Data Table Materials input Materials price Labor-hours used Wage rate Variable overhead rate Unit Variable Costs - Member Firms For the Month Ended September 30, 2017 Firm A Firm B Firm C Firm D Industry Benchmark 1.90 1.80 1.75 2.35 1.90 oz. of glass $ 4.80 $ 5.30 $ 4.90 $ 4.50 $ 4.90 per oz. 0.80 0.95 0.95 0.85 0.85 hours $ 15.00 $ 15.75 $ 16.00 $ 15.75 $ 13.00 per DLH $ 9.25 $ 13.25 $ 7.75 $ 11.50 $ 12.25 per DLH Print Done Now calculate the direct materials and direct manufacturing labor price and efficiency variances for the four firms using the industry standard as a benchmark. Calculate the percent over standard for each firm and each variance. Label each variance as favorable (F) or unfavorable (U). (Round all amounts to two decimal places. For amounts with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Use parentheses or a minus sign for percentages under standard. Abbreviation used: var = variance) Firm A Firm B Firm C Firm D % over standard % over standard % over standard % over standard Variance Variance Variance Variance DM price var. DM efficiency var. DL price var. DL efficiency var. L L You are a new junior accountant at Cleanview Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and three of your competitors within the trade association. The report also includes information related to the industry benchmark for each line item in the report. You do not know which firm is which, except that you know you are firm A. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the total variable cost per unit for each firm in the trade association. Compute the percent of total for the material, labor, and variable overhead components. (Round all cost amounts to the nearest cent. Round the percentages to two decimal places. Due to rounding the total of the percentages may not equal 100%.) Firm B Firm A 9.12 9.54 % Direct materials Direct labor Firm C 8.58 % 15.2 D % 7.36 31.14_100.00% Firm D 10.58 13.39 9.78 14.96 Variable overhead 12.59 37.09_100.00 % Total 28.52 100.00 % 33.75_100.00 Data Table Materials input Materials price Labor-hours used Wage rate Variable overhead rate Unit Variable Costs - Member Firms For the Month Ended September 30, 2017 Firm A Firm B Firm C Firm D Industry Benchmark 1.90 1.80 1.75 2.35 1.90 oz. of glass $ 4.80 $ 5.30 $ 4.90 $ 4.50 $ 4.90 per oz. 0.80 0.95 0.95 0.85 0.85 hours $ 15.00 $ 15.75 $ 16.00 $ 15.75 $ 13.00 per DLH $ 9.25 $ 13.25 $ 7.75 $ 11.50 $ 12.25 per DLH Print Done Now calculate the direct materials and direct manufacturing labor price and efficiency variances for the four firms using the industry standard as a benchmark. Calculate the percent over standard for each firm and each variance. Label each variance as favorable (F) or unfavorable (U). (Round all amounts to two decimal places. For amounts with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Use parentheses or a minus sign for percentages under standard. Abbreviation used: var = variance) Firm A Firm B Firm C Firm D % over standard % over standard % over standard % over standard Variance Variance Variance Variance DM price var. DM efficiency var. DL price var. DL efficiency var. L L You are a new junior accountant at Cleanview Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and three of your competitors within the trade association. The report also includes information related to the industry benchmark for each line item in the report. You do not know which firm is which, except that you know you are firm A. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the total variable cost per unit for each firm in the trade association. Compute the percent of total for the material, labor, and variable overhead components. (Round all cost amounts to the nearest cent. Round the percentages to two decimal places. Due to rounding the total of the percentages may not equal 100%.) Firm B Firm A 9.12 9.54 % Direct materials Direct labor Firm C 8.58 % 15.2 D % 7.36 31.14_100.00% Firm D 10.58 13.39 9.78 14.96 Variable overhead 12.59 37.09_100.00 % Total 28.52 100.00 % 33.75_100.00
