Please see attached document for questions and pictures of what answers are required. Please answer all parts. Work does not need to be shown, just fill in the correct slots for each answer.

Boyne University offers an extensive continuing education program in many cities throughout the state. For the convenience of its faculty and administrative staff and to save costs, the university operates a motor pool. The motor pool's monthly planning budget is based on operating 15 vehicles; however, for the month of March the university purchased one additional vehicle. The motor pool furnishes gasoline, oil, and other supplies for its automobiles. A mechanic does routine maintenance and minor repairs. Major repairs are performed at a nearby commercial garage. The following cost control report shows actual operating costs for March of the current year compared to the planning budget for March. Miles Autos Gasoline Oil, minor repairs, parts Outside repairs Insurance Salaries and benefits Vehicle depreciation Total Boyne University Motor Pool Cost Control Report For the Month Ended March 31 March Planning (Over) Under Actual Budget Budget 56,900 48,900 16 15 $ 9,200 $ 8,313 $ (887) 3,275 2,934 (341) $ 635 1,110 8,610 450 990 8,610 (185) (120) 0 3,056 2,865 (191) 25,886 $ 24,162 $ (1,724) The planning budget was based on the following assumptions: a. $0.17 per mile for gasoline. b. $0.06 per mile for oil, minor repairs, and parts. c. $30 per automobile per month for outside repairs. d. $66 per automobile per month for insurance. e. $8,610 per month for salaries and benefits. f. $191 per automobile per month for depreciation. The supervisor of the motor pool is unhappy with the report, claiming it paints an unfair picture of the motor pool's performance. Required: 1. Complete the performance report for March based on a flexible budget that shows spending variances. (Round "per mile" answers to 2 decimal places. 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.) You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and \"do what you can to help us get better control of our manufacturing overhead costs.\" You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Cost Formula Utilities $16,500 plus $0.20 per machine-hour Maintenance $38,200 plus $2.00 per machine-hour Supplies $0.30 per machine-hour Indirect labor $94,400 plus $1.30 per machine-hour Depreciation $68,300 Actual Cost in March $ 23,100 $ 80,000 $ 7,000 $126,500 $ 70,000 During March, the company worked 22,000 machine-hours and produced 16,000 units. The company had originally planned to work 24,000 machine-hours during March. Required: 1. Complete the report showing the activity variances for March. (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.) 2. Complete the report showing the spending variances for March. (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.) Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($365.00q) $ Expenses: Wages and salaries ($8,000 + $125.00q) Supplies ($3.00q) 100 36,500 20,500 300 Equipment rental ($1,800 + $32.00q) Insurance ($3,400) Miscellaneous ($630 + $1.80q) 5,000 3,400 810 Total expense Net operating income 30,010 $ 6,490 Required: During May, the company's activity was actually 105 diving-hours. Complete the following flexible budget for that level of activity. Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 8,000 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) Revenue ($4.00q) $ Expenses: Packing supplies ($0.50q) Oyster bed maintenance ($3,200) Wages and 8,000 32,000 4,000 3,200 5,300 salaries ($2,900 + $0.30q) Shipping ($0.80q) Utilities ($830) Other ($450 + $0.05q) 6,400 830 850 Total expense 20,580 Net operating income $ 11,420 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds Revenue 8,000 $ Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other 4,200 3,100 5,640 6,950 810 980 Total expense Net operating income 35,200 21,680 $ 13,520 Required: Compute the company's revenue and spending 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.) Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Results Budget Flights (q) Reven ue ($320.0 0q) Expen ses: Wa ges and salaries ($4,000 + $82.00q ) Fue l ($23.00 q) Airp ort fees ($650 + $38.00q Planning Budget 48 48 50 $ 13,650 $ 15,360 $ 16,000 8,430 7,936 8,100 1,260 1,104 1,150 2,350 2,474 2,550 ) Airc raft deprecia tion ($7.00q) Offi ce expense s ($190 + $2.00q) Total expense Net operatin g income $ 336 336 350 460 286 290 12,836 12,136 12,440 814 $ 3,224 $ 3,560 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Complete the flexible budget performance report abstract for July. (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.) You have recently accepted a position with Vitex, Inc., the manufacturer of a popular consumer product. During your first week on the job, the vice president has been favorably impressed with your work. She has been so impressed, in fact, that yesterday she called you into her office and asked you to attend the executive committee meeting this morning for the purpose of leading a discussion on the variances reported for last period. Anxious to favorably impress the executive committee, you took the variances and supporting data home last night to study. On your way to work this morning, the papers were laying on the seat of your new, red convertible. As you were crossing a bridge on the highway, a sudden gust of wind caught the papers and blew them over the edge of the bridge and into the stream below. You managed to retrieve