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Assignment Dynamic Industrial is a relatively young company, with an unsophisticated accounting system. Dynamic Industrial manufactures two products, X370A, and Z410B. Each of the products has multiple components and materials (identified by SKU number), but assembly is relatively quick leaving no work in process inventory at the end of the period. Invoices are only logged and approved for payment if the full quantity of the SKU has been received. 1) Using the information provided, calculate the Materials Price and Materials Quantity variance for each component/material for 2021. The beginning and ending inventory accounts for each product (units of output) are provided below: Beginning Inventory Count Ending Inventory Count Units Sold X370A 18,220 5,040 4,040 Z410B 17,000 3,130 2,005 The company uses FIFO to value all inventory 2) Describe the procedures used to calculate the variances (not to exceed three pages). Include all steps required, along with any required notes for clarification. (Assume this will be used by someone who knows excel but not management accounting). B ISKU H 1 Product 2 X370A 3 X370A 4 X370A 5 X370A 6 X370A 7 X370A 8 X370A 9X370A c D E F G Primary Vendor Standard Cost Standard Material Unit Standard Material per Unit of Product Terms 100525 Alpha $ 1.25 ft 0.2 Net 30 101652 Alpha S 1.50 ft 0.2 Net 30 108900 Alpha $ 1.75 Ft 0.5 Net 30 202456 American Products $ 10.75 N/A 6 Net 60 555874 Giant Wholesale $ 0.05 ft 2 Net 30 555902 Giant Wholesale $ 0.08 ft 2 Net 30 825600 Technical Innovations $ 3.00 N/A 1 Net 30 825605 Technical Innovations $ 3.00 N/A 1 Net 30 825608 Technical Innovations $ 1.50 N/A 1 Net 30 110852 Alpha S 1.10 ft 0.2 Net 30 111568 Alpha $ 1.40 ft 0.2 Net 30 118741 Alpha $ 1.79 Ft 0.4 Net 30 119561 Alpha $ 1.79 ft 0.1 Net 30 555916 Giant Wholesale $ 0.08 ft 4 Net 30 10 X370A 11 Z410B 12 Z410B 13 Z410B 14 Z410B 15 Z410B 16 17 18 19 F E 1 SKU Primary Vendor Standard Material Unit Beginning Inventory_Ending Inventory 2. 100525 Alpha ft 395.00 405.00 3 101652 Alpha ft 855.00 1,005.00 4 108900 Alpha ft 4,985.00 4,305.00 5 110852 Alpha ft 1,235.00 1,335.00 6 111568 Alpha ft 1,340.00 1,145.00 7 118741 Alpha Ft 1,980.00 2,045.00 119561 Alpha ft 80.00 685.00 9 202456 American Products N/A 3,972.00 5,571.00 10 555874 Giant Wholesale fit 10,101.00 14,905.00 11 555902 Giant Wholesale FE 12,760.00 27,090.00 12 555916 Giant Wholesale ft 12,520.00 30,980.00 13 825600 Technical Innovations N/A 2,976.00 609.00 14 825605 Technical Innovations N/A 2,932.00 694.00 15 825608 Technical Innovations N/A 951.00 4,173.00 16 Dco You WN 17 18 19 A B E G H 6 5405 12/28/2020 Chris 5405 12/28/2020 Chris 5405 12/28/2020 Chris 5405 12/28/2020 Chris 5406 1/3/2021 Alex 5408 1/5/2021. Pat 5408 1/5/2021 Pat 5408 1/5/2021 Pat 5409 1/11/2021 Alex 5409 1/11/2021 Alex 5410 1 14 2021 Chris 5410 1/14/2021 Chris 5410 1/14/2021 Chris 5410 1/14/2021 Chris 5410 1/14/2021 Chris 5411 1/15/2021 Pat 5413 1/28/2021 Alex 5413 1/28/2021 Alex 5413 1/28/2021 Alex 5414 1/30/2021 Chris 5414 1/30/2021 Chris 5414 1/30/2021 Chris 5414 1/30/2021 Chris 5414 1/30/2021 Chris 5415 