please help with work shown so i can run through the problem myself. thank you

G 2 Surrey Bikes, Inc. manufactures double bench bikes for resorts and other vacation properties. Management now wants the accountants to complete an analysis to compare the budgeted costs to standard costs for 2021. During the year 2021, the company completed 680 bikes. Let's discuss changes from budget and standard that occurred during 2021. Overall, the company was able to increase several officiencies. However, the company also experienced some increased costs. Use this information to complete the CH24 Budet Variances tab; the green section. 6 2 8 9 10 11 12 13 14 15 16 17 10 19 20 21 22 23 24 25 26 27 20 29 30 31 32 13 34 35 36 37 Electrical Parts Direct Materials The purchase price, net of discounts increase by $2,50 per set There was also an increase in freight of by $0.25 per set Wheel Sets Direct Materials: The company was able to secure the same wheel sets from a new supplier at a cost of $37/set. However, freight cost increased by $0.50 per whoel set. Metal Parts Direct Materials: The company was also able to reduce the amount of material used for each bike by 3 pounds. The acual cost of the metal parts was $0.52 per pound Canvas Fabric Direct Materials: The company was also able to reduce the amount of material used for each bike by one-half a yard. The acual cost of the canvas fabric was $4.95 per yard. Direct labor Employees were tasked with increasing equipment assembly and decreasing labor hours. They were successful in 2021 and brought hours down by 5/hours/unit! The company provided a $1/hour ralse! This also lead to an increase of $0.25/hour in payroll taxes. Manufacturing overhead: There were no changes in manufacturing overhead, no variance needs to be computed JAH Using this information, computer the budget variances incurred during 2021 B Surrey Bikes, Inc, manufactures double bench bikes for resorts and other vacation properties. Management is preparing the budget 2021 and has asked for the accountants help. Sales in 2020 were 500 units. They are bringing on a new customer and management is expecting a 20% increase in 2021. They will increase the selling price to $3,300 this year to account for anticipated rising costs. Surrey Bikes, Inc. Sales Budget For the Year Ended December 31, 2021 Expected sales units Unit selling price Total sales (.20*500) 500 given in problem 3,300*600 $ $ 600 3,300 1,980,000 At the end of 2020, there were no bikes left in inventory to sell in 2021. Management would like to start 2022 with inventory on hand. They would like to budget to end 2021 with 30 completed and finished bikes. 6 7 Surrey Bikes, Inc. 18 Production Budget 19 For the Year Ended December 31, 2021 20 21 Expected sales units (20*500)+500- 600 22 Add: Desired ending finished goods units (ending balance 2021) given 30 23 Total required units 24 Less: Beginning finished goods units (ending balance 2020) Biven 25 Required production units 26 27 Management expects to end 2020 with some direct materials. They want to make sure that at the end of 2021, they have enough direct materials on hand to start production right away in 2022. Expected Per Unit Ending Ending 29 2021 Cost Balance 2020 Balance 2021 30 Electrical sets direct materials: 1 set $ 100.00 50 150 31 Wheels direct materials - set of 4 1 set $ 40.00 25 32 Metal parts direct materials: 200 pounds $ 0.50 1.000 5,000 33 Canvas fabric direct materials: 3 yards $ 10.00 20 200 28 150 680 1 680 150 830 50 780 97.75 76,245 $ $ Surrey Bikes, Inc. 36 Direct Materials Budget 37 For the Year Ended December 31, 2021 38 39 Required production units additional info 40 Electrical sets per unit produced: given table 41 Total needed for production additional info 42 Add: Desired ending direct materials (ending balance 2021) given table 43 Total materials required - Less: Beginning direct materials (ending balance 2020) given table 45 Direct materials purchases 46 Cost per set 47 Total cost of electrical sets direct materials purchases 48 49 Required production units so Wheel sets per unit produced: material sets per unit produced: 51 Total wheel sets needed for production 52 Add: Desired ending direct materials (ending balance 2021) 53 Total materials required S4 Less: Beginning direct materials (ending balance 2020) ss Direct materials purchases in sets 56 Cost per set (374 50) s Total cost of wheel sets direct materials purchases 59 Required production units 60 Metal parts direct materials pounds per unit produced: 61 Total pounds needed for production 62 Add: Desired ending direct materials in pounds (ending balance 2021) 63 Total materials required 64 Less: Beginning direct materials in pounds (ending balance 2020) 65 Direct materials purchases 66 Cost per pound 6/ Total cost of metal parts direct materials purchases 69 Required production units 70 Canvas direct material yards per unit produced: 71 Total yards needed for production 72 Add: Desired ending direct materials in yards (ending balance 2021) 73 Total materials required . Da dieten de laadim. balance Additional Info-Actual Costs Variance Formulas CH22 Budaet 680 1 680 150 830 25 805 37.50 30,188 $ $ 58 680 197 133,960 5,000 128,960 1.000 127,960 0.52 66,539 68 $ $ 680 2 1,020 200 1,220,222 0 20 1.200 4.95 $ 3 Total materials required 1,220,222 Less: Beginning direct materials in pounds (ending balance 2020) 5 Direct materials purchases 6 Cost per yard $ - Total cost of canvas direct materials purchases 5,940 - Total cost of ALL direct materials purchases 178,912 0 31 Management expects that it will take 50 hours of direct labor to manufacture each bike. Direct labor is billed at $20/hour. $ 32 Surrey Bikes, Inc. Direct Labor Budget For the Year Ended December 31, 2021 84 85 36 2 sa Units to be produced 89 Direct labor time (hours) per unit 90 Total required direct labor hours 91 Direct labor cost per hour 9 Total direct labor cost Overhead for the company only exists of machine usage. It will take 100 machine hours per bike and the cost is $8/hour 95 Surrey Bikes, Inc. Manufacturing Overhead Budget For the Year Ended December 31, 2021 9 100 Units to be produced 101 Machine hours per unit 103 Total required machine hours 10 Machine cost per hour 104 Total manufacturing overhead 105 107 106 Management also anticipates the following fixed costs, some anticipated changes from last year: 108 Building and Equipment Depreciation 109 Company Insurance 110 Company Advertising 11 Selling and Administrative Salaries and Benefits $45,000 $23,000 $117,000 $300,000 112 113 114 Surrey Bikes, Inc. 115 Selling and Administrative Expense Budget 116 For the Year Ended December 31, 2021 117 118 Fixed expenses 119 Building and Equipment Depreciation 120 Company Insurance 121 Company Advertising 122 Selling and administrative salaries and benefits 122 Total selling and administrative expenses 126 125 Management had to borrow some money from the bank to start the business five years ago. As a result, they still have some interest 120 expense. It is $10,000 per year. Management anticipates a 20% tax rate for 2021 127 128 129 130 Surrey Bikes, Inc. Budget Income Statement For the Year Ended December 31, 2021 131 132 Sales 133 "Cost of goods sold 134 Gross profit us Selling and administrative expenses 136 Income from operations 117 Interest expense 13 Income before income taxes 139 Income tax expense 140 Net Income 141 142 "Supplemental Schedule - COGS Cost Budget per Unit Sales 'Cost of goods sold Gross profit Selling and administrative expenses Income from operations 7 Interest expense a Income before income taxes Income tax expense 0 Net Income 11 12 Supplemental Schedule - COGS Cost Budget per Unit Cost Element Quantity 14 Electrical sets direct materials: is Wheels - set of 4 direct materials 46 Metal parts direct materials: pounds 47 Canvas direct materials: yards 48 Direct labor hour Manufacturing overhead - machine hours hour so Total COGS Budget per Unit Unit Cost Total set set