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Chapter 9 Homework i Saved 7 Miller Toy Company manufactures a plastic swimming pool at Its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format Income statement below: 1.25 points Flexible Budget Actual $ 310,000 $ 310,000 Sales (7,000 pools) Variable expenses: Variable cost of goods sold Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) 110,810 25,000 135,810 174,190 131,685 25,000 156,685 153, 315 eBook r References 66,000 66,000 91,800 91,000 157,000 157, eee $ 17,199 $ (3,685) *Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to "get things under control." Upon reviewing the plant's Income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool: Standard Quantity or Hours 4.1 pounds 0.4 hours 0.4 hours Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Price or Rate $ 2.70 per pound $ 8.20 per hour $ 3.70 per hour Standard Cost $ 11.07 3.28 1.48 $ 15.83 *- *Based on machine-hours. During June the plant produced 7,000 pools and Incurred the following costs: a. Purchased 33,700 pounds of materials at a cost of $3.15 per pound. b. Used 28,500 pounds of materials in production. (Finished goods and work in process Inventories are Insignificant and can be Ignored.) C. Worked 3,400 direct labor-hours at a cost of $7.90 per hour. d. Incurred variable manufacturing overhead cost totaling $12,710 for the month. A total of 3,100 machine-hours was recorded. It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June: a. Materials price and quantity varlances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed In (1) above by showing the net overall favorable or unfavorable variance for the month. 7 b. Used 28,500 pounds of materials in production. (Finished goods and work in process Inventories are Insignificant and can be Ignored.) c. Worked 3,400 direct labor-hours at a cost of $7.90 per hour. d. Incurred variable manufacturing overhead cost totaling $12,710 for the month. A total of 3,100 machine-hours was recorded. 1.25 points It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June: a. Materials price and quantity varlances b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. eBook 2. Summarize the variances that you computed In (1) above by showing the net overall favorable or unfavorable variance for the month. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 1a. Compute the following variances for June, materials price and quantity variances. 1b. Compute the following variances for June, labor rate and efficiency variances. 1c. Compute the following variances for June, variable overhead rate and efficiency variances. (Do not round your intermediate calculations. 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.) Show less A $ $ 15,1650 20,250 1a. Material price variance Material quantity variance 1b. Labor rate variance Labor efficiency variance 1c. Variable overhead rate variance Variable overhead efficiency variance 7 quality Hours 4.1 pounds 0.4 hours 0.4 hours Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit >Laruaru Price or Rate $ 2.70 per pound $ 8.20 per hour $ 3.70 per hour Lanuatu Cost $ 11.07 3.28 1.48 $ 15.83 1.25 points *Based on machine-hours. During June the plant produced 7,000 pools and Incurred the following costs: eBook References a. Purchased 33,700 pounds of materials at a cost of $3.15 per pound. b. Used 28,500 pounds of materials in production. (Finished goods and work in process Inventories are insignificant and can be Ignored.) C. Worked 3,400 direct labor-hours at a cost of $7.90 per hour. d. Incurred variable manufacturing overhead cost totaling $12,710 for the month. A total of 3,100 machine-hours was recorded. It is the company's policy to close all varlances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June: a. Materials price and quantity varlances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency varlances. 2. Summarize the variances that you computed In (1) above by showing the net overall favorable or unfavorable varlance for the month. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input the amount as positive value.) Net variance