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Cost System Choice, Budgeting, Variance Analysis, Product Costing, and Data Analytics for Dawson Dental Products The purpose of this iritegrated exerise is fo demonstrote how a chonge in the cout system's allocotion base can ressit in significontly different reported costs for product-costing purposes (e.g. the cast of various prodiut lines), os well as significantly different bidgeted cost for planning and control purposes (eg. flexible budgets and variance anatyses). Budgeting and Variance Analysis Using Only a Single Unit-Level Driver Lawson Dental Products produces two different dental instruments in its St. Louis plant: crown crimping polers and curved crown scissors. Amy Bunket, production manager, was upset with the latest pertormance report wisch indicated that she was $110,000 over the manufacturing budget. Civen the efforts that she and her workers had made, she was confident that they had met or beat the budget. Not only was she upset, but she was also genuinely puzzed by the results. Of the four major manufacturing inputs in the manufacturing cost budget (direct materials, direct labor, power, and setups), only the direct materials input was not over budget. The actual costs for these four inputs follow: Amy knew that her operation had produced more than originally had been planned so that more power and labor had naturally been used. She also knew that the uncertainty in scheduling had led to more setups than planned. When she pointed this out to Hector Comez, the plant controller, he assured her that the budgeted costs had been adjusted for the increase in production activity. Curious. Amy asked about the methods to make the adjustment Second, we predict what the costs should have been for the actual level of production activity for each item by using the actual direct labor hours. In your case, the actual direct labor hours used were 20,000 direct labor hours. Required: 1. Using the actual 20,000 direct labor hours, calculate what the costs should have been for each of the four manufacturing cost inputs. What are the total after-the-fact budgeted manufacturing costs? 2. Prepare a performance report using the flexible budget outcomes in Requirement 1. Does the report confitm that Arny is overbudget by the amount initially claimed? 3. Suppose that Hector indicated that the standard wage rate is $15 but that because of overtime it actually averaged $16 for the period being considered. Hector also indicated that the direct labor hours allowed for the actual output were 20,500 hours. a. Calculate the labor rate and efficiency variances. b. Explain the most likely cause(s) of these two variances. 4. Pefer to Exhibit 2.2. a. Which data analytic type or types best describe the calculation in Requirement 1? b. Consider Requirements 3a and 3b. Which dota analytic type(s) best describe these two requirements? Budgeting, Variance Analysis, and Product Costing: Multiple Drivers Considered After considering the explanations and analyses offered by Hector, the interaction between the two continued as follows. Amy: I think I see the problem. Power costs don't have a lot-to do with direct labor hours. They have more to do with machine hours, As production increases, machine hours increase, more rapidly than direct labor hours. Also... Hector: You know, you have a point. The coefficient of determination for power cost is only about 50%. That leaves a lot of unexplained cost variation. The coefficient for the labor and materials equations, however, is much better, It explains about 96% of the cost variation in each case. Setup costs, of course, are fixed. Hector: No, we assume that setup costs were fixed. I see now that some of them could vary as the number of setups increases. Amy, let me see if I can develop some flexible budgeting cost formulas based on better explanatory variables. I'll get back with you in a few days. After a few days' work, Hector developed the following flexible budget formulas, all with a coefficient of determination greater than 90% : Direct materials cost =$5X, where X= Direct labor hours Direct labor cost =$15X, where X= Direct labor hours Power cost =568,000+0.9Y, where Y= Machine hours Setup cost =$98,000+$400Z, where Z= Number of setups The actual measures for each of the activity drivers are as follows: 5. Using the newly developed formulas, calculate what the costs should have been for the actual measures of activity for each of the four manufacturing activities. What are the total after-the-fact budgeted manufacturing costs? How does this compare with the total expected costs calculated in Requirement 17 6. Prepare a performance report using the flexible budget outcomes in Requirement S. Does the report validate the concerns expressed by Amy about the traditional performance report? Explain. 7. Assume that the following activity usage is provided for each of the two products: a. Using the total budgeted costs calculated in Requirement 5 , calculate a manufacturing cost rate per direct labor hour and use this rate to assign the manufacturing costs to each product line. b. Using the budgeted costs for each activity calculated in Requirement 5 , calculate an activity rate for each of the four activities and use these rates to assign manufacturing costs to each product line, Round each rate calculation to the nearest dollar except for power rate; round it to the nearest cent c. Compare the product line cost assignments made in 9a and 9b. Which do you consider to be the more accurate? Explain. 