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QUESTION 1 1. Performance Report 2. Bowling Company provided the following information for last year. Master Budget Budgeted production 4,500 Actual Data 4,300 units Direct materials: 10 pounds @ 0.5 per pound $6,800 Direct labor: 0.6 hr. @ $15.5 per hour 30,500 VOH: 0.6 hr. @ $2.80 4,200 FOH: Materials handling, $6,000 6,300 Depreciation, $2,500 2,500 3. Part 1: Budgeted Amounts for Each Cost Category 4. 1. Calculate the budgeted amounts for each cost category listed above for the 4,500 budgeted units, then give the total below. $ 9,000 Direct materials $ 41,850 Direct labor $ Variable overhead 7,560 Fixed overhead: $ 6,000 Materials handling $ 2,500 Depreciation $ 66,910 Total 5. Part 2: Performance Report 6. 2. Prepare a performance report using a budget based on expected production. In the variance type column, select "F" for favorable and "U" for unfavorable. If the variance is zero, enter ("0") in the variance amount column and "N" for neither in the variance type column. Bowling Company Performance Report Actual 4,300 Units produced Direct materials $ Variable overhead Fixed overhead: Materials handling Depreciation 7. Variance 4,500 $ 200 $ Variance Type (F, U, N) U 9,000 2,500 F 30,500 41,850 11,350 F 4,200 7,560 3,360 F 6,800 Direct labor Total Budgeted 6,300 6,000 300 2,500 2,500 O $ $ 50,300 $ 66,910 16,710 U N F QUESTION 2 Bowling Company budgeted the following amounts: Variable costs of production: Direct materials 3 pounds @ $0.60 per pound Direct labor 0.5 hr @ $16.00 per hour VOH 0.5 hr @ $2.20 per hour FOH: Materials $6,200 handling Depreciation $2,600 Required: Prepare a flexible budget for 2,500 units, 3,000 units and 3,500 units. Amount Descriptions Refer to the list below for the exact wording of a label or an amount description within your budget. Amount Descriptions Depreciation 2,600 Direct labor Direct materials Materials handling 6,300 Total 8,800 Total conversion cost 30,500 Total cost of goods sold 50,300 Total prime cost 6,800 Variable overhead 4,200 Flexible Budget Prepare a flexible budget for 2,500 units, 3,000 units and 3,500 units. (Note: Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.) Line 3 incorrect Line 9 incorrect Bowling Company Flexible Budget 2,500 units 3,000 units 3,500 units 1 2 Variable: 3 4 5 Direct materials 4,167 5,000 5,833 Direct labour 20,000 24,000 28,000 variable o/h 2,750 3,300 3,850 Depreciation 2,600 2,600 2,600 Material handling 6,200 6,200 6,200 35,717 41,100 46,483 6 Fixed overhead: 7 8 9 TOTAL QUESTION 3 Performance Report Bowling Company budgeted the following amounts: Variable costs of production: Direct materials 6 pounds @ $0.60 per pound Direct labor 0.3 hr. @ $16.50 per hour VOH 0.5 hr. @ $2.70 FOH: Materials handling $6,340 Depreciation $2,620 At the end of the year, Bowling had the following actual costs for production of 3,800 units: Direct materials $6,800 Direct labor 30,500 Variable overhead 4,200 Fixed overhead: Materials handling 6,300 Depreciation 2,620 Performance Report Prepare a performance report using a budget based on the actual level of production. In the variance type column, select "F" for favorable and "U" for unfavorable. If the variance is zero, enter ("0") in the variance amount column and "N" for neither in the variance type column. Bowling Company Performance Report Actual 3,800 Units produced Direct materials Direct labor Budgeted $ Variance 3,800 $ 0 30,500 11,690 Variable variable overhead Standard rate (SVOR) hour 4,200 5,130per direct labor 930 overhead Fixed Standard hours (SH) allowed per unit overhead: Materials Actual production 6,300 6,340 40 handling Actual variable overhead 2,620 costs 2,620 0 Depreciation Actual direct labor$ hours Total 35,717 $ $ 41,100 Total Variable Overhead Variance Aretha Company showed the following