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Electrical Parts Direct Materials The purchase price, net of discounts increase by $2.50 per set. There was also an increase in freight of by $0.25 per set. Wheel Sets Direct Materials: The company was able to secure the same wheel sets from a new supplier at a cost of $37/set. However, freight cost increased by $0.50 per wheel set. Metal Parts Direct Materials: The company was also able to reduce the amount of material used for each bike by 3 pounds. The acual cost of the metal parts was $0.52 per pound. Canvas Fabric Direct Materials: The company was also able to reduce the amount of material used for each bike by one-half a yard. The acual cost of the canvas fabric was $4.95 per yard. Direct labor: Employees were tasked with increasing equipment assembly and decreasing labor hours. They were successful in 2021 and brought hours down by 5/hours/unit! The company provided a $1/hour raise! This also lead to an increase of $0.25/hour in payroll taxes. Manufacturing overhead: There were no changes in manufacturing overhead, no variance needs to be computed Using this information, computer the budget variances incurred during 2021. Additional Info - Actual Costs CH24 Budget Variances Variance Formulas CH22 Budget 3 1 Surrey Bikes, Inc, manufactures double bench bikes for resorts and other vacation properties. 2 Management is asking that the accountant compute the budget variances for 2021. 4 Using the information provided on the BLUE TABS, calculate the following variances 5 Include a description of the variables for each computation 6. In order to receive credit -> show your calculations!! Hint:Start by calculating the standard DM cost of one unit, actual DM cost of one unit, standard labor cost for one unit and actual labor cost for one unit 7 8 Check the production budget for the planned number of bikes. The actual number of bikes produced is provided in the Additional Info - Actual Costs tab 9 10 11 Expected / Standard Actual 12 Product Costs Unit Cost Total Unit Cost Total 13 Electrical sets direct materials: 780 $ 97,75 780 5 95.00 14 Wheels direct materials - set of 4 305 $ 37.50 805 $ 40.00 15 Motal parts direct materials: 127.000 $ 0.52 130.000 $ 0.50 16 Canvas fabric direct materials: 1200 $ 4,95 2,200 5 10.00 17 Total DM cost for one blko 1 $ 140.72 18 Direct labor hours 680 $ 21.25 680 5 45.00 $650,250.00 19 Total Materials Variance 20 Actual Costa 178,91170 21 less actual quantity at standard price 22. electrical set (74.100) 21 Wheel (32,200) 24 Metal (63,980) 25 Canvas (12,000) 26 Total Materials Variance (3368 30) 27 Material Price Variance Difference of actual unit cost and standard unit cost actual quanity 20 Electrical set (97 75-95)*780 = 2,145 29 Wheel (37.50-40) 805 = (2,0125) 30 Metal (0.52.0.50)*127,960 = 2,559 20 Additional info Actual Costs CH24 Budget Variances Variance Formulas CH22 Budget F G H 19 Total Materials Variance 20 Actual Cost = 178,911 70 21 less actual quantity at standard price 22 electrical set (74,100) 23 Wheel (32 200) 24 Metal (63,980) 25 Canvas (12,000) 26 Total Materials Variance = (3368.30) 27 Material Price Variance Difference of actual unit cost and standard unit cost.actual quanity 28 Electrical set (97 75-95)*780 = 2,145 29 Wheel (37.50-40)*805 = (2,012,5) 30 Metal (0.52-0.50)*127.960 = 2,559.20 31 Canvas (4.95-10)*5,940=(29,997) 32 Material Price Variance = (27,305 30) 33 Material Quantity Variance 34 Difference between actaul and standard quantity standard cost 35 Electrical set (780-780) "95 = 0 36 Wheel (805-805)*40=0 37 Metal (127.960 - 130,000) * 0.50 = (1,020) 38 Canvas (1.200 -2.220)*10 = (10.200) 39 40 Total Labor Variance 41 Actual Hours X Actual Rate Standard Hours X Standard Rate 42 (45*680*21.25) = 650 250 (50*680*20)(680,000) 43 650,250.680,000 (29,750) 44 45 Labor Price Variance 46 Actual Price = 21.25 47 Less: Standard Price = (20) 48 1.25 49 Actual Hours = 45 50 Labor Price Variance = 56.25 51 Additional Info Actual Costs CH24 Budget Variances Variance Formulas CH22 Budget Ready D F G H . A B C E 34 Difference between actaul and standard quantity standard cost 35 Electrical set (780-780) *95 = 0 36 Wheel (805-805) 40=0 B7 Metal (127,960 - 130,000) * 0.50 = (1,020) 38 Canvas (1.200 -2.220)*10 = (10.200) 9 30 Total Labor Variance 1 Actual Hours X Actual Rate Standard Hours X Standard Rate #2 (45*680-21.25) = 650, 250 (50*680 20/680,000) 3 650,250 - 680,000 = (29,750) 4 5 Labor Price Variance 6 Actual Price = 21.25 7 Less: Standard Price = (20) 8 1.25 9 Actual Hours = 45 Labor Price Variance = 56.25 1 2 Labor Quantity Variance 3 Actual Hours =45 less: Standard Hours = (50) 5 5 Standard Rate = 20 Labor Quanity Variance (100) 5 SEE Additional info Actual Costs CH24 Budget Variances Variance Formulas CH22 Budget sady Variance Formulas Actual Quantity X Actual Price Standard Quantity X Standard Price Total Materials Variance Actual Quantity X Actual Price Actual Quantity X Standard Price Materials Price Variance Actual Quantity Standard Quantity Materials Quantity Variance X Standard Price X Standard Price Actual Hours Standard Hours X Standard Rate Total Labor Variance X Actual Rate Actual Hours Actual Hours Labor Price Variance X Actual Rate X Standard Rate Actual Hours Standard Hours Labor Quantity Variance X Standard Rate X Standard Rate Actual Overhead Overhead Applied Total Overhead Variance