1/31/2021 Chris 5415 1/31/2021 Chris 5416 2/6/2021 Chris 5416 2/6/2021 Chris 5416 2/6/2021 Chris 5416 2/6/2021 Chris 5416 2/6/2021 Chris 5417 2/15/2021 Pat 5418 2/19/2021 Pat 5418 2/19/2021 Pat 5418 2/19/2021 Pat 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 3/1/2021 Alex 5421 3/1/2021 Alex 5423 3/13/2021 Chris 5423 3/13/2021 Chris 5423 3/13/2021 Chris 5424 3/15/2021 Pat Alpha 100525 500.00 Alpha 101652 200.00 Alpha 108900 100.00 Alpha 119561 100.00 Technical Innovatior 825608 5,000.00 Giant Wholesale 555874 20,000.00 Giant Wholesale 555902 20,000.00 Giant Wholesale 555916 37,500.00 Technical Innovation 825600 5,000.00 Technical Innovatior B25605 5,000.00 Alpha 101652 200.00 Alpha 108900 1,000.00 Alpha 110852 200.00 Alpha 111568 500.00 Alpha 118741 2,000.00 American Products 202456 35,000.00 Technical Innovation 825600 5,000.00 Technical Innovation 825605 5,000.00 Technical Innovatior 82560B 16,000.00 Alpha 100525 500.00 Alpha 101652 1,000.00 Alpha 108900 1,000.00 Alpha 11156B 500.00 Alpha 119561 1,000.00 Limited Stock 100525 2,000.00 Limited Stock 110852 4.000.00 Alpha 100525 500.00 Alpha 101692 500.00 Alpha 108900 200.00 Alpha 118741 2,000.00 Alpha 119561 200.00 American Products 202456 35,000.DO Giant Wholesale 555874 20,000.00 Giant Wholesale 555902 20,000.DO Giant Wholesale 555916 37 500.00 Alpha 100525 500.00 Alpha 101652 500.00 Alpha 108900 2,500.00 Alpha 110852 300.00 Alpha 111568 500.00 Alpha 118741 2,000.00 Alpha 119561 1,000.00 Technical Innovation 82560D 5,000.00 Technical Innovation 825605 5,000.DD Alpha 100525 500.00 Alpha 101652 1,ODD.OD Alpha 10890D 2,500.00 American Products 202456 35,000.00 28 39 40 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 54211 58 59 6/0 61 62 63 CA Product Standards Inventory Information Purchasing Information Accounts P Ready > E H A B C 384 1211712020 Giant Wholesale 384 1211712020 Giant Wholesale 384 12/17/2020 Giant Wholesale 603 12/20/2020 American Products 10078 1/312021 Alpha 10078 1/312021 Alpha 10078 1/312021 Alpha 10078 1312021 Alpha 1E+06 1712021 Technical Innovation 405 1712021 Giant Wholesale 408 1712021 Giant Wholesale 3 408 11/7/2021 Giant Wholesale 1E+06 116/2021 Technical Innovatior 1E+06 1/16/2021 Technical Innovation 6 10125 1111812021 Alpha 7 10125 1/1812021 Alpha 28 10125 118/2021 Alpha 29 10140 21412021 Alpha 30 10125 1/18/2021 Alpha 31 609 120/2021 American Products 32 1E+06 1/31/2021 Technical Innovation 33 1E+06 1161/2021 Technioal Innovation 34 1E+06 1131/2021 Technical Innovation 35 10140 2/4/2021 Alpha 36 10140 214/2021 Alpha 37 10140 21412021 Alpha 38 10140 214/2021 Alpha 39 10140 214/2021 Alpha 40 SE+06 2120/2021 Limited Stook 41 9E+06 2120/2021 Limited Stock 42 10181 2/10/2021 Alpha 43 10181 2/10/2021 Alpha 44 10181 2/10/2021 Alpha 45 10181 2/10/2021 Alpha 46 10181 2/10/2021 Alpha 47 611 2120/2021 Amerioan Products 48 451 212312021 Giant Wholesale 49 451 212312021 Giant Wholesale 50 451 212312021 Giant Wholesale 51 10200 2128/2021 Alpha 52 10200 2/28/2021 Alpha 53 10200 212812021 Alpha 54 10200 2/28/2021 Alpha 55 10280 3/3/2021 Alpha 56 10200 212812021 Alpha 57 10200 2/28/2021 Alpha 58 1E+06 3/4/2021 Technical Innovation 59 