information for 0 18,810 QUESTION 4 N $ 6,800 6,800 Variance Type (F or U or N) 46,483 N the year: U $3.60 F 2 12,000 F $206,820 N 56,100 F Required: 1. Calculate the actual variable overhead rate (AVOR). If required, round your answer to the nearest cent. per direct labor hour 3.69 2. Calculate the applied variable overhead. $ 201,776 3. Calculate the total variable overhead variance. $ 5,044 FAVORABLE, QUESTION 5 Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Gladys Company provided the following information: Standard variable overhead rate (SVOR) per direct labor hour $3.90 Actual variable overhead rate (AVOR) per direct labor hour $3.57 Actual direct labor hours worked (AH) 55,300 Actual production in units 18,000 Standard hours (SH) allowed for actual units produced 54,000 Required: 1. Using the columnar approach, calculate the variable overhead spending and efficiency variances. $ Spending 18,249 UNFAVORABLE, 5,070 FAVORABLE, $ Efficiency 2. Using the formula approach, calculate the variable overhead spending variance. $ 18,249 UNFAVORABLE, 3. Using the formula approach, calculate the variable overhead efficiency variance. $ 5,070 FAVORABLE, 4. Calculate the total variable overhead variance. $ 13,179 UNFAVORABLE, QUESTION 6 Smokey Company provided the following information: Standard variable overhead rate (SVOR) per $3.70 direct labor hour Actual variable overhead costs: Inspection Power $112,300 $95,600 Actual direct labor hours worked (AH) 56,200 Actual production in units 14,000 Standard hours (SH) allowed for actual units 56,000 produced VOH: Inspection 4 hours @ $2.00 Power 4 hours @ $1.70 Standard variable overhead rate (SVOR) per $3.70 direct labor hour Actual variable overhead costs: Required: Prepare a performance report that shows the variances for each variable overhead item (inspection and power). Performance Report Prepare a performance report that shows the variances for each variable overhead item (inspection and power). (Note: Enter both Actual and Budgeted amounts aspositive amounts. The variance amounts can be entered as a positive or a negative. In the variance type column (Variance), type "F" for favorable and "U" for unfavorable. If there is no variance enter "N" for neither in the variance type column.) Smokey Company Performance Report for Variable Variances Overhea 1 d Cost Item Cost Formula Budget for Budget for Actual Cost Actual Spending Hours Variance Variance (U, F or N) Budget @ Budget for Standard Efficiency Hours Variance Variance (U, F or N) 112,300 112,300 2 Inspection SR(AH-SH) 3 17,422 F 56,000 200 U 56,200 740 F 56,000 200 U 56,200 Power SR(AH-SH) 4 56,200 Total QUESTION 7 Total Fixed Overhead Variance Ross Company provided the following data: Standard fixed overhead rate (SFOR) $5 per direct labor hour Actual fixed overhead costs $281,650 Standard hours allowed per unit 3 hours Actual production 15,000 units Required: 1. Calculate the standard hours allowed for actual production. 45,000 2. Calculate the applied fixed overhead. $ 6.26 3. Calculate the total fixed overhead variance. $ 206,650 UNFAVORABLE, QUESTION 8 Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Marvelettes Company provided the following information: Standard fixed overhead rate (SFOR) per direct labor hour Actual fixed overhead rate (AFOR) per direct labor hour $6 $7.03 Actual direct labor hours worked (AH) 57,000 Actual production in units 12,000 Standard hours allowed for actual units produced (SH) 56,000 Required: 1. Using the columnar approach, calculate the fixed overhead spending and efficiency variances. $ Spending 57,680 FAVORABLE, 6,000 FAVORABLE, $ Efficiency 2. Using the formula approach, calculate the fixed overhead spending variance. $57,680 FAVORABLE 3. Using the formula approach, calculate the fixed overhead efficiency variance. $6,000 FAVORABLE 4. Calculate