Hi, this is a second year managerial accounting assignment. The required questions are on the last page. We are to use excel to show our work. I need this question answered urgently! Please and thank you.

Glen\tMorris\tFurniture\tCompany Glen\tMorris\tFurniture\tCompany\t(GMFC)\tproduces\tpine\tfurniture. The\tcompany\tkeeps\tits\tcosts down\tby\tproducing\tonly\ttwo\tproducts:\tpine\ttables\tand\tpine\tchairs. The\tstatic\tbudget\tprepared\tfor\tthe\tmost\trecent\tyear\twas\tas\tfollows: Glen%Morris%Furniture%Company Static%Budget For%the%Year%Ending%December%31,%2012 Pine%Chair Pine%Table Year%Total Sales&Revenue: Quantity Price Total&Revenue 6,500 $375 $2,437,500 3,800 $490 $1,862,000 $4,299,500 Cost&of&Goods&Sold Variable&Costs: Direct&material Direct&labour Overhead Total&Variable&Cost $390,000 1,144,000 572,000 $2,106,000 $532,000 501,600 250,800 $1,284,400 $922,000 1,645,600 822,800 $3,390,400 $331,500 $577,600 $909,100 Contribution&Margin 10,300 Fixed&Cost: Manufacturing Selling&&&administration Total&Fixed&Costs $490,000 145,000 $635,000 Net&Income&Before&Taxes $274,100 The\tunit\tprices\tand\tquantities\tused\tby\tthe\tGMFC\taccountant\tto\tconstruct\tthis\tbudget\twere\tas follows: Pine%Chair Direct'Material: Standard'Quantity'(Board'Feet) Standard'Price/Board'Foot Total Pine%Table 30 $2.00 $60.00 70 $2.00 $140.00 Direct'Labour: Standard'Quantity'(Hours) Standard'Rate/Hour Total 8 $22.00 $176.00 6 $22.00 $132.00 Variable'Overhead: Standard'Quantity'(Hours) Standard'Rate/Hour Total 8 $11.00 $88.00 6 $11.00 $66.00 $324.00 $338.00 Total'Unit'Cost The\tplant\tlabour\tis\tmoderately\tskilled,\twith\twages\taveraging\tapproximately\t$22.00\tper\thour. Variable\toverhead\tincludes\tindirect\tlabour,\tsanding\tequipment,\tglue,\tsmall\ttools,\tand\tother assorted\tmaterials.\tVariable\toverhead\tvaries\tdirectly\twith\tdirect\tlabour\thours. Fixed\tcosts (manufacturing\tand\tselling\t&\tadministrative)\tare\tnot\tapplied\tto\tproducts. The\tactual\tprofit\treported\tin\tthe\tmost\trecent\tyear\twas\t$108,965,\tmuch\tlower\tthan\tbudgeted. Although\tthe\tnumber\tof\tpieces\tsold\twas\tgreater\tthan\texpected\tand\tthe\tindustry\tvolume\tof\tunit sales\thad\tactually\tgrown\tto\tabout\t90,000\tpieces\tduring\tthe\tyear,\tGMFC's\tincome\twas\tlower\tthan expected. Budgeted\tindustry\tvolume\tfor\tthe\tyear\twas\t94,000\tpieces. Actual\tresults\tfollow: Glen%Morris%Furniture%Company Actual%Results For%the%Year%Ending%December%31,%2012 Pine%Chair Pine%Table Year%Total Sales&Revenue: Quantity Price Total&Revenue 6,300 $390 $2,457,000 4,100 $470 $1,927,000 $4,384,000 Cost&of&Goods&Sold Variable&Costs: Direct&material Direct&labour Overhead Total&Variable&Cost $395,010 1,239,840 594,090 $2,228,940 $576,460 560,880 268,755 $1,406,095 $971,470 1,800,720 862,845 $3,635,035 $228,060 $520,905 $748,965 Contribution&Margin 10,400 Fixed&Cost: Manufacturing Selling&&&administration Total&Fixed&Costs $510,000 130,000 $640,000 Net&Income&Before&Taxes $108,965 A\tnew\tsupplier\tof\twood\thad\tbeen\tselected\tduring\tthe\tyear.\tWhile\tsome\tlower\tquality\twood\twas obtained,\tthe\tprice\tper\tboard\tfoot\twas\tdefinitely\tbetter. Also,\ta\tnew\tmill\thad\topened\tup\tin\ttown during\tthe\tyear.\tMr.\tOdette\twas\tforced\tto\tincrease\this\twages\tto\tkeep\this\tgood\tworkers. The GMFC\taccountant\tcomputed\tthe\tactual\tcosts\tper\tunit\tfor\tyear\tjust\tended\tas\tfollows: Pine%Chair Pine%Table Direct'Material: Actual'Quantity Actual'Price Total'Actual 33 $1.90 $62.70 74 $1.90 $140.60 Direct'Labour: Actual'Quantity Actual'Rate Total'Actual 8.2 $24.00 $196.80 5.7 $24.00 $136.80 8.2 $11.50 $94.30 5.7 $11.50 $65.55 $353.80 $342.95 Variable'Overhead: Actual'Quantity Actual'Rate Total'Actual Total Required a) Develop\ta\tflexible\tbudget. b) Using\tthe\tflexible\tbudget\tyou\tprepared\tin\tpart\ta),\treconcile\tthe\tstatic\tbudget\tto\tthe actual\tresults\tto\tidentify\tthe\tsales\tvolume\tvariance\tand\tthe\tflexible\tbudget\tvariance. c) Calculate\tall\tthe\tfollowing\tvariances\tfor\tthe\tchairs\tand\ttables: i. Selling\tprice\tvariance ii. Direct\tmaterial iii. Direct\tlabour iv. Variable\toverhead v. Fixed\tmanufacturing