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Comp Wiz sells computers. During May, it sold 700 computers at a $700 average price each. The May fixed budget included sales of 750 computers at an average price of $670 each. AQ = Actual Quantity SQ - Standard Quantity AP Actual Price SP Standard Price 1&2. Compute the sales price variance and the sales volume variance for May. Classify it as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Actual Sales Flexible Budget Budgeted Dale + Lewis Co. reports the following results for May. Prepare a flexible budget report showing variances between budgeted and actual results. Sales Variable expenses Fixed expenses (total) Units produced and sold Budgeted $ 950 per unit $ 380 per unit $144,500 1.330 Actual $1,470,000 $ 588,000 $ 135,000 1.530 List variable and fixed expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance) LEWIS CO. Flexible Budget Performance Report For Month Ended May 31 Variances Flexible Budget Actual Results Fav./Unf. [The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard 6 lbs. e $9 per lb. 2 hrs. $16 per hr. 2 hrs. @ $11 per hr. Actual 50,400 lbs. $9.10 per Ib. 16,200 hrs. $16.50 per hr. $188,200 8,300 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cont 14 Sedona Company set the following standard costs for one unit of its product for this year, Direct material (15 Ibs. @ $3.40 per Ib.) Direct labor (10 hrs. @ $9.70 per hr.) Variable overhead (10 hrs. $4.90 per hr.) Pixed overhead (10 hrs. @ $2.00 per hr.) Total standard cost $ 51.00 97.00 49.00 20.00 $217.00 The $6.90 ($4.90 + $2.00) total overhead rate per direct labor hour is based on an expected operating level equal to 70% of the factory's capacity of 59,000 units per month. The following monthly flexible budget information is also available Operating Levels of capacity) Flexible Budget 65 700 Budgeted output (units) 38,350 41,300 44,250 Budgeted labor (standard hours) 383,500 413,000 442,500 Budgeted overhead (dollars) Variable overhead $1,879,150 $2,023,700 $2,168,250 Fixed overhead 826,000 826,000 826,000 Total overhead $2,705, 150 $2,849, 700 $2,994,250 750 During the current month, the company operated at 65% of capacity, employees worked 365,000 hours, and the following actual overhead costs were incurred. Variable overhead costs Fixed overhead costs Total overhead costs $1,816,000 899,050 $2,715,050 AVR = Actual Variable Rate SVR Standard Variable Rate 1. Compute the variable overhead spending and efficiency variances, 2. Compute the fixed overhead spending and volume variances and classify each as favorable or unfavorable. 3. Compute the controllable variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the variable overhead spending and efficiency variances. (Indicate the effect of each variance by selecting for favorable, untaver "Rate per unit" to 2 decimal places.) Actual Variable OH Cost Flexible Budget Standard Cout(VOH applied)
