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Problem Set 2 Question 1: Production Cost Variance Calculations The following standard costs per unit have been established by Baldwin Company: Material (6 pounds @ $.50 per pound) Direct labor (1 hour @ $8 per hour) Factory overhead (1 hour @ $5.50 per hour) $ 3.00 8.00 5.50 Total Standard Cost $16,50 The $5.50 per direct labor hour overhead rate is based on a normal capacity budgeted at 95 percent operating level. The following flexible budget information is provided: 85% Units of production Standard direct labor hours Variable factor overhead Fixed factory overhead Operating Levels 95% 100% 4,250 4,250 $8,500 $16,625 4,750 4,750 $9,500 $16,625 5,000 5,000 $10,000 $16,625 During March the company operated at 85% capacity, producing 4,250 units of product which were charged with the following standard costs: Material (25,500 pounds @ $.50 per pound) Direct labor (4,250 hours @ $8 per hour) Factory overhead (4,250 hours @ $5.50 per hour) Total Standard Cost $12,750 34,000 23,375 $70,125 Actual costs incurred during March were: Material (26,100 pounds) Direct labor (4,150 hours) Fixed factory overhead costs Variable factory overhead costs Total Actual Costs $11,745 34,445 16,625 7,650 $70,465 Assume all the direct material purchased was used during the period. Use the table on the following page to support your answers if you find it useful, or show your work in another clearly labeled format. a. Determine the following variances: Price Efficiency Sales Vol./ Activity Production Volume direct material X direct labor X variable overhead X fixed overhead Make sure you record a number in each blank space. Indicate "favorable" or "unfavorable" for each variance. Actual Activity Direct Material Direct Labor Variable Overhead Fixed Overhead Standard Input Flexible Budget Master Budget Overhead Applied b. Record the journal entry when direct material is purchased. c. Record the journal entry when direct material is used in production. d. Record the journal entry when direct labor is used in production e. Record the journal entry to track actual overhead expenses f. Record the journal entry to apply overhead to current production. g. Record the journal entry to close the overhead accounts h. Record the journal entry to close the variance accounts to COGS. Question 2: Sales Variance Analysis Stonehill Corporation expected to sell 30,000 units of product but only sold 28,800. Total actual revenue was $316,800. The market was down 10 percent from what had been expected. Standard contribution margin per unit was $4 with a budgeted selling price was $10. Stonehill's management had budgeted a 30 percent share of the market. a. Actual total market size was: b. Market share variance was: c. Market size variance was: d. The sum of the market share variance and the market size variance is called the: e. The sales volume variance was __________________ f. The sales price variance was __________________ Question 3: Production Budgets Smithson Corporation has he following budgeted sales for the selected six-month period: Month June July August September October November Unit Sales 15,000 20,000 35,000 25,000 30,000 20,000 There were 7,500 units of finished goods in inventory at the beginning of June. Plans are to have an inventory of finished product equal to 20 percent of the unit sales for the next month. Three pounds of material are required for each unit produced. Each pound of material costs $20. Inventory levels for materials equal 30 percent of the needs for the next month. Materials inventory on June 1 was 5,000 pounds. Required: 1. Prepare production budgets in units for July, August, and September. 2. Prepare a purchases budget in pounds and dollars for July, August, and September. Question 4: Cash Budgets Sales for October, November, and December are expected to be $200,000, $180,000, and $220,000, respectively, for Ripken Company. All sales are on account (terms 2/25, net30 days) and are collected 50 percent in the month of sale and 50 percent in the following month. Onehalf of all sales discounts are taken on the average. Materials are purchased one month before being needed, and all purchases and expenses are paid for as incurred. Activities for the quarter are expected to be: Materials used Salaries Maintenance and repairs Depreciation Utilities and other Dividends paid Payment on bonds October $40,000 70,000 18,000 36,000 14,000 -08,000 November $36,000 68,000 18,000 36,000 14,000 -08,000 Required: Using the given information, prepare a cash budget for November. December $44,000 72,000 18,000 36,000 14,000 -08,000