1E+06 314/2021 Technical Innovation 60 10300 3118/2021 Alpha 81 10300 3/18/2021 Alpha 62 10300 3/18/2021 Alpha 618 3/2012021 American Products 84 65 D 555874 555902 555916 202456 100525 101652 108900 119561 825608 555874 555902 555916 825600 825605 101652 108900 110852 111568 118741 202456 825600 825605 825608 100525 101652 108900 111568 119561 100525 110852 100525 101652 108900 118741 119561 202456 555874 555902 555916 100525 101652 108900 110852 111568 118741 119561 825600 825605 100525 101652 108900 202456 5403 $ 5403 $ 5403 $ 5404 $ 5405 $ 5405 $ 5405 3 5405 $ 5406 5408 $ 5408 $ 5408 $ 5409 $ 5409 $ 5410 $ 5410 5 5410 $ 5410 $ 5410 $ 5411 $ 5413 $ 5413 $ 5413 $ 5414 $ 5414 $ 5414 $ 5414 $ 5414 $ 5415 $ 5415 $ 5416 $ 5416 $ 5416 $ 5416 $ 5416 $ 5417 $ 5418 $ 5418 $ 5418 $ 5420 $ 5420 $ 5420 $ 5420 $ 5420 $ 5420 $ 5420 $ 5421 $ 5421 $ 5423 $ 5429 $ 5423 $ 5424 $ F 1.168.50 Yes 675.00 Yes 1.200.00 Yes 376,250.00 Yes 645.00 Yes 300.00 Yes 175.00 Yes 180.00 Yes 8,950.00 Yes 900.00 Yes 1.560.00 Yes 2,996.25 Yes 15,000.00 Yes 15,000.00 Yes 300.00 Yes 1,750.00 Yes 230.00 Yes 715.00 Yes 3,600.00 Yes 376,250.00 Yes 15,650.00 Yes 15,650.00 Yes 25,440.00 Yes 645.00 Yes 1.650.00 Yes 1.750.00 Yes 715.00 Yes 1.800.00 Yes 2.000.00 Yes 4,000.00 Yes 645.00 Yes 825.00 Yes 350.00 Yes 3,780.00 Yes 360.00 Yes 376,250.00 No 900.00 Yes 1.560.00 Yes 2.996.25 Yes 645.00 Yes 825.00 Yes 4.300.00 Yes 345.00 Yes 715.00 Yes 3,780.00 Yes 1.800.00 Yes 15,650.00 No 15,650.00 No 645.00 No 1.650.00 No 4,300.00 No 376.250.00 No 63 86 Product Standards Inventory Information Purchasing Information Accounts P Assignment Dynamic Industrial is a relatively young company, with an unsophisticated accounting system. Dynamic Industrial manufactures two products, X370A, and Z410B. Each of the products has multiple components and materials (identified by SKU number), but assembly is relatively quick leaving no work in process inventory at the end of the period. Invoices are only logged and approved for payment if the full quantity of the SKU has been received. 1) Using the information provided, calculate the Materials Price and Materials Quantity variance for each component/material for 2021. The beginning and ending inventory accounts for each product (units of output) are provided below: Beginning Inventory Count Ending Inventory Count Units Sold X370A 18,220 5,040 4,040 Z410B 17,000 3,130 2,005 The company uses FIFO to value all inventory 2) Describe the procedures used to calculate the variances (not to exceed three pages). Include all steps required, along with any required notes for clarification. (Assume this will be used by someone who knows excel but not management accounting). B ISKU H 1 Product 2 X370A 3 X370A 4 X370A 5 X370A 6 X370A 7 X370A 8 X370A 9X370A c D E F G Primary Vendor Standard Cost Standard Material Unit Standard Material per Unit of Product Terms 100525 Alpha $ 1.25 ft 0.2 Net 30 101652 Alpha S 1.50 ft 0.2 Net 30 108900 Alpha $ 1.75 Ft 0.5 Net 30 202456 American Products $ 10.75 N/A 6 Net 60 555874 Giant Wholesale $ 0.05 ft 2 Net 30 555902 Giant Wholesale $ 0.08 ft 2 Net 30 825600 Technical Innovations $ 3.00 N/A 1 Net 30 825605 Technical Innovations $ 3.00 N/A 1 Net 30 825608 Technical Innovations $ 1.50 N/A 1 Net 30 110852 Alpha S 1.10 ft 0.2 Net 30 111568 Alpha $ 1.40 ft 0.2 Net 30 118741 Alpha $ 1.79 Ft 0.4 Net 30 119561 Alpha $ 1.79 ft 0.1 Net 30 555916 Giant Wholesale $ 0.08 ft 4 Net 30 10 X370A 11 Z410B 12 Z410B 13 Z410B 14 Z410B 15 Z410B 16 17 18 19 F E 1 SKU Primary Vendor Standard Material Unit Beginning Inventory_Ending Inventory 2. 