need help solving 5) and 6) using the info below and help filling out the budget report

question 5) and 6) below and budget report

Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May Standard Actual Cost per Cost per Unit Unit Direct materials: Standard: 1.80 feet at $1.00 per foot $ 1.80 Actual: 1.75 feet at $1.40 per foot $ 2.45 Direct labor Standard: 0.90 hours at $15.00 per hour 13.50 Actual: 0.95 hours at $14.60 per hour 13.87 Variable overhead: Standard: 0.90 hours at $6.00 per hour 5.40 Actual: 0.95 hours at $5.60 per hour 5.32 Total cost per unit $20.70 $21.64 Excess of actual cost over standard cost per unit $0.94 The production superintendent was pleased when he saw this report and commented: "This $0.94 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 10,000 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no beginning or ending inventories of materials. $ 7,000 U $ 500 F $ 1a. Materials price variance Materials quantity variance 1b. Labor rate variance Labor efficiency variance 1c. Variable overhead rate variance Variable overhead efficiency variance 3,800 F 7,500 U $ $ 3,800F 3,000 U $ How much of the $0.94 excess unit cost is traceable to each of the variances computed in (1) above. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your answers to 2 decimal places.) S 0.700 0.05F 0.65 U 0.38 F Materials: Price variance Quantity variance Labor: Rate variance Efficiency variance Variable overhead: Rate variance Efficiency variance Excess of actual over standard cost per unit 0.750 0.37 (U 0.38 F 0.30 U 0.08 F $ 0.94 U How much of the $0.94 excess unit cost is traceable to apparent inefficient use of labor time? (Indicate the variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). In positive values. Do not round intermediate calculations. Round your final answers to 2 decimal places.) $ 0.940 Excess of actual over standard cost per unit Less portion attributable to labor inefficiency: Labor efficiency variance Variable overhead efficiency variance Portion due to other variances 0.75 U 0.30u 1.05 U $ 0.11 F b) Production for planning budget 9,000 Actual production Planning budget at 90% 10,000 9,000 c) Planning budget revenue $405,000 Sales units Budgeted selling price Budgeted sales revenue 9,000 $45 $405,000 d) Flexible budgeted revenue $450,000 Number of units produced Budgeted selling price Budgeted sales revenue 10,000 $45 $450,000 A. predertemined fixed overhead rate = Budged ovrhead/budgeted labor hours = $85000/ (0.9 hoursX 10000 units) = $9.44 per DLH B. fixed overhead Applied = actual labor hoursX Pre-determined rate (0.95 hourX 10000 units) X 9.44 $89,680 overapplied fixed overhead = fixed overhead that would have been Applied-actual fixed overhead = 89680 - 88000 $1,680 journal entry accounts debit Credit Fixed overhead 1680 COGS 1680 To record over-applied overhead. D. Fixed overhead included in COGS = 89680 - 1680 $88.000 Question 3) Materials a) Planning expense = Budgeted units x Standard feet per unit x standard cost per foot = 9,000 x 1.8 x 1.0 = 16,200 b) Flexible expense = Actual units x Standard feet per unit x Standard cost per foot = 10,000 x 1.8 x 1.0 = 18,000 c) Actual expense = Actual units x Actual feet per unit x Actual cost per foot = 10,000 x 1.75 x 1.4 = 24,500 d) Budget (Only required part) Planning Flexible Variance Variance Actual budget budget 2 = 1-3 3 4= 3-5 5 Direct 1,800 6,500 16,200 18,000 materials (U) 24,500 (U) Question 4) Labour a) Planning expense = Budgeted units x Standard hrs per unit x Standard rate per hour = 9,000 x 0.9 x 15 = 121,500 b) Flexible expense = Actual units x Standard hrs per unit x Standard rate per hour = 10,000 x 0.9 x 15 = 135,000 c) Actual expense = Actual units x Actual hrs per unit x Actual rate per hour = 10,000 x 0.95 x 14.6 = 138,700 d) Budget report (only required part) Planning budget Variance Flexible budget Variance Actual 2 = 1-3 4 = 3-5 5 Direct labour 121,500 13,500 (U) 135,000 3,700 (U) 138,700 3 5) For variable overhead expense: a) Calculate the "Planning budget" expenses assuming the original production volume (90% of CONNECT) and standards. b) Calculate the flexible budget expense assuming the actual production volume and standards. c) Calculate the actual expenses using actual production volumes and the actual cost per unit information from CONNECT. d) Include this information in the Budget Report appropriately. 6) Selling and administrative expenses were calculated in the planning budgeted as $4,000 plus 6% of sales revenue plus 8% of direct material costs. a) What would the company have included in the planning budget for selling and administrative expenses for May? Hint - Use other Planning budget amounts to calculate. b) What would Koontz Company's flexible budget amount be for May? Hint - Use flexible budget" amounts to calculate. c) Complete the Planning budget, flexible budget and actual amounts in the Budget Report for Selling and administrative expenses. Assume actual selling and administrative expenses were $52,000 for May Perry Company Budget Report Month Ending May 31, 20xx Flexible Variance F/U Budget (2)=(1)-(3) (3) Planning Budget (1) F/U Variance (4)=(3)-(5) Actual Results (5) units Sales Revenue Cost of Goods Sold: DM DL VOH FOH Total COGS DOMITI S&A Expense NOI