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Country Designs is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Eff(Click the icon to view the actual results.) Read the requirements. Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the variances as positive numbers. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials. Actual quantity purchased Standard price Actual price = DM price variance U V Determine the formula for the quantity variance, then compute the quantity variance for direct material. Standard price Standard quantity allowed Actual quantity used ) = DM quantity variance * ( ) = U V Requirement 2. Who is generally responsible for each variance? The purchasing department is responsible for the materials price variance. The production |department is responsible for the materials quantity variance. Requirement 3. Interpret the variances. The unfavorable materials price variance means that the actual price Country Designs personnel paid for resin exceeded the standard budgeted price for resin. The unfavorable| materials quantity variance means that Country Designs employees used |more | resin than they should have to produce 1,300 pots. - X i Standards X i Actual Results Country Designs allocated fixed manufacturing overhead to production based on standard direct 13 pounds per pot at a cost of $4.00 per labor hours. Last month, the company reported the following actual results for the production of Direct materials (resin) . . . . . pound 1,300 flower pots: Direct labor. . . . ........ . 4.0 hours at a cost of $17.00 per hour Purchased 18,510 pounds at a cost of $4.50 per pound; Standard variable manufacturing overhead rate . . . . . $7.00 per direct labor hour Direct materials . . . . . . used 17,810 pounds to produce 1,300 pots Budgeted fixed manufacturing overhead . . . . . . . .. . .$50,000 Worked 4.5 hours per flower pot (5,850 total DLH) at a Direct labor. . . . cost of $16.00 per hour Standard fixed MOH rate. . . . . . . . . . . . . . . . . $10.00 per direct labor hour (DLH) Actual variable manufacturing $7.20 per direct labor hour for total actual variable overhead. . . . . . . . . . . . . . . . . . . . . . . . . manufacturing overhead of $42, 120 Actual fixed manufacturing overhead $49,500 Print Done Standard fixed manufacturing overhead allocated based on actual production . . . . . . . . . . . . .. . . . . . . . $52,000 Print DoneBoat Guard, which used a standard cost accounting system, manufactured 210,000 boat fenders during the year, using 1,780,000 feet of extruded vinyl purchased at $1.30 per foot. Production required 4,900 direct labor hours that cost $13.00 per hour. The materials standard was 8 feet of vinyl per fender at a standard cost of $1.40 per foot. The labor standard was 0.024 direct labor hour per fender at a standard cost of $12.00 per hour. Read the requirements. Requirement 1. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials, DL = Direct labor.) Begin with the variances for direct materials. First, determine the formula for the direct materials price variance, then compute the price variance for direct materials. (Assume that the quantity of materials purchased is equal to the quantity of materials used.) Actual quantity purchased Actual price Standard price = DM price variance F Determine the formula for the direct materials quantity variance, then compute the quantity variance for direct materials. Standard price Actual quantity used Standard quantity allowed = DM quantity variance U Next, compute the variances for direct labor. First, determine the formula for the rate variance, then compute the rate variance for direct labor. Actual hours Actual rate Standard rate = DL rate variance JU Determine the formula for direct labor the efficiency variance, then compute the efficiency variance for direct labor. Standard rate Actual hours Standard hours allowed = DL efficiency variance F V Requirement 2. Does the pattern of variances suggest that the company's managers have been making trade-offs? Explain. The favorable direct materials price variance combined with the unfavorable direct materials quantity variance suggests that managers may have used lower-quality materials. The net effect is favorable The unfavorable direct labor rate variance combined with the favorable direct labor efficiency variance suggests that managers may have used higher-paid workers who performed more efficiently. The net effect is favorableConsider how Wolf Valley, a popular ski resort, could use capital budgeting to decide whether the $8 million Brook Park Lodge expansion would Assume that Wolf Valley uses the straight-line depreciation method and expects the lodge expansion to have a residual value of $1,000,000 at be a good investment. the end of its eight-year life. (Click the icon to view the expansion estimates.) Read the requirements. Requirement 1. Compute the average annual net cash inflow from the expansion. First enter the formula, then compute the average annual net cash inflow from the expansion. (Round your answer to the nearest dollar.) i Data Table - X Average annual Number of ski days per year Total net cash inflow net cash inflow Assume that Wolf Valley's managers developed the following estimates 20000 98 1960000 concerning a planned expansion to its Brook Park Lodge (all numbers assumed): Requirement 2. Compute the average annual operating income from the expansion. Number of additional skiers per day . . . . . . . . . . . . . . . 125 First enter the formula, then compute the average annual operating income from the expansion. (Round your answer to the nearest dollar.) Average number of days per year that weather conditions allow skiing at Wolf Valley. . . . . 160 Average annual operating 8 Average annual net cash inflow Annual depreciation expense = income from asset Useful life of expansion (in years) 1960000 875000 1085000 Average cash spent by each skier per day . . . . . . . . . . 3 240 Average variable cost of serving each skier per day . $ 142 Requirement 3. Compute the payback period. Cost of expansion . . . $ 8,000,000 First enter the formula, then compute the payback period. (Enter amounts in dollars, not millions. Round your answer to two decimal places.) Discount rate . . . . . 12% Initial investment Expected annual net cash inflow Payback period 8000000 1960000 4.08 years Print Done Requirement 4. Compute the ARR. First enter the formula, then compute the accounting rate of return. (Enter amounts in dollars, not millions. Enter your answer as a percent rounded to two decimal places.) Accounting Average annual operating income from asset Initial investment = rate of return = |%