PR 23-2B please

Chapter 23 Evaluating Variances from Standard Costs 1197 PR 23-2B Flexible budgeting and variance analysis Obj, 1, 2,3 I'm Really Cold Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made available: I'm Really Cold Coat Company does not expect there to be any beginning or ending inventories of filler and lining material. At the end of the budget year, I'm Really Cold Coat Company experienced the following actual results: The expected beginning inventory and desired ending inventory were realized. Instructions 1. Prepare the following variance analyses for both coats and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price, quantity, and total variance. b. Direct labor rate, time, and total variance. 2. Why are the standard amounts in part (1) based on the actual production at the end of the year instead of the planned production at the beginning of the year? PR 23-3B Direct materials, direct labor, and factory overhead Obj, 3,4 cost variance analysis Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 tires were as follows: Each tire requires 0.5 hour of direct labor: (Continued) A B b. 48 b. 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 712. 72 73 74 75 76 77 78 79 80 C D E F G H I J Women's Men's Coats Coats Total Rate variance: Actual rate Standard rate Variance Actual time Direct labor rate variance-(favorable) unfavorable Time variance Actual tiime Standard time Variance Standard rate Direct labor time variance-(favorable) unfavorable Total direct labor cost variance-(favorable) unfavorable Total direct labor cost variance: Actual cost Standard cost Total direct labor cost variance_-(favorable) unfavorable 2. [Key essay answer here]