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Please help me fill in the blanks for the above image. Here is the question: Inc. designs and manufactures fleece quarter-zip jackets. It sells its
Please help me fill in the blanks for the above image. Here is the question:
Inc. designs and manufactures fleece quarter-zip jackets. It sells its jackets to brand-name outdoor outfitters in lots of one dozen. Maria Lou's May 2020 static budget and actual results for direct inputs are as follows:
Static Budget | |
Number of jacket lots (1 lot = 1 dozen) | 500 |
Per Lot of Jackets: | |
Direct Materials | 14 yards at $4.65 per yard = $65.10 |
Direct Manufacturing labor | 1.6 hours at $8.30 per hour = $13.28 |
Actual Results | |
Number of jackets sold | 525 |
Total Direct Inputs: | |
Direct materials | 8,400 yards at $4.85 per yard = $40,740.00 |
Direct manufacturing labor | 735 hours at $8.40 per hour = $6,174.00 |
Maria Lou, Inc. designs and manufactures fleece quarter-zip jackets. It sells its jackets to brand-name outdoor outfitters in lots of one dozen. Maria Lou's May 2020 static budget and actual results for direct inputs are as follows: B (Click the icon to view the data.) (Click the icon to view additional information.) Read the requirements. Requirement 1. Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2020. What is the total flexible-budget variance for both inputs (direct materials and direct manufacturing labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible budget? Begin by calculating the direct materials and direct manufacturing labor price and efficiency variances in May 2020. Complete the actual results, price variance, and cost columns, then the efficiency variance and flexible budget columns. Label each variance as favorable or unfavorable. (Round all answers to the nearest cent.) Actual Price Efficiency Flexible Actual Input Qty * Budgeted Price Results Variance Variance Budget May 2020 Units 525 Direct materials $ 40,740.00 $ 1,680.00 U $ 39,060.00 Direct labor $ 6,174.00 $ 73.50 U $ 6,100.50 Total variance $ 1,753.50 U
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