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 311 300 Budgeted diving-hours (g) Revenue ($470.00g) $ 141,000 Expensest 49,100 Nages and salaries ($11,900+ $124.00g) Supplies ($4.00g) 1,200 + 9,800 Equipment rental ($2,300 $25.00g) Insurance ($3,800) 3,800 954 Miscellaneous ($510+ $1.48g) Total expense 64,854 Net operating income $ 76,146 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,100 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Plexible Budget For the Month Ended August 31 7,100 Actual pounds (g) Revenue ($4.25g) $ 30,175 Expenses Packing supplies (50.40g) 2,840 3,500 Oyster bed maintenance ($3,500) Wages and salaries ($2,000 $0.25g) Shipping ($0.65g) 3,775 4,615 Utilities ($1,260) 1,260 571 Other ($500+ $0.01g) Total expense 16,561 $ 13,614 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7.100 Revenue $ 27,000 Expenses Packing supplies. 3,010 3,360 Oyster bed maintenance Wages and salaries 4,185 4,345 shipping Utilities 1,070 Other 1,191 Total expense 17,161 Net operating income $9,839 Required: Calculate 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.) Quilcene Oysteria Revenue and Spending Variances For the Month Ended August 31 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expense Net operating income 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 3,500 helmets, using 2,345 kilograms of plastic. The plastic cost the company $17,822. According to the standard cost card, each helmet should require 0.60 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,500 helmets? 2. What is the standard materials cost allowed (SQ SP) to make 3,500 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. Standard quantity of kilograms allowed 2. Standard cost allowed for actual output 3. Materials spending variance 4. Materials price variance 4. Materials quantity variance SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 6,300 of these meals using 1,800 direct labor-hours. The company paid its direct labor workers a total of $18,000 for this work, or $10.00 per hour. According to the standard cost card for this meal, it should require 0.30 direct labor-hours at a cost of $9.20 per hour. Required: 1. What is the standard labor-hours allowed (SH) to prepare 6,300 meals? 2. What is the standard labor cost allowed (SHSR) to prepare 6,300 meals? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? (For requirements 3 and 4, 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. Do not round intermediate calculations.) 1. Standard labor-hours allowed 2. Standard labor cost allowed 3. Labor spending variance 4. Labor rate variance 4. Labor efficiency variance 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, 200,000 items were shipped to customers using 8,900 direct labor-hours. The company incurred a total of $32,040 in variable overhead costs. According to the company's standards, 0.03 direct labor-hours are required to fulfill an order for one item and the variable overhead rate is $3.65 per direct labor-hour Required: 1. What is the standard labor-hours allowed (SH) to ship 200,000 items to customers? 2. What is the standard variable overhead cost allowed (SH SR) to ship 200,000 items to customers? 3. What is the variable overhead spending variance? 4. What is the variable overhead rate variance and the variable overhead efficiency variance? (For requirements 3 and 4, 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. Do not round intermediate calculations.) 1. Standard quantity of labor-hours allowed 2. Standard variable overhead cost allowed 3. Variable overhead spending variance 4. Variable overhead rate variance 4. Variable overhead efficiency variance Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials-X442 and Y661. The company uses a standard cost system, with the following standards for each product (on a per unit basis): Standard Labor Tine Raw Material 7661 2.4 liters X442 1.8 kilos Product Alphas Sata? Sintering 0.20 hours Finishing 1.20 hours 0.80 hours 4.4 kilos 4.4 liters 0.40 hours Information relating to materials purchased and materials used in production during May follows: Material Purchases 15,100 kilos Purchase Cont $40,770 22,540 Standard Price $2.50 per kilo Used in Production 9,500 kilos 14,100 liters X442 7661 16,100 liters $ 1.50 per liter The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $21.50 per hour in Finishing During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $30,680, and 2,950 direct labor-hours were worked in Finishing at a total labor cost of $69,560. d. Production during May was 1,700 Alpha6s and 1,550 Zeta7s. Required: 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor 2. Compute the materials price and quantity variances for each material. 3. Compute the labor rate and efficiency variances for each operation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. (Round your answers to 2 decimal places) Standard Quantity or Hours Standard Price or Rate Standard Cost Alpha Direct materials-X442 kilos per klo Direct materials-Y661 liters per ter hours per hour hours Direct labor-Sintering Direct labor-Finishing Total Zeta7: per hour Direct materials-X442 kilos per kilo Direct materials-Y661 ters per liter hours per hour Direct labor-Sintering Direct labor-Finishing hours per hour Total THE Required 2 > Problem 9-21 (Algo) Multiple Products, Materials, and Processes [LO9-4, LO9-5] Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials-X442 and Y661. The company uses a standard cost system, with the following standards for each product (on a per unit basis): Standard Labor Tine Raw Material 3442 7661 1.8 kilos 2.4 liters Sintering Product Alpha leta? Finishing 0.20 hours 1.20 hours 4.4 kilom 4.4 liters 0.40 hours 0.00 hours Information relating to materials purchased and materials used in production during May follows: Purchase Cost Material Purchases 15,100 kilos 16,100 liters $ 22,540 Standard Price. $ 2.50 per kilo Used in Production 9,600 kilos X442 $ 40,770 7661 $1.50 per liter 14,100 liters The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $21.50 per hour in Finishing. c. During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $30,680, and 2,960 direct labor-hours were worked in Finishing at a total labor cost of $69,560. d. Production during May was 1,700 Alpha6s and 1,550 Zeta7s. Required: 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor 2. Compute the materials price and quantity variances for each material. 3. Compute the labor rate and efficiency variances for each operation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the materials price and quantity variances for each material. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Direct Materials Variances-Material X442: Materials price variance Materials quantity variance Direct Materials Variances-Material Y661: Materials price variance Materials quantity variance Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials-X442 and Y661. The company uses a standard cost system, with the following standards for each product (on a per unit basis): Raw Material Standard Labor Time Product Y661 X442 1.8 kilos Sintering 0.20 hours Finishing 1.20 hours 2.4 liters Alphab Teta7 4.4 kilos 4.4 liters 0.40 hours 0.80 hours Information relating to materials purchased and materials used in production during May follows: Purchase Cost Used in Production Material Standard Price Purchases 15,100 kilos X442 $ 2.50 per kilo $ 40,770 16,100 liters $ 22,540 9,600 kilos 14,100 liters. Y661 $ 1.50 per liter The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $22.00 per hour in Sintering and $21.50 per hour in Finishing. c. During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $30,680, and 2,960 direct labor-hours were worked in Finishing at a total labor cost of $69,560. d. Production during May was 1,700 Alpha6s and 1,550 Zeta7s. Required: 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. 2. Compute the materials price and quantity variances for each material. 3. Compute the labor rate and efficiency variances for each operation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the labor rate and efficiency variances for each operation. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (Le., zero variance). Input all amounts as positive values.) Direct Labor Variances-Sintering: Labor rate variance Labor efficiency variance Direct Labor Variances-Finishing: Labor rate variance Labor efficiency variance