Data Table s of direct mate ers mai "s perfd icon to uiremer Static Budget (1,000 recliners) 500,000 Actual Results (980 recliners) ent 1. Pre 485,100 51,600 Sales (1,000 recliners x $ 500 each) (980 recliners x $ 495 each) Variable Manufacturing Costs: Direct Materials (6,000 yds @ $ 8.60 /yd.) (6,143 yds @ $ 8.40/yd.) Direct Labor (10,000 DLH @ $ 9.10 / DLHR) (9,600 DLHr@ S 9.30 / DLHR) Variable Overhead (6,000 yds @ $ 5.20 / yd) (6,143 yds. $ 8,60 / yd.) 51,601 91,000 89,280 Units (Recline 31,200 Revenue 40,544 se from any list Print Done ve for Later 0 Data Table of dire s mat perto icon to VGTUTULUB Direct Materials quiremen 51,600 51,601 nt 1. Prel Direct Labor 91,000 (6,000 yds. @ $ 8.60 / yd.) (6,143 yds @ $ 8.40 / yd.) (10,000 DLHr@ $ 9.10 / DLHR) (9,600 DLHr@ $ 9.30 / DLH) (6,000 yds @ $ 5.20 / yd.) (6,143 yds @ $ 6.60 / yd.) 89,280 Variable Overhead 31,200 40,544 Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit Units (Reclind 60,600 234,400 265,600 $ 62,600 244,025 241,075 Revenue e from any lisad Print Done e for Later gnments Rouse Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Rouse allocates overhead The company's performance report includes the following selected data: Click the icon to view the selected data.) Homework Read the requirements ke a Quiz/Test Rouse Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs: Direct Materials Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later This course (ACC-241 - Managerial Accounting is based on Nobles: Horngren's Financial & Managerial Accounting Managerial MacBook Pro Rouse Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Rouse allocates overhead base The company's performance report includes the following selected data: Click the icon to view the selected data.) Read the requirements 2/Test Variable Manufacturing Costs: Direct Materials Direct Labor Variable Overhead Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the variable Overhead cost variable overhead efficiency, fixed overhead cast, and fixed overhead volume variances. Round to the nearest dollar. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar Abbreviations used: AC actual cost; AQ actual quantity, FOH = foced overhead: SC standard cost: SQ standard quantity) Formula Variance Direct materials cost variance Direct labor cost variance Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later This course (ACC-241 - Managerial Accounting) is based on Nobles: Horngren's Financial & Managerial Accounting Managerial Chapters, 6e Read the requirements Test Direct materials cost variance Direct labor cost variance Next compute the efficiency variances Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dolar. Abbreviations used: AC actual cost; AQ - actual quantity: FOH = fixed overhead, SC standard cost: SQ standard quantity.) pas Formula Variance Direct materials officiency variance Direct labor efficiency variance Now compute the variable overhead cost and efficiency variances Select the required formulas, compute the variable overhead cost and efficiency variances, and Choose from any list or enter any number in the input fields and then continue to the next question Save for Later This course ACC 241 Managerial Accounting is based on Nobles: Horngren's Financial Managerial Accounting Managerial Chapters se E Click the icon to view the selected data.) Read the requirements Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC - actual cost AG actual quantity, FOH foxed overhead: SC = standard cost; SQ - standard quantity, VOH - variable overhead.) Formula Varance VOH cost variance VOH efficiency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identity whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC - actual cost; AQ - actual quantity, FOH - fixed overhead: SC - standard cost; SQ - standard quantity) Formula Variance Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later This course (ACC-241 - Managerial Accounting) is based on Nobles: Horngren's Financial & Managerial Accounting Managerial Chapters, 6e Rouse Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Rouse allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: BE IClick the icon to view the selected data) Test Read the requirements Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC - actual cost; AQ - actual quantity, FOH = fed overhead, SC = standard cost, SQ = standard quantity) Formula Variance FOH cost variance FOH volume variance Requirement 3. Have Rouse's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 suggest that the managers have done a materials cost variance and direct labor efficiency variance help offset the job controlling materials and labor costs. The direct direct labor cost variance and direct materials efficiency variance Managers Choose from any list or enter any number in the input fields and then continue to the next question Save for Later This course ACC-241 - Managerial Accounting is based on Nobles: Homgren's Financial Managerial Accounting Managerial Chapters te Ents Rouse Recliners manufactures leather recliners and uses fexible budgeting and a standard cost system. Rouse allocates overhead based on yards of direct materials The company's performance report includes the following selected data: Click the icon to view the selected data) work Read the requirements Qula/Test materials bost variance and direct labor efficiency variance help offset the have done a job controlling overhead costs as evidenced by the fact that direct labor cost variance and direct materials efficiency variance Managers of the overhead variances are Requirement 4. Describe how Rouse's managers can benefit from the standard costing system. Standard costing helps managers do the following Choose from any list or enter any number in the input fields and then continue to the next question Save for Later This course ACC 241 - Managerial Accounting is based on Nobles: Horngren's ancial Managerial Accounting Manager Chapters, be performance report i con to view the select A Requirements irements prest cent.) 7 1. Prepare a flexible by 1. 2. Rouse Reclit Flexible Bud Prepare a flexible budget based on the actual number of recliners sold. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. Have Rouse's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? Describe how Rouse's managers can benefit from the standard costing system 3 4. hits (Recliners)