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Handout 6 Flexible Budgets and Variance Analysis CHAPTER 7 - FLEXIBLE BUDGETS, DIRECT COSTS VARIANCES CHAPTER 8 - FLEXIBLE BUDGETS, OVERHEAD COSTS VARIANCES Dowell Designer manufactures and sells suits. For March 2020 Dowell had the following standards for its suits: Standard direct costs per suit Direct materials 5 yards of fabric at $9 per yard Direct manufacturing labor 3 hours at $25 per hour The company budgeted to purchase 25,000 yards of materials, but actually purchased and used 23.850 yards at $9.30 per yard. The company expects to operate at a 15,000-hour level of activity this year. Thus, the company chose 15.000 direct labor-hours as the denominator level of activity (Cost allocation base). The company's theoretical capacity is 6,000 suits. All suits are the same size. The company planned to produce and sell 5,000 suits at S300 each. However, the company actually produced 5,200 suits that it sold for $1,508,000, and worked 14,500 direct labor-hours at $25.30 per hour. Other information are as follows: Budgeted Actual Variable manufacturing overhead cost............... S105,000 S107,457 Fixed manufacturing overhead costs..... 150,000 150,500 Fixed selling & admin. costs. 200,000 199,950 Variable selling costs.......... $5 per suit S4.98 per suit Required: 1. Compute the standard overhead rate for variable and fixed manufacturing overhead costs. 2. Prepare Dowell Designer's standard manufacturing cost sheet. 3. Prepare Dowell Designer's static budget performance report for March. 4. Prepare Dowell Designer's performance report for March with a flexible budget and a statie budget 5. Compute the following variances, indicating whether each is favorable (F) or unfavorable (U): a. Direct materials price variance b. Direct materials efficiency variance c. Prepare journal entries for direct materials d. Direct manufacturing labor rate variance e Direct manufacturing labor efficiency variance f. Prepare journal entries for direct manufacturing labor & Variable manufacturing overhead spending variance h. Variable manufacturing overhead efficiency variance i Prepare journal entries for variable manufacturing overhead j. Fixed manufacturing overhead spending variance k. Production-volume variance L Prepare journal entries for fixed manufacturing overhead