LEETY'S LOVESEATS Master Budget 3,000 units Actual Results 3,100 units SALES $2,550,000 3,000 units $850 3,100 units * $833 $2,582,300 DM $269,700 30,000 yds @ $8.99/yd 31,000 yds @ $8.88/yd $275,280 DL $126,000 10,500 DLH @$12/DLHC 9,950 DLHO $13.50/D.HU $134,325 VMOH $4,500 3,000 Mht @ $1.5/Mbe 3,040 Mbt @ $1.25/Mh $3,800 I FMOH $6,000 $5,000 1. Calculate product cost Standards for FINISHED units. Round to 2 decimals. 2. Prepare a partial Flexible Budget (sales revenue and product costs only for the current year. Round to the nearest dollar 3. Calculate the sales revenue and product cost Flexible Budget Variances. Don't forget to indicate if the variance is favorable or unfavorable. Round to the nearest dollar 4. Calculate 7 production cost variances. Round to the nearest dollar You may complete this problem on your own paper or use the templates that appear below. Standard FINISHED Cost Efficiency Standard Standard Unit DM /Unit /Unit DL VMOH /Unit Standard Amount Flexible Budget units Flexible Budget Variance F/U SALES $ $ $ DM DL VOH $ $ $ $ $ $ $ $ $ FOH $ $ Formula Numeric Calculation F/U DM Cost Variance (AC-SC) * AQ DL Cost Variance (AC-SC) * AQ DM Eff Variance (AQ-SQ) * SC DL Eff Variance (AQ-SQ) * SC VOH Cost Variance (AC-SC) * AQ VOH Eff Variance (AQ-SQ) * SC FOH Cost Variance Actual-Budgeted