Refer to Exhibit 14.8 and the accompanying discussion in the text. EXHIBIT 14.8 A Detailed Comparison of
Question:
EXHIBIT 14.8
A Detailed Comparison of
Actual Variable Costs and Flexible-Budget Variable Costs
Demonstrate that the purchase-price variance for PVC during 2010 was$720U.
Transcribed Image Text:
SCHMIDT MACHINERY COMPANY October 2010 Product XV-1 Units Manufactured: 780 Actual Variable Costs Incurred Direct materials: Aluminunm 3,630 pounds* at $26 per pound 720 pounds at $41 per pound 3,510 hours at $42 per hour $94,380 29,520 PVC Direct labor Variable factory overhead Total variable cost of goods manufactured Variable selling and administrative expenses $123,900 147,420 40,630 S311,950 39,000 S350,950 Total variable costs incurred Flexible Budget for Variable Costs Direct materials: Aluminunm 780 units x 4 pounds x $25 = $78,000 PVC Direct labor Variable factory overhead Total standard variable cost of goods manufactured Variable selling and administrative expenses 780 units x 1 pound x $40 31,200 $109,200 156,000 46,800 S312,000 39,000 $351,000 780 units x 5 hours x $40 780 units x 5 hours x $12 Total flexible budget variable costs Flexible-Budget Variances Direct materials: $94,380 $78,000 $16,380UT Aluminum PVC 29,520 -31,2001,680F $14,700U 8,580F 6,170F $ 50F 47,420 156,000 Direct labor Variable factory overhead 40,630 46,800 Variable manufacturing cost flexible-budget variance Variable selling and administrative expense variance Variable cost flexible-budget variance (see Exhibit 14.6) $ 50F Assume that Ibs. purchased Ibs. used. U denotes an unfavorable varlance. F denotes a avorable varlance.
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Related Book For
Cost management a strategic approach
ISBN: 978-0073526942
5th edition
Authors: Edward J. Blocher, David E. Stout, Gary Cokins
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