vi. Fixed\tselling\t&\tadministrative d) Using\tthe\tcontribution\tmargin\tapproach,\tcalculate\tthe\tfollowing\tvariances: i. Sales\tvolume ii. Sales\tmix iii. Sales\tquantity iv. Market\tshare v. Market\tsize Answer a Glen Morriss Furniture Company Static Budget Pine Table Pine Chair Sales Revenue: Quantity Price Total Revenue Cost of Goods Sold: Variable Costs: Direct Material Direct Labor Overhead Total Variable Cost Contribution Margin Fixed Costs: Manufacturing Selling and Administration Total Fixed Cost Net IncomeBefore Taxes Question INFO 6,500 375 2,437,500 3,800 490 1,862,000 390,000 1,144,000 572,000 2,106,000 331,500 532,000 501,600 250,800 1,284,400 577,600 Direct Labour Standard Quantity (Hours) Standard Rate/Hour Total Variable Overhead: Standard Quantity (Hours) Standard Rate/Hour Total Total Unit Cost Answer Selling Price Variance C Actual Price Standard Price Actual Quantity Variance Direct Material Variance Actual Price of Direct Materials Standard Price of Direct Materials Actual Quantity of Direct Materials Variance Direct Labour Variance Actual Price of Direct Labour Standard Price of Direct Labour Actual Quantity of Direct Labour Variance Variable Overhead Variance Actual Price Variable Overhead Standard Price Variable Overhead Actual Quantity of Variable Overhead Variance Fixed Manufcturing Variance Actual Price Variable Overhead Standard Price Variable Overhead Variance Fixed Selling and Administrative Actual Price of FS&A Standard Price of FS&A Variance Pine Chair 10,300 4,299,500 6,300 375 2,362,500 4,100 490 2,009,000 922,000 1,645,600 822,800 3,390,400 909,100 378,000 1,108,800 554,400 2,041,200 321,300 574,000 541,200 270,600 1,385,800 623,200 490,000 145,000 635,000 274,100 Static and Flexible Pine Chair Pine Table Direct Material: Standard Quantity (Board Feet) Standard Price/Board Feet Total Total Flexible Budget Pine Table $ $ 30 2.00 $ 60.00 $ Pine Chair 70 2.00 $ 140.00 $ 74 1.90 140.60 $ $ 6 22.00 $ 132.00 $ 8.2 24.00 $ 196.80 $ 5.7 24.00 136.80 $ $ 8 11.00 $ 88.00 $ 6 11.00 $ 66.00 $ 8.2 11.50 $ 94.30 $ 5.7 11.50 65.55 324.00 $ Pine Chair $ 390.00 $ 375.00 $ 6,300.00 $ 94,500.00 338.00 $ 353.80 $ Pine Table Total $ 470.00 $ 490.00 $ 4,100.00 $ $ (82,000.00) $ 10,400.00 12,500.00 Pine Chair Pine Table Total $ 62.70 $ 140.60 $ 60.00 $ 140.00 6300 4100 $ 17,010 $ 2,460 $ 10400 19,470 Pine Chair Pine Table Total $ 196.80 $ 136.80 $ 176.00 $ 132.00 6300 4100 $ 131,040 $ 19,680 $ 10400 150,720 Pine Chair Pine Table Total $ 94.30 $ 65.55 $ 88.00 $ 66.00 6300 4100 $ 39,690 $ (1,845) $ 10400 37,845 Total $ 510,000.00 $ 490,000.00 $ 20,000 Total $ 130,000.00 $ 145,000.00 $ (15,000) 10,400 342.95 Flexible Budget Variances Total 4,371,500 6,300 390 2,457,000 4,100 470 1,927,000 4,384,000 12,500 U 952,000 1,650,000 825,000 3,427,000 944,500 395,010.0 1,239,840.0 594,090.0 2,228,940 228,060 576,460.0 560,880.0 268,755.00 1,406,095 520,905 971,470 1,800,720 862,845 3,635,035 748,965 19,470 U 150,720 U 37,845 U 208,035 U (195,535) U 20,000 U (15,000) F 5,000 U (200,535) U Answer B 8 22.00 $ 176.00 $ $ Pine Chair 490,000 145,000 635,000 309,500 Actual Pine Table 33 1.90 $ 62.70 $ Total Actuals Pine Table 10,400 510000 130000 640,000 108,965 Pine Chair Sales Volume Variance Pine Table Year Total - Pine Chair Flexible Budget Variance Pine Table Year Total Sales Revenue: Quantity Price Total Revenue (200.00) (75,000.00) 300.00 147,000.00 100.00 72,000.00 15.00 94,500.00 (20.00) (82,000.00) Cost of Goods Sold Varialbe Costs: Direct Material Direct Labour Overhead Total Variable Cost (12,000.00) (35,200.00) (17,600.00) (64,800.00) 42,000.00 39,600.00 19,800.00 101,400.00 30,000.00 4,400.00 2,200.00 36,600.00 17,010.00 131,040.00 39,690.00 187,740.00 2,460.00 19,680.00 (1,845.00) 20,295.00 Contribution Margin (10,200.00) 45,600.00 35,400.00 (93,240.00) (102,295.00) Fixed Cost Manufacturing Selling & Administration Total Fixed Costs Net Income Before Taxes 35,400.00 (5.00) 12,500.00 Unfavorable 19,470.00 150,720.00 37,845.00 208,035.00 Unfavorable Unfavorable Unfavorable Unfavorable (195,535.00) Unfavorable 20,000.00 Unfavorable (15,000.00) Favorable 5,000.00 Unfavorable (200,535.00) Unfavorable