Tabular approch in excel please.

textbook: Managerial Accounting 16e Garrison Noreen Brewer

PROBLEM 10-15 Comprehensive Variance Analysis LO10-1, LO10-2, LO10-3 Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. been experiencing problems as shown by its June contrib The plant has ution format income statement below Flexible Actual Budget $675,000 $675,000 435,000 461,890 Sales (15,000 pools). Variable expenses Variable cost of goods sold* 20,000 20,000 455,000 220,000 Total variable expenses . 481,890 193,110 Fixed expenses: 130,000 84,000 130,000 Selling and administrative. 84,000 Total fixed expenses Net operating income (loss). Contains direct materials, direct labor, and variable manufacturing overhead 214,000 214,000 $ 6,000 (20,890) Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to "get things under control." Upon reviewing the plant's income statement, Ms. Dunn Standard Costs and Variances has concluded that the major proble with the following standard cost per swimming pool: m lies in the variable cost of goods sold. She has been provided Standard Quantity Standard Price Standard or Hours or Rate Cost $15.00 12.80 Direct materials... 3.0 pounds 0.8 hours 0.4 hours $5.00 per pound $16.00 per hour $3.00 per hour Variable manufacturing overhead Total standard cost per unit. . . . . . . . Based on machine-hours 1.20 .. $29.00 During June the plant produced 15,000 pools and incurred the following costs: Purchased 60,000 pounds of materials at a cost of $4.95 per pound. Used ries are insignificant and can be ignored.) Worked 11,800 direct labor-hours at a cost of $17.00 per hour. Incurred variable manufacturing overhead cost totaling S18,290 for the month. A total of 5,900 machine-hours was recorded. It is the company's policy to close all variances to cost of goods sold on a monthly basis a. b. 49,200 pounds of materials in production. (Finished goods and work in process invento- c. d. Required 1. Compute the following variances for June: Materials price and quantity variances. Labor rate and efficiency variances Variable overhead rate and efficiency variances a. b. c. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month. What impact did this figure have on the company's income statement? Show computations. Pick out the two most significant variances that you computed in (1) above. Explain to Ms. Dunn possible causes of these variances. 2. 3