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Problem 1015 Comprehensive Variance Analysis [LO101, LO102, LO103] 1. 2. 3. 4. 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: Flexible BudgetActualSales (15,000 pools)$675,000 $675,000 Variable expenses: Variable cost of goods sold* 435,000 461,890 Variable selling expenses 20,000 20,000 Total variable expenses 455,000 481,890 Contribution margin 220,000 193,110 Fixed expenses: Manufacturing overhead 130,000 130,000 Selling and administrative 84,000 84,000 Total fixed expenses 214,000 214,000 Net operating income (loss) $6,000 $(20,890)*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 HoursStandard Price or RateStandard CostDirect materials3.0 pounds$5.00per pound$15.00Direct labor0.8 hours$16.00per hour 12.80Variable manufacturing overhead0.4 hours*$3.00per hour 1.20Total standard cost per unit $29.00*Based on machinehours. During June, the plant produced 15,000 pools and incurred the following costs: Purchased 60,000 pounds of materials at a cost of $4.95 per pound. Used 49,200 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.) Worked 11,800 direct labor-hours at a cost of $17.00 per hour. Incurred variable manufacturing overhead cost totaling $18,290 for the month. A total of 5,900 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 variances. 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. Problem 109 Comprehensive Variance Analysis [LO101, LO102, LO103] Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 630 hours each month to produce 2,100 sets of covers. The standard costs associated with this level of production are: TotalPer Set of CoversDirect materials$38,640$18.40 Direct labor$6,300 3.00 Variable manufacturing overhead (based on direct laborhours)$3,150 1.50 $22.90 During August, the factory worked only 500 direct laborhours and produced 2,000 sets of covers. The following actual costs were recorded during the month: TotalPer Set of CoversDirect materials (5,000 yards)$36,000$18.00 Direct labor$6,400 3.20 Variable manufacturing overhead$4,400 2.20 $23.40 At standard, each set of covers should require 2.3 yards of material. All of the materials purchased during the month were used in production. Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. (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.) Exercise 105 Working Backwards from Labor Variances [LO102] The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tuneup is given below: Standard HoursStandard RateStandard CostMotor tuneup2.20$5.50$12.10 The record showing the time spent in the shop last week on motor tuneups has been misplaced. However, the shop supervisor recalls that 130 tuneups were completed during the week, and the controller recalls the following variance data relating to tuneups: Labor rate variance$49ULabor spending variance$1,171U Required: 1. Determine the number of actual laborhours spent on tuneups during the week. 2. Determine the actual hourly rate of pay for tuneups last week. (Round your answer to 2 decimal places.)