I am going to be honest, I struggled with the last project and I keep making simple mistakes on these where I am off and it impacts the whole assignment. Can you help me with this?

Name: Type your name here Project 5 worth 15 pts. Save you file using your first initial, last name, and name of project. Upload to project 5 link. There are 2 problems, which are set up on separate worksheets within this workbook. Please use this workbook as your exam template and prepare your solution on the specific problem works On the questions that I ask for comments and explanations, I expect more than a one sentence response. Problem 1 worth 8.5 pts and covers material from chapters 10 and 11. Problem 2 Worth 6.5 pts. And covers Chapter 11 material Submit one excel file containing your solution to this assignment. You must show your work to earn any credit, so just typing in the answer will not be acceptable and Referencing cells or typing out your calculations are acceptable methods of showing your work. Save your file using the first initial and last name and the assignment name. Remember it is your responsibility to take the time to verify that your file has uploaded correctly. If e of project. rkbook. specific problem worksheet. ne sentence response. You need to make sure your response is answering my question. not be acceptable and you will not earn credit. g your work. uploaded correctly. If there are problems, please contact me immediately. Problem 1 Please make sure you review chapters 10 and 11, and the demonstrations from chapters 10 and 11. Worth 8.5 pts. Foster Corporation uses a standard cost system. There is no beginning or ending work in process, and finished goods inventory balances. The following information was provided concerning the one product produced by this company for the period that just ended: This company used Direct labor hours as the cost driver for the application of overhead. Actual price per kilogram $2.95 Actual kilograms of material used 31,500 Actual kilograms of material purchased 32,000 Actual hourly labor rate $17.50 Actual hours of production 4,900 labor hrs. Standard price per kilogram $2.96 Standard kilograms per completed unit 6 Standard hourly labor rate $17.90 Standard time per completed unit 1 Hour Actual Variable factory overhead $17,395.00 Actual Fixed factory overhead $18,200.00 Standard fixed factory overhead rate $3.25 per labor hour Standard variable factory overhead rate $3.80 per labor hour Budgeted fixed overhead $18,300.00 Units completed during the period 4,950 You have just been hired by a local plastic pool manufacturer to determine if they are controlling their costs. You have decided to use your recent knowledge of variance analysis from chapters 10 and 11 to assist you in this endeavor. You will analyze the variances as stated in the requirements below. Grading Rubric Each Variance worth 0.75 pts. Each U or F designation 0.25 pts. 1 pt. each for variance Comments 0.5 Total pts. Possible 8.5 pts. Required: Make sure you do not forget to label the variances U or F. 1. Calculate the direct materials price and quantity variance. Direct-material purchase price variance should be based on material purchased, since you want to isolate the variance as soon as possible. See bottom page 418 Direct-material Quantity variance should be based on materials used, since this is monitoring the production efficiency. See top of page 418. Direct-material purchase price variance Direct Material Quantity variance 2. Calculate the direct labor rate and efficiency variances. Direct Labor rate variance Direct Labor Efficiency variance 3. Variable manufacturing overhead spending and efficiency variances. Variable overhead spending variance Variable overhead efficiency variance 4. Fixed manufacturing overhead budget and volume variances. Fixed Manufacturing overhead budget variance Fixed overhead volume variance 5. Pick out the one most significant variance that you computed above and explain to me the possible causes of this variance and why you chose it. Problem 2 Worth 6.5 pts. Several years ago the Cookie Company developed a comprehensive budgeting system for profit planning and control purposes. The line supervisors have been very happy with the system and with the reports being prepared on their performance, but both middle and upper management have expressed considerable dissatisfaction with the information being generated by the system. The following is the overhead performance report for the Baking department. Grading Rubric: Each number in budget U or F designation #2 Comments Total points possible Cookie Company Overhead performance report-Baking department For the quarter ended March 31 Units Actual Budget Variance 33,000 36,000 3,000 U Variable Overhead Indirect materials Rework time Utilities Machine setup Total variable overhead cost 33000 8200 65000 16200 122400 34000 8500 66,000 17000 125500 1000 F 300 F 1000 F 800 F 3100 F Fixed overhead Costs Maintenance Depreciation Inspection Total fixed overhead cost Total overhead cost 79200 10000 60200 149400 271800 81000 9800 60000 150800 276300 1800 F 200 U 200 U 1400 F 4500 F After receiving a copy of this overhead performance report, the