Swifty Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 1.700 kits was prepared for the year. Fived operating expenses account for 68% of total operating expenses at this level of sales. Sales Cost of goods sold (all variable) Gross margin Operating expenses Operating income $ 85,000 51,000 34,000 29.750 $ 4,250 Assume that during the year Swifty Sports actually sold 1,785 volleyball kits during the year at a price of $41 per kit Calculate the sales price variance. Of variance is zero, select "Not Applicable and enter for the amounts.) Sales price variances urrent Attempt in Progress Sheridan Gold manufactures award medals. In August, Sheridan produced 6,100 medals, 100 more than expected. During the month, the company purchased 1,100 ounces of gold for $869,000. The standard price for the gold is $800 per ounce. The company actually used 1,000 ounces of gold for production, Calculate Sheridan's direct materials price variance for the month. (if variance is zero, select "Not Applicable and enter for the amounts.) Direct material price variance Current Attempt in Progress Coronado, Inc., makes high-quality swimsuits. During the year, the company produced 780 suits, using 1,062 yards of material, and the company purchased 918 yards of material for $4,784. The direct materials standard for the swimsuits allows 1.28 yards of material at a standard price of $4 per yard. Calculate Coronado's direct materials quantity variance for the year. (1/ variance is zero, select "Not Applicable and enter for the amounts. Round answer too decimal places, s. 15.) Direct material quantity variance Current Attempt in Progress Crane Products embosses notebooks with school and corporate logos. Last year, the company's direct labor payroll totaled $350,000 for 50.000 direct labor hours, The standard wage rate is $6.60 per direct labor hour. Calculate Crane's direct labor rate variance. (Round answer to decimal places, eg. 125. If variance is zero, select "Not Applicable and enter for the amounts.) Direct labor rate variance Waterway Family Instruments makes cellos. During the past year, the company made 6,380 cellos even though the budget planned for only 5,580. The company paid its workers an average of $15 per hour, which was $1 higher than the standard labor rate. The production manager budgets four direct labor hours per cello. During the year, a total of 24,790 direct labor hours were worked. (a) Calculate the direct labor rate and efficiency variances. (of variance is zero, select "Not Applicable and enter for the amounts.) Direct labor rate variance Direct labor efficiency variance $ Swifty Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 1.700 kits was prepared for the year. Fived operating expenses account for 68% of total operating expenses at this level of sales. Sales Cost of goods sold (all variable) Gross margin Operating expenses Operating income $ 85,000 51,000 34,000 29.750 $ 4,250 Assume that during the year Swifty Sports actually sold 1,785 volleyball kits during the year at a price of $41 per kit Calculate the sales price variance. Of variance is zero, select "Not Applicable and enter for the amounts.) Sales price variances urrent Attempt in Progress Sheridan Gold manufactures award medals. In August, Sheridan produced 6,100 medals, 100 more than expected. During the month, the company purchased 1,100 ounces of gold for $869,000. The standard price for the gold is $800 per ounce. The company actually used 1,000 ounces of gold for production, Calculate Sheridan's direct materials price variance for the month. (if variance is zero, select "Not Applicable and enter for the amounts.) Direct material price variance Current Attempt in Progress Coronado, Inc., makes high-quality swimsuits. During the year, the company produced 780 suits, using 1,062 yards of material, and the company purchased 918 yards of material for $4,784. The direct materials standard for the swimsuits allows 1.28 yards of material at a standard price of $4 per yard. Calculate Coronado's direct materials quantity variance for the year. (1/ variance is zero, select "Not Applicable and enter for the amounts. Round answer too decimal places, s. 15.) Direct material quantity variance Current Attempt in Progress Crane Products embosses notebooks with school and corporate logos. Last year, the company's direct labor payroll totaled $350,000 for 50.000 direct labor hours, The standard wage rate is $6.60 per direct labor hour. Calculate Crane's direct labor rate variance. (Round answer to decimal places, eg. 125. If variance is zero, select "Not Applicable and enter for the amounts.) Direct labor rate variance Waterway Family Instruments makes cellos. During the past year, the company made 6,380 cellos even though the budget planned for only 5,580. The company paid its workers an average of $15 per hour, which was $1 higher than the standard labor rate. The production manager budgets four direct labor hours per cello. During the year, a total of 24,790 direct labor hours were worked. (a) Calculate the direct labor rate and efficiency variances. (of variance is zero, select "Not Applicable and enter for the amounts.) Direct labor rate variance Direct labor efficiency variance $