pPlease answer all

Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The standard cost for one pool is as follows Standard Quantity or Standard Hours Standard Price or Rate Cost Direct materials 1.30 kilograms $5.80 per kilogram 5 6.50 Direct Labour 8.90 hours $5.00 per hour Variable manufacturing overhead 8.40 sachine-hours $4.88 per machine-hour 1.60 Total standard cost $12.60 The plant has been experiencing problems for some time, as is shown by its June income statement when it made and sold 15:00 pools; the normal volume is 15,250 pools per month. Fixed costs are allocated using machine-hours, Flexible Budgeted $ 453,800 Actual $ 453,000 199,260 20,100 210,360 242,640 206,893 20, 100 226,993 226, 207 Sales (15,100 pools) Less: Variable expenses: Variable cost of goods sold Variable selling expenses Total variable expenses Contribution margin Less: Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net income 131,200 84,560 215,560 $ 27,080 131.00 34,560 215 560 $ 10,447 *Contains direct materials, direct labour and variable manufacturing overhead. I manager of the Westwood Plant wants to get things under control. She needs information about the rahle rost of goods sold Durin leams 12. Chapter 11 Help Janet Dunn, the general manager of the Westwood Plant, wants to get things under control. She needs information about the operations in June since the income statement signalled that the problem could be due to the variable cost of goods sold Dunn loans the following about operations and costs in June. a 30,200 kilograms of materials were purchased at a cost of $3.90 per kilogram. 6. 24.600 kilograms of materials were used in production (Finished goods and work in process inventories are insignificant and can be ignored.) c. 11,600 direct labour hours were worked at a cost of $8 per hour d. Variable manufacturing overhead cost totaling $24,313 for the month was incurred A total of 5,930 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. Direct materials price and quantity variances. (Indicate the effect of each variance by selecting "F* for favourable. "U" for unfavourable, and "None" for no effectie.zero variance).) Material price variance Material quantity variance 3 b. Direct labour rate and efficiency variances, (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect i.e., zero variance).) Labour rate variance Labour officiency variance Book Stonces c. Variable overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (.e., rero variance).) Vanable overhead spending variance Variable overhead efficiency variance Chec 2-a. Summarize the variances you computed in part (1) by showing the net overall favourable or unfavourable variance for the month (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Net variance es 2-b. What impact did this figure have on the company's income statement? thereby net income by that amount This will cause the cost of Goods Sold to Module 12 - Chapter 11 Saved Help Save & EX Check my 3 3. Pick out the two most significant variances you computed in part (1). (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) 10 points ? Materials price variance ? Materials quantity variance eBook Print Labour rate variance References 2 Variable overhead efficiency varlance ? Variable overhead spending variance ? Labour efficiency variance 4. Compute the fixed overhead cost variances. (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Fixed overhead budget variance Fixed overhead volume variance 3 of 4 HE Next >