8. Discuss the role of data analytics in the interaction between Amy and Hector. Cost System Choice, Budgeting, Variance Analysis, Product Costing, and Data Analytics for Dawson Dental Products The purpose of this iritegrated exerise is fo demonstrote how a chonge in the cout system's allocotion base can ressit in significontly different reported costs for product-costing purposes (e.g. the cast of various prodiut lines), os well as significantly different bidgeted cost for planning and control purposes (eg. flexible budgets and variance anatyses). Budgeting and Variance Analysis Using Only a Single Unit-Level Driver Lawson Dental Products produces two different dental instruments in its St. Louis plant: crown crimping polers and curved crown scissors. Amy Bunket, production manager, was upset with the latest pertormance report wisch indicated that she was $110,000 over the manufacturing budget. Civen the efforts that she and her workers had made, she was confident that they had met or beat the budget. Not only was she upset, but she was also genuinely puzzed by the results. Of the four major manufacturing inputs in the manufacturing cost budget (direct materials, direct labor, power, and setups), only the direct materials input was not over budget. The actual costs for these four inputs follow: Amy knew that her operation had produced more than originally had been planned so that more power and labor had naturally been used. She also knew that the uncertainty in scheduling had led to more setups than planned. When she pointed this out to Hector Comez, the plant controller, he assured her that the budgeted costs had been adjusted for the increase in production activity. Curious. Amy asked about the methods to make the adjustment Second, we predict what the costs should have been for the actual level of production activity for each item by using the actual direct labor hours. In your case, the actual direct labor hours used were 20,000 direct labor hours. Required: 1. Using the actual 20,000 direct labor hours, calculate what the costs should have been for each of the four manufacturing cost inputs. What are the total after-the-fact budgeted manufacturing costs? 2. Prepare a performance report using the flexible budget outcomes in Requirement 1. Does the report confitm that Arny is overbudget by the amount initially claimed? 3. Suppose that Hector indicated that the standard wage rate is $15 but that because of overtime it actually averaged $16 for the period being considered. Hector also indicated that the direct labor hours allowed for the actual output were 20,500 hours. a. Calculate the labor rate and efficiency variances. b. Explain the most likely cause(s) of these two variances. 4. Pefer to Exhibit 2.2. a. Which data analytic type or types best describe the calculation in Requirement 1? b. Consider Requirements 3a and 3b. Which dota analytic type(s) best describe these two requirements? Budgeting, Variance Analysis, and Product Costing: Multiple Drivers Considered After considering the explanations and analyses offered by Hector, the interaction between the two continued as follows. Amy: I think I see the problem. Power costs don't have a lot-to do with direct labor hours. They have more to do with machine hours, As production increases, machine hours increase, more rapidly than direct labor hours. Also... Hector: You know, you have a point. The coefficient of determination for power cost is only about 50%. That leaves a lot of unexplained cost variation. The coefficient for the labor and materials equations, however, is much better, It explains about 96% of the cost variation in each case. Setup costs, of course, are fixed. Hector: No, we assume that setup costs were fixed. I see now that some of them could vary as the number of setups increases. Amy, let me see if I can develop some flexible budgeting cost formulas based on better explanatory variables. I'll get back with you in a few days. After a few days' work, Hector developed the following flexible budget formulas, all with a coefficient of determination greater than 90% : Direct materials cost =$5X, where X= Direct labor hours Direct labor cost =$15X, where X= Direct labor hours Power cost =568,000+0.9Y, where Y= Machine hours Setup cost =$98,000+$400Z, where Z= Number of setups The actual measures for each of the activity drivers are as follows: 5. Using the newly developed formulas, calculate what the costs should have been for the actual measures of activity for each of the four manufacturing activities. What are the total after-the-fact budgeted manufacturing costs? How does this compare with the total expected costs calculated in Requirement 17 6. Prepare a performance report using the flexible budget outcomes in Requirement S. Does the report validate the concerns expressed by Amy about the traditional performance report? Explain. 7. Assume that the following activity usage is provided for each of the two products: a. Using the total budgeted costs calculated in Requirement 5 , calculate a manufacturing cost rate per direct labor hour and use this rate to assign the manufacturing costs to each product line. b. Using the budgeted costs for each activity calculated in Requirement 5 , calculate an activity rate for each of the four activities and use these rates to assign manufacturing costs to each product line, Round each rate calculation to the nearest dollar except for power rate; round it to the nearest cent c. Compare the product line cost assignments made in 9a and 9b. Which do you consider to be the more accurate? Explain. 8. Discuss the role of data analytics in the interaction between Amy and Hector