100525 Alpha ft 395.00 405.00 3 101652 Alpha ft 855.00 1,005.00 4 108900 Alpha ft 4,985.00 4,305.00 5 110852 Alpha ft 1,235.00 1,335.00 6 111568 Alpha ft 1,340.00 1,145.00 7 118741 Alpha Ft 1,980.00 2,045.00 119561 Alpha ft 80.00 685.00 9 202456 American Products N/A 3,972.00 5,571.00 10 555874 Giant Wholesale fit 10,101.00 14,905.00 11 555902 Giant Wholesale FE 12,760.00 27,090.00 12 555916 Giant Wholesale ft 12,520.00 30,980.00 13 825600 Technical Innovations N/A 2,976.00 609.00 14 825605 Technical Innovations N/A 2,932.00 694.00 15 825608 Technical Innovations N/A 951.00 4,173.00 16 Dco You WN 17 18 19 A B E G H 6 5405 12/28/2020 Chris 5405 12/28/2020 Chris 5405 12/28/2020 Chris 5405 12/28/2020 Chris 5406 1/3/2021 Alex 5408 1/5/2021. Pat 5408 1/5/2021 Pat 5408 1/5/2021 Pat 5409 1/11/2021 Alex 5409 1/11/2021 Alex 5410 1 14 2021 Chris 5410 1/14/2021 Chris 5410 1/14/2021 Chris 5410 1/14/2021 Chris 5410 1/14/2021 Chris 5411 1/15/2021 Pat 5413 1/28/2021 Alex 5413 1/28/2021 Alex 5413 1/28/2021 Alex 5414 1/30/2021 Chris 5414 1/30/2021 Chris 5414 1/30/2021 Chris 5414 1/30/2021 Chris 5414 1/30/2021 Chris 5415 1/31/2021 Chris 5415 1/31/2021 Chris 5416 2/6/2021 Chris 5416 2/6/2021 Chris 5416 2/6/2021 Chris 5416 2/6/2021 Chris 5416 2/6/2021 Chris 5417 2/15/2021 Pat 5418 2/19/2021 Pat 5418 2/19/2021 Pat 5418 2/19/2021 Pat 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 5420 2/24/2021 Chris 3/1/2021 Alex 5421 3/1/2021 Alex 5423 3/13/2021 Chris 5423 3/13/2021 Chris 5423 3/13/2021 Chris 5424 3/15/2021 Pat Alpha 100525 500.00 Alpha 101652 200.00 Alpha 108900 100.00 Alpha 119561 100.00 Technical Innovatior 825608 5,000.00 Giant Wholesale 555874 20,000.00 Giant Wholesale 555902 20,000.00 Giant Wholesale 555916 37,500.00 Technical Innovation 825600 5,000.00 Technical Innovatior B25605 5,000.00 Alpha 101652 200.00 Alpha 108900 1,000.00 Alpha 110852 200.00 Alpha 111568 500.00 Alpha 118741 2,000.00 American Products 202456 35,000.00 Technical Innovation 825600 5,000.00 Technical Innovation 825605 5,000.00 Technical Innovatior 82560B 16,000.00 Alpha 100525 500.00 Alpha 101652 1,000.00 Alpha 108900 1,000.00 Alpha 11156B 500.00 Alpha 119561 1,000.00 Limited Stock 100525 2,000.00 Limited Stock 110852 4.000.00 Alpha 100525 500.00 Alpha 101692 500.00 Alpha 108900 200.00 Alpha 118741 2,000.00 Alpha 119561 200.00 American Products 202456 35,000.DO Giant Wholesale 555874 20,000.00 Giant Wholesale 555902 20,000.DO Giant Wholesale 555916 37 500.00 Alpha 100525 500.00 Alpha 101652 500.00 Alpha 108900 2,500.00 Alpha 110852 300.00 Alpha 111568 500.00 Alpha 118741 2,000.00 Alpha 119561 1,000.00 Technical Innovation 82560D 5,000.00 Technical Innovation 825605 5,000.DD Alpha 100525 500.00 Alpha 101652 1,ODD.OD Alpha 10890D 