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requirement 1 and 2 needed please Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as
requirement 1 and 2 needed please Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: "Contains direct materials, direct laboc, and variable manufacturing overhead. Janet Dunn, who has jst been appointed general manager of the Westwood Piant, has been given instructions to "get things under controt: Upon reviewing the plant's income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool: "Besed on mechine-hours. During June, the plant produced 3,000 pools and incurred the following costs: a. Purchesed 23,000 pounds of materials at a cost of $3.20 per pound. b. Used 8,800 pounds of moterials in production, (Finished goods and work in process inventories are insignificant and can be ignored) c. Worked 2,000 direct tabor-hours at a cost of $5.70 per hour. d. incumed varieble menufocturing overhend cost totaling $1,710 for the month. A total of 900 machine-hours was recorded. it is the company/s policy to close all variances to cost of goods sold on a monthly basis. Required: Th is the company's policy to close all vanances to cost or goods sold on a monthly basis. Required: 1. Compute the following varlances for June: a. Materials price and quantity variances. b. Labor rate and efficiency variances. E. Variable overthead rate and efficiency variances. 2. Summarize the variances that you computed in requirement 1 by showing the net overall favorable or unfavorable variance for the month. Complete this question by entering your answers in the tabs below. 1a. Compute the following variances for June, materials price and quantity variances. 1b. Compute the following variances for June, labor rate and effliency variances. 1c. Compute the following variances for June, variable overhead rate and efficiency variances. (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). Input all amounts as positive values.)
requirement 1 and 2 needed please
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