at $1.45 per yard. The direct labor payroll ran $253,979, with an actual hourly rate of $12.1 per direct labor hour. The annual budgets were based on the production of 1,007,110 shirts, using 250,500 direct labor hours. Though the budget for November was based on 87,800 shirts, the company actually produced 83,960 shirts during the month. Indirect material Indirect labor Equipment repair Equipment power Total Supervisory salaries Insurance Property taxes Depreciation Utilities Quality inspection Variable Overhead Budget Annual Per November Budget Shirt Actual $452,300 $0.45 $36,800 302,500 0.3 34,410 204,300 0.2 17,900 51,600 0.05 12,500 $1,010,700 $1.00 $101,610 Fixed Overhead Budget Annual November Budget Actual $263,400 $23,600 351,900 32,400 82,700 7,400 323,000 34,500 210,200 21,700 282,700 31,600 Total $1,513,900 $151,200 (a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct material price variance 17400 Direct material quantity variance $ Favorable 24397 Unfavorable (b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct labor rate variance 2070 Unfavorable $ Direct labor efficiency variance 3450 Unfavorable (c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Variable overhead spending variance 17650 Unfavorable $ Variable overhead efficiency variance 0 Not Applicable (d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Fixed overhead spending variance 25042 LINK TO TEXT LINK TO TEXT LINK TO TEXT Unfavorable Direct materials Actual quantity x 116000 Actual price 1.45 168200 Direct material price variance = Direct material quantity variance = 17400 Fav 17680 Unfav direct labor Actual quantity x 20990 Actual price 12.1 253979 Direct labor rate variance = Direct labor efficiency variance = 2099 Unfav 0 Unfav Variable overhead Actual quantity x 20702 Actual price 12.1 101610 Variable overhead spending variance = Variable overhead efficiency variance = Fixed overhead spending variance Actual = Budget = Fixed overhead spending variance 17650 0 NA Unfav 151200 126158 25042 Unfav Actual quantity 116000 x Standard price 1.6 Standard quantity 104950 185600 Actual quantity 20990 x Standard price 12 x Standard quantity 20990 X Standard price 12 251880 Standard price 4 83960 Standard price 1.6 167920 251880 Actual quantity 20990 X Standard quantity 20990 X Standard price 4 83960 GrowMaster Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February Sales $900,700 $1,006,800 March April May June $900,700 $1,158,400 $1,257,700 $1,402,700 Month July August Septembe r October November December Sales $1,500,200 $1,500,200 $1,608,900 $1,608,900 $1,500,200 $1,709,500 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information. All sales are made on credit. GrowMaster's excellent record in accounts receivable collection is expected to continue, with 60 percent of billings collected in the month after sale and the remaining 40 percent collected two months after the sale. Cost of goods sold, GrowMaster's largest expense, is estimated to equal 40 percent of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30 percent during the month of sale. For example, in April, 30 percent of April cost of goods sold is purchased and 70 percent of May cost of goods sold is purchased. All purchases are made on account. Historically, 75 percent of accounts payable have been paid during the month of purchase, and the remaining 25 percent in the month following purchase. Hourly wages and fringe benefits, estimated at 30 percent of the current month's sales, are paid in the month incurred. General and administrative expenses are projected to be $1,568,900 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter. Salaries and fringe benefits $ 328,100 Advertising 376,500 Property taxes 137,800 Insurance 198,100 Utilities 178,600 Depreciation Total 349,800 $ 1,568,900 Operating income for the first quarter of the coming year is projected to be $327,600. GrowMaster is subject to a 40 percent tax rate. The company pays 100 percent of its estimated taxes in the month following the end of each quarter. GrowMaster maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12 percent line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $58,500. Your answer is partially correct. Try again. Prepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Receipts Budget April May June $ $ $ $ $ $ February sales March sales April sales May sales Totals $ Accounts Receivable balance at the end of second quarter of 2012 LINK TO TEXT Your answer is partially correct. Try again. Prepare the purchases budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Purchases Budget April May $ April COGS May COGS June $ $ June COGS July COGS $ $ $ Totals LINK TO TEXT Your answer is partially correct. Try again. Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May $ $ June $ March purchases April purchases May purchases June purchases $ $ $ $ Accounts Payable balance at the end of second quarter of 2012 LINK TO TEXT Your answer is partially correct. Try again. Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget April May $ Beginning Cash balance June $ Quarter $ $ Financing: $ Ending Cash Balance LINK TO TEXT $ $ $ Gerald/Brooke, Ltd. manufactures shirts, which it sells to customers for embroidering with various slogans and emblems. The standard cost card for the shirts is as follows. Direct materials Direct labor Variable overhead Fixed overhead Standard Price $1.6 per yard $12 per DLH $4 per DLH $6 per DLH Standard Quantity 1.25 yards 0.25 DLH 0.25 DLH 0.25 DLH Standard Cost $2 3 1 1.5 $7.50 Bobby Brickley, operations manager, was reviewing the results for November when he became upset by the unfavorable variances he was seeing. In an attempt to understand what had happened, Bobby asked CFO Lila Davis for more information. She provided the following overhead budgets, along with the actual results for November. The company purchased and used 116,000 yards of fabric during the month. Fabric purchases during the month were made at $1.45 per yard. The direct labor payroll ran $253,979, with an actual hourly rate of $12.1 per direct labor hour. The annual budgets were based on the production of 1,007,110 shirts, using 250,500 direct labor hours. Though the budget for November was based on 87,800 shirts, the company actually produced 83,960 shirts during the month. Indirect material Indirect labor Equipment repair Equipment power Total Supervisory salaries Insurance Property taxes Depreciation Utilities Quality inspection Variable Overhead Budget Annual Per November Budget Shirt Actual $452,300 $0.45 $36,800 302,500 0.3 34,410 204,300 0.2 17,900 51,600 0.05 12,500 $1,010,700 $1.00 $101,610 Fixed Overhead Budget Annual November Budget Actual $263,400 $23,600 351,900 32,400 82,700 7,400 323,000 34,500 210,200 21,700 282,700 31,600 Total $1,513,900 $151,200 (a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct material price variance 17400 Direct material quantity variance $ Favorable 24397 Unfavorable (b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct labor rate variance 2070 Unfavorable $ Direct labor efficiency variance 3450 Unfavorable (c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Variable overhead spending variance 17650 Unfavorable $ Variable overhead efficiency variance 0 Not Applicable (d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Fixed overhead spending variance 25042 LINK TO TEXT LINK TO TEXT LINK TO TEXT Unfavorable Direct materials Actual quantity x 116000 Actual price 1.45 168200 Direct material price variance = Direct material quantity variance = 17400 Fav 17680 Unfav direct labor Actual quantity x 20990 Actual price 12.1 253979 Direct labor rate variance = Direct labor efficiency variance = 2099 Unfav 0 Unfav Variable overhead Actual quantity x 20702 Actual price 12.1 101610 Variable overhead spending variance = Variable overhead efficiency variance = Fixed overhead spending variance Actual = Budget = Fixed overhead spending variance 17650 0 NA Unfav 151200 126158 25042 Unfav Actual quantity 116000 x Standard price 1.6 Standard quantity 104950 185600 Actual quantity 20990 x Standard price 12 x Standard quantity 20990 X Standard price 12 251880 Standard price 4 83960 Standard price 1.6 167920 251880 Actual quantity 20990 X Standard quantity 20990 X Standard price 4 83960 GrowMaster Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February Sales $900,700 $1,006,800 March April May June $900,700 $1,158,400 $1,257,700 $1,402,700 Month July August Septembe r October November December Sales $1,500,200 $1,500,200 $1,608,900 $1,608,900 $1,500,200 $1,709,500 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information. All sales are made on credit. GrowMaster's excellent record in accounts receivable collection is expected to continue, with 60 percent of billings collected in the month after sale and the remaining 40 percent collected two months after the sale. Cost of goods sold, GrowMaster's largest expense, is estimated to equal 40 percent of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30 percent during the month of sale. For example, in April, 30 percent of April cost of goods sold is purchased and 70 percent of May cost of goods sold is purchased. All purchases are made on account. Historically, 75 percent of accounts payable have been paid during the month of purchase, and the remaining 25 percent in the month following purchase. Hourly wages and fringe benefits, estimated at 30 percent of the current month's sales, are paid in the month incurred. General and administrative expenses are projected to be $1,568,900 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter. Salaries and fringe benefits $ 328,100 Advertising 376,500 Property taxes 137,800 Insurance 198,100 Utilities 178,600 Depreciation Total 349,800 $ 1,568,900 Operating income for the first quarter of the coming year is projected to be $327,600. GrowMaster is subject to a 40 percent tax rate. The company pays 100 percent of its estimated taxes in the month following the end of each quarter. GrowMaster maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12 percent line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $58,500. Your answer is partially correct. Try again. Prepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Receipts Budget April May June $ $ $ $ $ $ February sales March sales April sales May sales Totals $ Accounts Receivable balance at the end of second quarter of 2012 LINK TO TEXT Your answer is partially correct. Try again. Prepare the purchases budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Purchases Budget April May $ April COGS May COGS June $ $ June COGS July COGS $ $ $ Totals LINK TO TEXT Your answer is partially correct. Try again. Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May $ $ June $ March purchases April purchases May purchases June purchases $ $ $ $ Accounts Payable balance at the end of second quarter of 2012 LINK TO TEXT Your answer is partially correct. Try again. Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget April May $ Beginning Cash balance June $ Quarter $ $ Financing: $ Ending Cash Balance LINK TO TEXT $ $ $