the total fixed overhead variance. $ 63,680 FAVORABLE QUESTION 9 Madison Company decided to look more closely at the inspection activity in its factory. The following information for a year was collected: Demand for inspections: 170,000 Resources needed: A. 6 inspectors, capable of inspecting 30,000 units per year; salary is $32,000 each B. Supplies (small tools, oil, rags) expected to cost $0.70 per inspection C. Workbenches, computers, etc.; depreciation $18,300 per year D. Factory space for the inspection station, utilities; $12,600 per year Required: Complete a static budget for the inspection activity for the year. Amount Descriptions Refer to the list below for the exact wording of an amount description within your budget. Amount Descriptions Factory space, utilities 12,600 Salaries 192,000 Supplies 21,000 Total budget variance 55,600 Total inspection cost 12,600 Total prime cost 21,000 Total variable budget 192,000 Workbenches, computer 18,300 Amount Descriptions depreciation Static Budget Complete a static budget for the inspection activity for the year. (Note: Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.) Madison Company Static Budget For the Inspection Activity 1 2 3 4 5 Demand 170,000 prime cost 21,000 Variable cost correct inspection cost correct depreciation 18,300 QUESTION 10 Jarend Company provided information on the following four overhead activities. Fixed Variable Driver Cost Rate Machine hours $50,000 $1.80 Machining Machine hours 25,000 3.00 Setting up Setups --- 2,100 Activity Maintenanc e Purchasing Purchase Orders 75,000 7.00 Jarend has found that the following driver levels are associated with two different levels of production. Driver 40,000 units 60,000 units Machine hours 60,000 90,000 Setups 50 70 Purchase Orders 12,000 18,000 Required: Prepare an activity-based flexible budget for 40,000 units and 60,000 units. Amount Descriptions Refer to the list below for the exact wording of an amount description within your budget. Amount Descriptions Machining 370,000 Maintenance 0 Purchasing 360,000 Setting up 252,000 Activity-based Flexible Budget Prepare an activity-based flexible budget for 40,000 units and 60,000 units.(Note: Enter all values as positive numbers. If an amount is zero, enter ("0"). Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.) Jarend Company Activity-based Flexible Budget Score: 38/110 GREEN CHECK MARKS MEANS IT IS CORRECT Jarend Company Activity-based Flexible Budget 1 Fixed 2 Maintenance 3 Variable $50,000.00 $1.80 40,000 units 60,000 units 60,000 mhrs 90,000 mhrs $158,000.00 $212,000.00 4 5 Subtotal 6 7 8 $370,000.00 Fixed Variable 10 Total 70 setups $252,000.00 Fixed Variable $75,000.00 9 50 setups Purchase Orders 12,000 Purchase Orders 18,000 $7.00 $159,000.00 $201,000.00 $422,000.00 $560,000.00 QUESTION 11 1. Activity-Based Performance Report Jarend Company produced 42,000 units last year. The information on the actual costs and budgeted costs at actual production of four activities is provided below. Activity Budgeted Cost for Actual Cost Maintenance Actual Production $157,500 $157,200 Machining 206,400 206,000 Setting up 106,500 104,800 Purchasing 159,300 159,500 Activity-Based Performance Report Jarend Company Performance Report Prepare an activity-based performance report for the four activities for the past year. In the variance type column, select Units produced Maintenance Actual Budgeted Variance _________ ________ ________ $ $ $ Variance Type (F or U or N) 157,500 157,200 300 U Machining 206,400 206,000 400 U Setting up 106,500 104,800 1,700 U Purchasing 159,300 159,500 200 U 2,600 U Total $ $ 629,700 $ 627,500 "F" for favorable and "U" for unfavorable. If the variance is zero, enter ("0") in the variance amount column and "N" for neither in the variance type column. Check My Work4 more Check My Work uses remaining