first photo is quection and second and last are table
Stuffed Toys Manufacturing Co. Required: No later than the class scheduled time on Thursday, November 28 2019 1) Using the information available to you in Exhibit 6 and Exhibit 7: provide detailed computations to calculate the following variances for the year ended August 31, 2019, identify the person/department to get additional information from regarding the variances and lastly suggest at least one plausible explanation for each variance. (No Page Limit a. Detailed Direct Materials Price and Quantity Variances. (2 Marks) b. Detailed Direct Labour Rate and Eficiency Variances. (2 Marks) c. Detailed Variable Overhead Spending and Efficiency Variances. (3 Marks) I 2) Using the information available to you; provide detailed computations to prepare the following budgets for each of the remaining three quarters of the year 2020. (No Page Limit a. Detailed Production Budget. (1.5 Mark) b. Detailed Budgeted Direct Materials Purchases. (2.5 Marks) c. Detailed Budgeted Variable Overhead including the Indirect Materials Purchases. (2.5 Marks) d. Detailed Budgeted Direct Labour. (1.5 Marks) e. Detailed Cash Budget with appropriate supporting schedules. (4 Marks) 3) Do you agree with Bill's suggestions to update the variable production cost standards of 2019 before preparing 2020? Do you think that Bill is trying to manipulate the budgets of 2020 to make his production department appear to be more productive and avoid any unfavorable variances in the future? Explain why would Bill make such suggestions? (1 Mark) MAKE SURE YOU WRITE YOUR SECTION ON THE COVER PAGE You are not allowed to share or exchange your written answers or computations with others. Otherwise, you will be reported for cheating. 53.6% 8 /13 Stuffed Toys Manufacturing Co. Required: No later than the class scheduled time on Thursday. November 28h, 2019 1) Using the information available to you in Exhibit 6 and Exhibit 7: provide detailed computations to calculate the following variances for the year ended August 31, 2019, identify the person/department to get additional information from regarding the variances and lastly suggest at least one plausible explanation for each variance. {No Page Limit a. Detailed Direct Materials Price and Quantity Variances. (2 Marks) b. Detailed Direct Labour Rate and Efficiency Variances. (2 Marks) c. Detailed Variable Overhead Spending and Efficiency Variances. (3 Marks) Exhibit 6 Detailed Actual Production Variable Costs for the Year Ended August 31, 2019 Direct Materials Aerylic pile fabric (6,891.212 bolts @ $37.21/bolt) $256,422 10-mm acrylic eyes (661.247 eyes@$o.19/eye) $125,637 45-mm plastic joints (1,640,014 joints @ $0.15/joint) $246,002 Polyester fibber filling (300,570.67 1bs. @ $1.5/lb.) $450,856 Designer box (347,440 boxes @ 0.20box) $69,488 Direct Labour Sewing labour (132,147.68 hours @$12.5/hour) $1,651,846 Stuffing and cutting labour (76,530.32 hours@$12.5/hour) $956,629 Assembly labour (95,217.74 hours@$11.5hour) $1,095,004 Dressing and packaging labour (32,399.67 hours @ $12/hour) $388,796 Production payroll taxes and fringe benefits $840,963 Variable Manufacturing Overhead Stuffed toys accessories (660,130 parts@ $0.10/part) $66,013 Woven label (328.440 labels @ $0.05/label) $16,422 Factory miscellaneous $13,142 Production cleaning supplies $4,993 Exhibit 7 Standard Variable Production Cost per Stuffed Toy for the year 2011 Standard Standard Expected Variable Production Quantities of Input Price/Rate per Unit of Input $35.00/bolt $0.19/eye S0.14/joint $1.45/1b $0.24/box $0.05/label per Stuffed Toy 0.02381 bolts Recourses to be Consumed Acrylic pile fabric 10-mm acrylic eyes 45-mm plastic joints Polyester fibber filling Designer box Woven label 2 eyes 5 joints 0.90 lbs 1 box 1label $0.06/part Stuffed Toy accessories Sewing labour Stuffing and cutting labour Assembly labour Dressing and packaging labour Production payroll taxes and fringe benefits Factory miscellaneous Production cleaning supplies 2 parts $12.00/hour 0.40 hours $12.00/hour $12.00/hour 0.25 hours 0.25 hours 0.10 hours $12.00 (Direct Labour Cost) Direct Labour Hour $0.04 per DLH Direct Labour Hour $0.01 per DLH $12.00/hour 