supervisor of the baking department stated, "These reports are super. It makes me feel really good to see how well things are going in my department. I can't understand why those people upstairs complain so much." Required: Hint: Make sure you have viewed the narrated PowerPoint for chapter 11 The company's vice president has hired you as a consultant to develop a new overhead performance report for the quarter for the Baking department. After you have developed this new performance report, explain to the supervisor of the baking department the reasons for your changes and discuss the issue of controlling costs. Prepare the revised flexible performance report below. The categorization of variable and fixed are correct, so do not adjust this information. Please use the template I have set out below to complete this Performance report. Solution: Cookie Company Overhead performance report-Baking department For the quarter ended March 31 Actual Budget Variance Units Variable Overhead Indirect materials Rework time Utilities Machine setup Total variable overhead cost Fixed overhead Costs Maintenance Depreciation Inspection Total fixed overhead cost Total overhead cost Explain to the supervisor of the baking department the reasons for your changes and discuss the issue of controlling costs. 0.2 pt. each 0.25 pt. each 0.5 6.5 Name: Type your name here Project 5 worth 15 pts. Save you file using your first initial, last name, and name of project. Upload to project 5 link. There are 2 problems, which are set up on separate worksheets within this workbook. Please use this workbook as your exam template and prepare your solution on the specific problem works On the questions that I ask for comments and explanations, I expect more than a one sentence response. Problem 1 worth 8.5 pts and covers material from chapters 10 and 11. Problem 2 Worth 6.5 pts. And covers Chapter 11 material Submit one excel file containing your solution to this assignment. You must show your work to earn any credit, so just typing in the answer will not be acceptable and Referencing cells or typing out your calculations are acceptable methods of showing your work. Save your file using the first initial and last name and the assignment name. Remember it is your responsibility to take the time to verify that your file has uploaded correctly. If e of project. rkbook. specific problem worksheet. ne sentence response. You need to make sure your response is answering my question. not be acceptable and you will not earn credit. g your work. uploaded correctly. If there are problems, please contact me immediately. Problem 1 Please make sure you review chapters 10 and 11, and the demonstrations from chapters 10 and 11. Worth 8.5 pts. Foster Corporation uses a standard cost system. There is no beginning or ending work in process, and finished goods inventory balances. The following information was provided concerning the one product produced by this company for the period that just ended: This company used Direct labor hours as the cost driver for the application of overhead. Actual price per kilogram $2.95 Actual kilograms of material used 31,500 Actual kilograms of material purchased 32,000 Actual hourly labor rate $17.50 Actual hours of production 4,900 labor hrs. Standard price per kilogram $2.96 Standard kilograms per completed unit 6 Standard hourly labor rate $17.90 Standard time per completed unit 1 Hour Actual Variable factory overhead $17,395.00 Actual Fixed factory overhead $18,200.00 Standard fixed factory overhead rate $3.25 per labor hour Standard variable factory overhead rate $3.80 per labor hour Budgeted fixed overhead $18,300.00 Units completed during the period 4,950 You have just been hired by a local plastic pool manufacturer to determine if they are controlling their costs. You have decided to use your recent knowledge of variance analysis from chapters 10 and 11 to assist you in this endeavor. You will analyze the variances as stated in the requirements below. Grading Rubric Each Variance worth 0.75 pts. Each U or F designation 0.25 pts. 1 pt. each for variance Comments 0.5 Total pts. Possible 8.5 pts. Required: Make sure you do not forget to label the variances U or F. 1. Calculate the direct materials price and quantity variance. direct materials price =31500*(2.96-2.95) Direct-material Quantity variance =((6*4950)-(31500))*2.96 Direct-material purchase price variance =32000*(2.96-2.95) 315 F 5328 UF 320 F 2. Calculate the direct labor rate and efficiency variances. Direct Labor rate variance =4900*(17.9-17.5) Direct Labor Efficiency variance =+((4950*1)-(4900))*17.9 $1,960 F $895 F 3. Variable manufacturing overhead spending and efficiency variances. Variable overhead spending variance =(3.8*4900)-17395 Variable overhead efficiency variance==+((4950*1)-(4900))*3.8 4. Fixed manufacturing overhead budget and volume variances. Fixed Manufacturing overhead budget variance =18300-18200 Fixed overhead volume variance=(3.25*4900)-(18300)) $1,225 F $190 F $100 F $2,212.50 UF 5. Pick out the one most significant variance that you computed above and explain to me the possible causes of this variance and why you chose it. significant variances Materials price