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8 7 A suit making company makes and sells mens suits The standard cost for a yard of material is $3.60 Each suit requires a standard of 4 yards per suit. In one month they made 4800 suits. Actual material purchased and used was 21,120 yards at a total cost of $70,752 Prepare the Material price (rate) and usage variances The suits take a standard of 1.6 labor hours to make The standard labor rate is $16 per hour. The 4800 suits they made cost $100,800 for direct labor Actual rate is $15 per hour Prepare the Labor rate and labor Qty (usage) variances 9 Below are the budget and actual income statements for 1 Qtr along with variance to budget. In the space create a flexible budget for the 800 unit level and calculate differences actual versus the flexible budget. Put the number and For U for Favorable or Unfavorable Budget Actual difference Flexible Budget difference Units Sales 1,000 800 800 Costs/Expenses Direct Material $ 3,000 $ 2,800 (200)| F Direct Labor 2,000 1,500 (500)| F Variable OH 1,000 750 (250)| F Variable Selling 1,500 1,400 (100) F Variable Admin 1,000 800 (200) F Fixed OH 2,000 2,100 100 U Fixed Selling 2,500 2,500 Fixed Admin 3,000 3,000 Total Costs/Expenses 16,000 14,850 (1,150) F U or F