only one page, which contains the following information: Standard Cost Card Direct materials, 2.20 pounds at $16.70 per pound Direct labor, 1.00 direct labor-hours at $15.50 per direct labor-hour Variable manufacturing overhead, 1.00 direct labor-hours at $9.30 per direct labor-hour Direct materials Direct labor Variable manufacturing overhead * Total Standard Cost* $ 698,060 $ 294,500 $ 176,700 $ 36.74 $ 15.50 $ 9.30 Variances Reported Price Quantity or or Rate Efficiency $12,702 F $33,400 U $ 4,000 U $15,500 U $ 4,400 F $ ? U Applied to Work in Process during the period. Entry obliterated. You recall that manufacturing overhead cost is applied to production on the basis of direct labor-hours and that all of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored. It is now 8:30 a.m. The executive committee meeting starts in just one hour; you realize that to avoid looking like a bungling fool you must somehow generate the necessary \"backup\" data for the variances before the meeting begins. Without backup data it will be impossible to lead the discussion or answer any questions. Required: 1. How many units were produced last period? 2. How many pounds of direct material were purchased and used in production? 3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.) 4. How many actual direct labor-hours were worked during the period? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.) 6. How much actual variable manufacturing overhead cost was incurred during the period? Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Standard Quantity or Hours Direct materials ? Direct labor ? Variable manufacturing overhead ? Standard Price or Rate $6.00 per yard ? $2 per direct labor-hour Total standard cost Standard Cost $? ? ? $? Overhead is applied to production on the basis of direct labor-hours. During March, 640 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance Materials Used $14,592 $12,710 ? $ 660 U Direct Labor $8,064 ? Variable Manufacturing Overhead $1,536 $84 ? ? ? ? *For the month's production. The following additional information is available for March's production: Actual direct labor-hours Standard overhead rate per direct labor-hour Difference between standard and actual cost per backpack produced during March Required: 1. What is the standard cost of a single backpack? 980 $2.00 $0.20 F 2. What was the actual cost per backpack produced during March? (Round your answers to 2 decimal places.) 3. How many yards of material are required at standard per backpack? 4. What was the materials price variance for March if there were no beginning or ending inventories of materials? (Do not round 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).) 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? (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)) 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? (Do not round 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)) 8. Prepare a standard cost card for one backpack. (Round your answers to 2 decimal places.) Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer, the order is forwarded to Logistics Solutions, which pulls the item from storage, packs it, and ships it to the customer. The company uses a predetermined variable overhead rate based on direct labor-hours. In the most recent month, 120,000 items were shipped to customers using 2,300 direct labor-hours. The company incurred a total of $7,360 in variable overhead costs. According to the company's standards, 0.02 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.25 per direct labor-hour. Required: 1. According to the standards, what variable overhead cost should have been incurred to fill the orders for the 120,000 items? How much does this differ from the actual variable overhead cost? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round labor-hours per item and overhead cost per hour to 2 decimal places.) 2. Break down the difference computed in (1) above into a variable overhead rate variance and a variable overhead efficiency variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company's products, a football helmet for the North American market, requires a special plastic. During the quarter ending June 30, the company manufactured 35,000 helmets, using 22,500 kilograms of plastic. The plastic cost the company $171,000. According to the standard cost card, each helmet should require 0.6 kilograms of plastic, at a cost of $8 per kilogram. Required: 1. According to the standards, what cost for plastic should have been incurred to make 35,000 helmets? How much greater or less is this than the cost that was incurred? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round Standard kilograms of plastic per helmet to 1 decimal place.) 2. Break down the difference computed in (1) above into a materials price variance and a materials quantity variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 6 microns per toy at $0.50 per micron Direct labor: 1.3 hours per toy at $8 per hour During July, the company produced 3,000 Maze toys. Production data for the month on the toy follow: Direct materials: 25,000 microns were purchased at a cost of $0.48 per micron. 5,000 of these microns were still in inventory at the end of the month. Direct labor: 4,000 direct labor-hours were worked at a cost of $36,000. Required: 1. Compute the following variances for July: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) The materials price and quantity variances. a. The labor rate and efficiency variances. b