variance Causes higher quality materials Outdated standards uneconomical quantity purchased Reasones for Chosing Material Price variance is that Direct material Price has Direct impact on prime Cost Problem 2 Worth 6.5 pts. Several years ago the Cookie Company developed a comprehensive budgeting system for profit planning and control purposes. The line supervisors have been very happy with the system and with the reports being prepared on their performance, but both middle and upper management have expressed considerable dissatisfaction with the information being generated by the system. The following is the overhead performance report for the Baking department. Grading Rubric: Each number in budget U or F designation #2 Comments Total points possible Cookie Company Overhead performance report-Baking department For the quarter ended March 31 Units Actual Budget Variance 33,000 36,000 3,000 U Variable Overhead Indirect materials Rework time Utilities Machine setup Total variable overhead cost 33000 8200 65000 16200 122400 34000 8500 66,000 17000 125500 1000 F 300 F 1000 F 800 F 3100 F Fixed overhead Costs Maintenance Depreciation Inspection Total fixed overhead cost Total overhead cost 79200 10000 60200 149400 271800 81000 9800 60000 150800 276300 1800 F 200 U 200 U 1400 F 4500 F After receiving a copy of this overhead performance report, the supervisor of the baking department stated, "These reports are super. It makes me feel really good to see how well things are going in my department. I can't understand why those people upstairs complain so much." Required: Hint: Make sure you have viewed the narrated PowerPoint for chapter 11 The company's vice president has hired you as a consultant to develop a new overhead performance report for the quarter for the Baking department. After you have developed this new performance report, explain to the supervisor of the baking department the reasons for your changes and discuss the issue of controlling costs. Prepare the revised flexible performance report below. The categorization of variable and fixed are correct, so do not adjust this information. Please use the template I have set out below to complete this Performance report. Solution: Cookie Company Overhead performance report-Baking department For the quarter ended March 31 Units Actual Budget Variance 33,000 36,000 3,000 U Variable Overhead Indirect materials Rework time Utilities Machine setup Total variable overhead cost 33000 8200 65000 16200 122400 31167 7792 60500 15583 115042 1833 U 408 U 4500 U 617 U 10358.33 Fixed overhead Costs Maintenance Depreciation Inspection Total fixed overhead cost Total overhead cost 79200 10000 60200 149400 271800 81000 9800 60000 150800 265842 1800 F 200 U 200 U 1400 F 5958 U Explain to the supervisor of the baking department the reasons for your changes and discuss the issue of controlling costs. When using a static budget to compare budgeted performance at one level of activity to actual performance at another level of activity.they do not tell whether costs were controlled for the activity level that was actually worked during the period. they do not tell whether costs were controlled for the activity level that was actually worked during the period. 0.2 pt. each 0.25 pt. each 0.5 6.5 Name: Type your name here Project 5 worth 15 pts. Save you file using your first initial, last name, and name of project. Upload to project 5 link. There are 2 problems, which are set up on separate worksheets within this workbook. Please use this workbook as your exam template and prepare your solution on the specific problem works On the questions that I ask for comments and explanations, I expect more than a one sentence response. Problem 1 worth 8.5 pts and covers material from chapters 10 and 11. Problem 2 Worth 6.5 pts. And covers Chapter 11 material Submit one excel file containing your solution to this assignment. You must show your work to earn any credit, so just typing in the answer will not be acceptable and Referencing cells or typing out your calculations are acceptable methods of showing your work. Save your file using the first initial and last name and the assignment name. Remember it is your responsibility to take the time to verify that your file has uploaded correctly. If e of project. rkbook. specific problem worksheet. ne sentence response. You need to make sure your response is answering my question. not be acceptable and you will not earn credit. g your work. uploaded correctly. If there are problems, please contact me immediately. Problem 1 Please make sure you review chapters 10 and 11, and the demonstrations from chapters 10 and 11. Worth 8.5 pts. Foster Corporation uses a standard cost system. There is no beginning or ending work in process, and finished goods inventory balances. The following information was provided concerning the one product produced by this company for the period that just ended: This company used Direct labor hours as the cost driver for the application of overhead. Actual price per kilogram $2.95 Actual kilograms of material used 31,500 Actual kilograms of material purchased 32,000 Actual hourly labor rate $17.50 Actual hours of production 4,900 labor hrs. Standard