Miler Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below. Flexible $265.000 265.000 Sales ,000 pools) Variable expenses Variable selling expenses Total variable expenses Contribution 3005104 Manufacturing overhead Selling and administrative Total fixed expenses Het operating income (less) 145,000 145,000 *Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to "ost things under control Upon reviewing the plant's income statement. Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool Standard 3.0 pounde 0.4 hours Standard Price or Rate 2.50 per pound $ 7.10 per hour 2.84 Direct labor Variable manufacturing overhead Total standard cost per unit "Based on machine-hours During June the plant produced 8,000 pools and incurred the following costs: a. Purchased 29,000 pounds of materials at a cost of $2.95 per pound. b. Used 23.800 pounds of materials in production. Finished goods and work in process inventories are insignificant and can be ignored) Worked 3.800 direct labor hours at a cost of $6,80 per hour d. Incurred variable manufacturing overhead cost totaling $8,100 for the month. A total of 2.700 machine hours was recorded It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June a. Materials price and quantity variances b. Labor rate and efficiency variances c. Variable overhead rate and efficiency variances. 2. Surmarire the variances that you computed in above by showing the net overall favorable or unfavorable variance for the month Complete this question by entering your answers in the tabs below. Required 1 Required 2 la Compute the following variances for June, material price and quantity variances. 1b. Compute the following variances for June, laborate and efficiency variances le. Compute the following variances for June, variable overhead rate and efficiency wariances (Do not found your intermediate calculations. Indicate the effect of each variance by selecting vorbe, and one for no effect , are variance). Input all amounts as positive values.) for favor Miller Toy Company manufactures a plastic wing pool te Westwood Plant. The plant has been experiencing problems as shown by its une contribution format income statement below mesine Variable expenses Variable cost of yode de Variable selling expenses Total variable expenses Ceath argin Mantacting overhead Selling and administrative Total tined expenses perating int o TES, 165, 2.490) $ "Contains direct materials, direct labor, and variable manufacturing overhead Janet Dunn, who has just been appointed general manager of the Westwood Plant has been given instructions to get things under control Upon reviewing the plant's income statement, Ms. Durn has concluded that the major problemes in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool Standard Price Standard Direct materials Direct labor Variable sanataturi overhead Total standard cost per unit 3.0 pounds .. 0.) re 2.50 .18 12.6 per hour "Based on machine hours During June the plant produced 8,000 pools and incurred the following costs a. Purchased 29,000 pounds of materials at a cost of $2.95 per pound b. Used 23,800 pounds of materials in production. Finished goods and work in process inventories are insignificant and can be ignored) c Worked 3.800 direct labor hours at a cost of $6.80 per hour d. Incurred variable manufacturing overhead cost totaling 58.100 for the month. A total of 2.700 machine hours was recorded It is the company's policy to close all variances to cost of goods sold on a month basis Required: 1. Compute the following variances for June: a. Materials price and quantity variances b. Labor rate and efficiency variances c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in above by showing the net overall favorable or unfavorable variance for the month Complete this question by entering your answers in the tabs below. Required 1 Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month. (indicate the effect of each variance by selecting for favorable for unfavorable, and "None" for no effect [l.. zero variance). Inout the amount as posve value.) Net variance