20.55% of Direct Labour Cost Stuffed Toys Manufacturing Co. Required: No later than the class scheduled time on Thursday, November 28 2019 1) Using the information available to you in Exhibit 6 and Exhibit 7: provide detailed computations to calculate the following variances for the year ended August 31, 2019, identify the person/department to get additional information from regarding the variances and lastly suggest at least one plausible explanation for each variance. (No Page Limit a. Detailed Direct Materials Price and Quantity Variances. (2 Marks) b. Detailed Direct Labour Rate and Eficiency Variances. (2 Marks) c. Detailed Variable Overhead Spending and Efficiency Variances. (3 Marks) I 2) Using the information available to you; provide detailed computations to prepare the following budgets for each of the remaining three quarters of the year 2020. (No Page Limit a. Detailed Production Budget. (1.5 Mark) b. Detailed Budgeted Direct Materials Purchases. (2.5 Marks) c. Detailed Budgeted Variable Overhead including the Indirect Materials Purchases. (2.5 Marks) d. Detailed Budgeted Direct Labour. (1.5 Marks) e. Detailed Cash Budget with appropriate supporting schedules. (4 Marks) 3) Do you agree with Bill's suggestions to update the variable production cost standards of 2019 before preparing 2020? Do you think that Bill is trying to manipulate the budgets of 2020 to make his production department appear to be more productive and avoid any unfavorable variances in the future? Explain why would Bill make such suggestions? (1 Mark) MAKE SURE YOU WRITE YOUR SECTION ON THE COVER PAGE You are not allowed to share or exchange your written answers or computations with others. Otherwise, you will be reported for cheating. 53.6% 8 /13 Stuffed Toys Manufacturing Co. Required: No later than the class scheduled time on Thursday. November 28h, 2019 1) Using the information available to you in Exhibit 6 and Exhibit 7: provide detailed computations to calculate the following variances for the year ended August 31, 2019, identify the person/department to get additional information from regarding the variances and lastly suggest at least one plausible explanation for each variance. {No Page Limit a. Detailed Direct Materials Price and Quantity Variances. (2 Marks) b. Detailed Direct Labour Rate and Efficiency Variances. (2 Marks) c. Detailed Variable Overhead Spending and Efficiency Variances. (3 Marks) Exhibit 6 Detailed Actual Production Variable Costs for the Year Ended August 31, 2019 Direct Materials Aerylic pile fabric (6,891.212 bolts @ $37.21/bolt) $256,422 10-mm acrylic eyes (661.247 eyes@$o.19/eye) $125,637 45-mm plastic joints (1,640,014 joints @ $0.15/joint) $246,002 Polyester fibber filling (300,570.67 1bs. @ $1.5/lb.) $450,856 Designer box (347,440 boxes @ 0.20box) $69,488 Direct Labour Sewing labour (132,147.68 hours @$12.5/hour) $1,651,846 Stuffing and cutting labour (76,530.32 hours@$12.5/hour) $956,629 Assembly labour (95,217.74 hours@$11.5hour) $1,095,004 Dressing and packaging labour (32,399.67 hours @ $12/hour) $388,796 Production payroll taxes and fringe benefits $840,963 Variable Manufacturing Overhead Stuffed toys accessories (660,130 parts@ $0.10/part) $66,013 Woven label (328.440 labels @ $0.05/label) $16,422 Factory miscellaneous $13,142 Production cleaning supplies $4,993 Exhibit 7 Standard Variable Production Cost per Stuffed Toy for the year 2011 Standard Standard Expected Variable Production Quantities of Input Price/Rate per Unit of Input $35.00/bolt $0.19/eye S0.14/joint $1.45/1b $0.24/box $0.05/label per Stuffed Toy 0.02381 bolts Recourses to be Consumed Acrylic pile fabric 10-mm acrylic eyes 45-mm plastic joints Polyester fibber filling Designer box Woven label 2 eyes 5 joints 0.90 lbs 1 box 1label $0.06/part Stuffed Toy accessories Sewing labour Stuffing and cutting labour Assembly labour Dressing and packaging labour Production payroll taxes and fringe benefits Factory miscellaneous Production cleaning supplies 2 parts $12.00/hour 0.40 hours $12.00/hour $12.00/hour 0.25 hours 0.25 hours 0.10 hours $12.00 (Direct Labour Cost) Direct Labour Hour $0.04 per DLH Direct Labour Hour $0.01 per DLH $12.00/hour 20.55% of Direct Labour Cost