price per kilogram $2.96 Standard kilograms per completed unit 6 Standard hourly labor rate $17.90 Standard time per completed unit 1 Hour Actual Variable factory overhead $17,395.00 Actual Fixed factory overhead $18,200.00 Standard fixed factory overhead rate $3.25 per labor hour Standard variable factory overhead rate $3.80 per labor hour Budgeted fixed overhead $18,300.00 Units completed during the period 4,950 You have just been hired by a local plastic pool manufacturer to determine if they are controlling their costs. You have decided to use your recent knowledge of variance analysis from chapters 10 and 11 to assist you in this endeavor. You will analyze the variances as stated in the requirements below. Grading Rubric Each Variance worth 0.75 pts. Each U or F designation 0.25 pts. 1 pt. each for variance Comments 0.5 Total pts. Possible 8.5 pts. Required: Make sure you do not forget to label the variances U or F. 1. Calculate the direct materials price and quantity variance. direct materials price =31500*(2.96-2.95) Direct-material Quantity variance =((6*4950)-(31500))*2.96 Direct-material purchase price variance =32000*(2.96-2.95) 315 F 5328 UF 320 F 2. Calculate the direct labor rate and efficiency variances. Direct Labor rate variance =4900*(17.9-17.5) Direct Labor Efficiency variance =+((4950*1)-(4900))*17.9 $1,960 F $895 F 3. Variable manufacturing overhead spending and efficiency variances. Variable overhead spending variance =(3.8*4900)-17395 Variable overhead efficiency variance==+((4950*1)-(4900))*3.8 4. Fixed manufacturing overhead budget and volume variances. Fixed Manufacturing overhead budget variance =18300-18200 Fixed overhead volume variance=(3.25*4900)-(18300)) $1,225 F $190 F $100 F $2,212.50 UF 5. Pick out the one most significant variance that you computed above and explain to me the possible causes of this variance and why you chose it. significant variances Materials price variance Causes higher quality materials Outdated standards uneconomical quantity purchased Reasones for Chosing Material Price variance is that Direct material Price has Direct impact on prime Cost Problem 2 Worth 6.5 pts. Several years ago the Cookie Company developed a comprehensive budgeting system for profit planning and control purposes. The line supervisors have been very happy with the system and with the reports being prepared on their performance, but both middle and upper management have expressed considerable dissatisfaction with the information being generated by the system. The following is the overhead performance report for the Baking department. Grading Rubric: Each number in budget U or F designation #2 Comments Total points possible Cookie Company Overhead performance report-Baking department For the quarter ended March 31 Units Actual Budget Variance 33,000 36,000 3,000 U Variable Overhead Indirect materials Rework time Utilities Machine setup Total variable overhead cost 33000 8200 65000 16200 122400 34000 8500 66,000 17000 125500 1000 F 300 F 1000 F 800 F 3100 F Fixed overhead Costs Maintenance Depreciation Inspection Total fixed overhead cost Total overhead cost 79200 10000 60200 149400 271800 81000 9800 60000 150800 276300 1800 F 200 U 200 U 1400 F 4500 F After receiving a copy of this overhead performance report, the supervisor of the baking department stated, "These reports are super. It makes me feel really good to see how well things are going in my department. I can't understand why those people upstairs complain so much." Required: Hint: Make sure you have viewed the narrated PowerPoint for chapter 11 The company's vice president has hired you as a consultant to develop a new overhead performance report for the quarter for the Baking department. After you have developed this new performance report, explain to the supervisor of the baking department the reasons for your changes and discuss the issue of controlling costs. Prepare the revised flexible performance report below. The categorization of variable and fixed are correct, so do not adjust this information. Please use the template I have set out below to complete this Performance report. Solution: Cookie Company Overhead performance report-Baking department For the quarter ended March 31 Units Actual Budget Variance 33,000 36,000 3,000 U Variable Overhead Indirect materials Rework time Utilities Machine setup Total variable overhead cost 33000 8200 65000 16200 122400 31167 7792 60500 15583 115042 1833 U 408 U 4500 U 617 U 10358.33 Fixed overhead Costs Maintenance Depreciation Inspection Total fixed overhead cost Total overhead cost 79200 10000 60200 149400 271800 81000 9800 60000 150800 265842 1800 F 200 U 200 U 1400 F 5958 U Explain to the supervisor of the baking department the reasons for your changes and discuss the issue of controlling costs. When using a static budget to compare budgeted performance at one level of activity to actual performance at another level of activity.they do not tell whether costs were controlled for the activity level that was actually worked during the period. they do not tell whether costs were controlled for the activity level that was actually worked during the period. 0.2 pt. each 0.25 pt. each 0.5 6.5