2,500.00 American Products 202456 35,000.00 28 39 40 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 54211 58 59 6/0 61 62 63 CA Product Standards Inventory Information Purchasing Information Accounts P Ready > E H A B C 384 1211712020 Giant Wholesale 384 1211712020 Giant Wholesale 384 12/17/2020 Giant Wholesale 603 12/20/2020 American Products 10078 1/312021 Alpha 10078 1/312021 Alpha 10078 1/312021 Alpha 10078 1312021 Alpha 1E+06 1712021 Technical Innovation 405 1712021 Giant Wholesale 408 1712021 Giant Wholesale 3 408 11/7/2021 Giant Wholesale 1E+06 116/2021 Technical Innovatior 1E+06 1/16/2021 Technical Innovation 6 10125 1111812021 Alpha 7 10125 1/1812021 Alpha 28 10125 118/2021 Alpha 29 10140 21412021 Alpha 30 10125 1/18/2021 Alpha 31 609 120/2021 American Products 32 1E+06 1/31/2021 Technical Innovation 33 1E+06 1161/2021 Technioal Innovation 34 1E+06 1131/2021 Technical Innovation 35 10140 2/4/2021 Alpha 36 10140 214/2021 Alpha 37 10140 21412021 Alpha 38 10140 214/2021 Alpha 39 10140 214/2021 Alpha 40 SE+06 2120/2021 Limited Stook 41 9E+06 2120/2021 Limited Stock 42 10181 2/10/2021 Alpha 43 10181 2/10/2021 Alpha 44 10181 2/10/2021 Alpha 45 10181 2/10/2021 Alpha 46 10181 2/10/2021 Alpha 47 611 2120/2021 Amerioan Products 48 451 212312021 Giant Wholesale 49 451 212312021 Giant Wholesale 50 451 212312021 Giant Wholesale 51 10200 2128/2021 Alpha 52 10200 2/28/2021 Alpha 53 10200 212812021 Alpha 54 10200 2/28/2021 Alpha 55 10280 3/3/2021 Alpha 56 10200 212812021 Alpha 57 10200 2/28/2021 Alpha 58 1E+06 3/4/2021 Technical Innovation 59 1E+06 314/2021 Technical Innovation 60 10300 3118/2021 Alpha 81 10300 3/18/2021 Alpha 62 10300 3/18/2021 Alpha 618 3/2012021 American Products 84 65 D 555874 555902 555916 202456 100525 101652 108900 119561 825608 555874 555902 555916 825600 825605 101652 108900 110852 111568 118741 202456 825600 825605 825608 100525 101652 108900 111568 119561 100525 110852 100525 101652 108900 118741 119561 202456 555874 555902 555916 100525 101652 108900 110852 111568 118741 119561 825600 825605 100525 101652 108900 202456 5403 $ 5403 $ 5403 $ 5404 $ 5405 $ 5405 $ 5405 3 5405 $ 5406 5408 $ 5408 $ 5408 $ 5409 $ 5409 $ 5410 $ 5410 5 5410 $ 5410 $ 5410 $ 5411 $ 5413 $ 5413 $ 5413 $ 5414 $ 5414 $ 5414 $ 5414 $ 5414 $ 5415 $ 5415 $ 5416 $ 5416 $ 5416 $ 5416 $ 5416 $ 5417 $ 5418 $ 5418 $ 5418 $ 5420 $ 5420 $ 5420 $ 5420 $ 5420 $ 5420 $ 5420 $ 5421 $ 5421 $ 5423 $ 5429 $ 5423 $ 5424 $ F 1.168.50 Yes 675.00 Yes 1.200.00 Yes 376,250.00 Yes 645.00 Yes 300.00 Yes 175.00 Yes 180.00 Yes 8,950.00 Yes 900.00 Yes 1.560.00 Yes 2,996.25 Yes 15,000.00 Yes 15,000.00 Yes 300.00 Yes 1,750.00 Yes 230.00 Yes 715.00 Yes 3,600.00 Yes 376,250.00 Yes 15,650.00 Yes 15,650.00 Yes 25,440.00 Yes 645.00 Yes 1.650.00 Yes 1.750.00 Yes 715.00 Yes 1.800.00 Yes 2.000.00 Yes 4,000.00 Yes 645.00 Yes 825.00 Yes 350.00 Yes 3,780.00 Yes 360.00 Yes 376,250.00 No 900.00 Yes 1.560.00 Yes 2.996.25 Yes 645.00 Yes 825.00 Yes 4.300.00 Yes 345.00 Yes 715.00 Yes 3,780.00 Yes 1.800.00 Yes 15,650.00 No 15,650.00 No 645.00 No 1.650.00 No 4,300.00 No 376.250.00 No 63 86 Product Standards Inventory Information Purchasing Information Accounts P