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*Exercise 23-15 Burte Corporation prepared the following variance report. Fill in the missing amounts or letters in the report. (Round price to 2 decimal places, e.g. 2.75.) Type of Materials Rogue11 Quantity Purchased lbs. Storm17 22,600 units $5.17 $ 5,200 oz. Beast29 BURTE CORPORATION Variance ReportPurchasing Department For Week Ended January 9, 2014 Actual Standard Price Price $0.41 Price Variance $5.02 $4,305 $3.20 $1,300 U $ $1,130 F Explanation Price increase Rush order Bought larger quantity Question Attempts: 0 of 3 used Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. *Problem 23-2A (part level submission) Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2014. Costs and Production Data Raw materials unit cost Raw materials units used Actual $4.40 11,300 Direct labor payroll $174,330 Manufacturing overhead incurred $215,520 Direct labor hours worked 14,900 Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Standard $4.26 10,650 $170,088 15,200 $218,880 42,000 $75,600 $3.00 $1.80 Overhead is applied on the basis of standard machine hours. 3.00 hours of machine time are required for each direct labor hour. The jobs were sold for $451,000. Selling and administrative expenses were $37,000. Assume that the amount of raw materials purchased equaled the amount used. *(a) Compute all of the variances for (1) direct materials and (2) direct labor. (Round answers to 0 decimal places, e.g. 125.) (1) Total materials variance Materials price variance $ $ Materials quantity variance $ (2) Total labor variance Labor price variance Labor quantity variance *(b) $ $ $ Attempts: 0 of 3 used The parts of this question must be completed in order. This part will be available when you complete the part above. *(c) The parts of this question must be completed in order. This part will be available when you complete the part above. Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. *Problem 23-4A (part level submission) Kansas Company uses a standard cost accounting system. In 2014, the company produced 27,800 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,360 direct labor hours. During the year, 130,400 pounds of raw materials were purchased at $0.91 per pound. All materials purchased were used during the year. *(a) If the materials price variance was $3,912 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound $ Attempts: 0 of 3 used *(b) The parts of this question must be completed in order. This part will be available when you complete the part above. *(c) The parts of this question must be completed in order. This part will be available when you complete the part above. *(d) The parts of this question must be completed in order. This part will be available when you complete the part above. *(e) The parts of this question must be completed in order. This part will be available when you complete the part above. *(f) The parts of this question must be completed in order. This part will be available when you complete the part above. *(g) The parts of this question must be completed in order. This part will be available when you complete the part above. *(h) The parts of this question must be completed in order. This part will be available when you complete the part above. *(i) The parts of this question must be completed in order. This part will be available when you complete the part above. Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. *Problem 23-5A (part level submission) Pace Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Pace Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.00 per tube) Direct labor (1 hour @ $31 per hour) Variable overhead (1 hour @ $6 per hour) Fixed overhead (1 hour @ $13 per hour) Total standard cost per test $ 2.00 31.00 6 13 $52.00 The lab does not maintain an inventory of test tubes. Therefore, the tubes purchased each month are used that month. Actual activity for the month of November 2014, when 1,500 tests were conducted, resulted in the following: Direct materials (3,030 test tubes) Direct labor (1,560 hours) Variable overhead $ 2,515 46,800 9,240 Fixed overhead 18,015 Monthly budgeted fixed overhead is $18,200. Revenues for the month were $102,000, and selling and administrative expenses were $4,070. *(a) Compute the price and quantity variances for direct materials and direct labor. Materials price variance $ Labor price variance $ Materials quantity variance $ Labor quantity variance $ Attempts: 0 of 3 used *(b) The parts of this question must be completed in order. This part will be available when you complete the part above. *(c) The parts of this question must be completed in order. This part will be available when you complete the part above. Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. Problem 23-5A A) Price and Quantity Variance Materials Price Variance Materials Quantity Variance Labor Price Variance Labor Quantity Variance $ $ $ $ 515 30 1,560 1,860 F U F U Problem 23-2A A) Direct Material and Direct Labor Variances 1 Total Material Variance Material Price Variance Materials Quantity Variance $ $ $ 4,351 U 1,582 U 2,769 U 2 Total Labor Variance Labor Price Variance Labor Quantity Variance $ $ $ 4,242 U 7,599 U 3,357 F Problem 23-4A A) Determining standard material price per pound Standard Materials price per pound $ 0.88 Exercise 23-15 A) Computing the missing amount Type of Materials Rogue 11 Storm 17 Beast 29 BURTE CORPORATION Variance Report - Purchasing Department For Week Ended January 9, 2014 Quantity Purchased Actual Price Standard Price 28,700 $ 5.17 $ 5.02 $ 5,200 $ 3.45 $ 3.20 $ 22,600 $ 0.41 $ 0.46 $ Price Variance 4,305 U 1,300 U 1,130 F Explanation Price Increase Rush Order Bought larger Quantity Problem 23-5A A) Price and Quantity Variance Materials Price Variance Materials Quantity Variance Labor Price Variance Labor Quantity Variance $ $ $ $ 515 30 1,560 1,860 F U F U B) Total Overhead Variance Total Overhead Variance $ 65 U Problem 23-2A A) Direct Material and Direct Labor Variances 1 Total Material Variance Material Price Variance Materials Quantity Variance $ $ $ 4,351 U 1,582 U 2,769 U 2 Total Labor Variance Labor Price Variance Labor Quantity Variance $ $ $ 4,242 U 7,599 U 3,357 F $ 3,360 U B) Total Overhead Variance Total Overhead Variance Problem 23-4A A) Determining standard material price per pound Standard Materials price per pound $ 0.94 Exercise 23-15 A) Computing the missing amount Type of Materials Rogue 11 Storm 17 Beast 29 BURTE CORPORATION Variance Report - Purchasing Department For Week Ended January 9, 2014 Quantity Purchased Actual Price Standard Price 28,700 $ 5.17 $ 5.02 $ 5,200 $ 3.45 $ 3.20 $ 22,600 $ 0.41 $ 0.46 $ Price Variance 4,305 U 1,300 U 1,130 F Explanation Price Increase Rush Order Bought larger Quantity Problem 23-5A A) Price and Quantity Variance Materials Price Variance Materials Quantity Variance Labor Price Variance Labor Quantity Variance $ $ $ $ 515 30 1,560 1,860 F U F U B) Total Overhead Variance Total Overhead Variance $ 305 F Problem 23-2A A) Direct Material and Direct Labor Variances 1 Total Material Variance Material Price Variance Materials Quantity Variance $ $ $ 4,351 U 1,582 U 2,769 U 2 Total Labor Variance Labor Price Variance Labor Quantity Variance $ $ $ 4,242 U 7,599 U 3,357 F $ 3,360 U B) Total Overhead Variance Total Overhead Variance C) Income Statement for Management AYALA CORPORATION Income Statement For the Month Ended June 30, 2014 Sales Revenue Cost of Goods Sold Gross Profit Variances: Material Price Material Quantity Labor Price Labor Quantity Overhead Total Variance - Favorable Gross Profit (Actual) Selling and Administrative Expenses Net Income $ $ $ $ $ $ $ $ 1,582.00 2,769 7,599 3,357 3,360 451,000 439,570 11,430 $ $ $ $ 11,953 U (523) 37,000 (37,523) U U U F U Problem 23-4A A) Determining standard material price per pound Standard Materials price per pound $ 0.94 B) Standard Material Quantity Standard Materials Quantity per unit 4.3 Exercise 23-15 A) Computing the missing amount Type of Materials Rogue 11 Storm 17 Beast 29 BURTE CORPORATION Variance Report - Purchasing Department For Week Ended January 9, 2014 Quantity Purchased Actual Price Standard Price 28,700 $ 5.17 $ 5.02 $ 5,200 $ 3.45 $ 3.20 $ 22,600 $ 0.41 $ 0.46 $ Price Variance 4,305 U 1,300 U 1,130 F Explanation Price Increase Rush Order Bought larger Quantity Exercise 22-2 A) Prepare a selling Expense Report Month January February March $ $ $ Budget 30,819.00 $ 35,291.00 $ 39,642.00 $ CREDE COMPANY Selling Expense Report For the Quarter Ending March 31 By Month Actual Difference 32,627.00 $ 1,808.00 U 34,672.00 $ 619.00 F 46,931.00 $ 7,289.00 U $ $ $ Budget 30,819.00 $ 66,110.00 $ 105,752.00 $ Year-to-Date Actual 32,627.00 $ 67,299.00 $ 114,230.00 $ Difference 1,808.00 U 1,189.00 U 8,478.00 U Exercise 22-5 A) Prepare a selling Expense Flexible Budget DEWITT COMPANY Monthly Selling Expense Flexible Budget For the year 2014 Activity Level Sales Variable Expenses Sales Commissions Advertising Travelling Delivery Total Variable Expenses Fixed Expenses Salaries Depreciation Insurance Total Fixed Expenses Total Expenses $ 166,400.00 $ 179,100.00 $ 191,800.00 $ 204,500.00 $ $ $ $ $ 13,312.00 6,656.00 4,992.00 3,328.00 28,288.00 $ $ $ $ $ 14,328.00 7,164.00 5,373.00 3,582.00 30,447.00 $ $ $ $ $ 15,344.00 7,672.00 5,754.00 3,836.00 32,606.00 $ $ $ $ $ 16,360.00 8,180.00 6,135.00 4,090.00 34,765.00 $ $ $ $ $ 34,627.00 7,209.00 1,699.00 43,535.00 71,823.00 $ $ $ $ $ 34,627.00 7,209.00 1,699.00 43,535.00 73,982.00 $ $ $ $ $ 34,627.00 7,209.00 1,699.00 43,535.00 76,141.00 $ $ $ $ $ 34,627.00 7,209.00 1,699.00 43,535.00 78,300.00 Exercise 22-9 A) Prepare a manufacturing overhead flexible Budget LOWELL COMPANY Manufacturing Overhead Flexible Budget Report For the Quarter Ending March 31, 2014 Budget Variable Costs Indirect Materials Indirect Labor Utilities Maintenance Total Variable Costs Fixed Costs Supervisory Salaries Depreciation Prop. Taxes & Insurance Maintenance Total Fixed Costs Total Costs Difference Favorable (F) Unfavorable (U) Neither Favorable nor Unfavorable (N) Actual $ $ $ $ $ 11,885 10,130 7,827 5,520 35,362 $ $ $ $ $ 15,388 9,343 9,140 5,106 38,977 $ $ $ $ $ 3,503 787 1,313 414 3,615 U F U F U $ $ $ $ $ $ 35,857 7,041 7,011 4,802 54,711 90,073 $ $ $ $ $ $ 35,857 7,041 8,654 4,802 56,354 95,331 $ $ $ $ $ $ 1,643 1,643 5,258 N N U N U U B) Responsibility report LOWELL COMPANY Manufacturing Overhead Responsibility Report For the Quarter Ending March 31, 2014 Controllable Costs Indirect Material Indirect Labor Utilities Maintenance Supervisor Salaries Budget $ $ $ $ $ $ Actual 11,885 10,130 7,827 5,520 35,857 71,219 $ $ $ $ $ $ 15,388 9,343 9,140 5,106 35,857 74,834 $ $ $ $ $ $ Difference Favorable (F) Unfavorable (U) Neither Favorable nor Unfavorable (N) 3,503 U 787 F 1,313 U 414 F - N 3,615 U I have changed the value of Cell D41, But so far as other parts are concerned I don't understand how is it possible that Cell D39 which is difference of Cell C 39 and B 39 is correct a Same is with Cell B 41 and C 41, I think it's the system error rect and Cell C39 and B 39 are incorrect. Exercise 22-15 A) Computing the missing amount Operating Data Contribution Margin Controllable Fixed Costs Controllable Margin Sales Variable Costs $ $ $ $ $ Women's Shoes 268,500 107,400 161,100 644,400 375,900 $ $ $ $ $ Men's Shoes 139,620 42,960 96,660 483,300 343,680 $ $ $ $ $ Children's Shoes 193,320 91,290 102,030 461,820 268,500 B) Responsibility report DEITZ INC Women's Shoe Division Responsibility Report For the Quarter Ending June 30, 2014 Budget Sales Less: Variable Cost Contribution Margin Controllable Fixed Costs Controllable Margin $ $ $ $ $ Actual 644,400 375,900 268,500 107,400 161,100 $ $ $ $ $ 644,400 386,640 257,760 107,400 150,360 $ $ $ $ $ Difference Favorable (F) Unfavorable (U) Neither Favorable nor Unfavorable (N) - N 10,740 U 10,740 U - N 10,740 U Hey Dacire, Here again there is some problem with the system. See the value for C24 is dependent on Value of B24 and as per the screenshot both are incorrect. But if you look more carefully the value of Cell B24 is taken from Cell B10 Which is correct. And because all the subsequent values like Controllable margin and contribution margin is dependent on these figure the system are showing them as incorrect. I think its system issue :( Exercise 22-3A A) Total Monthly Budget Cost Formula The Formula = $ 35,020 + Variable Costs of $ $ B) Flexible Budget Report HILL COMPANY Budget Report Assembling Department For the Month Ended August 31, 2014 Budget Units Variable Costs: Direct Materials Direct Labor Indirect Materials Indirect Labor Utilities Maintenance Total Variable Fixed Costs Rent Supervision Depreciation Total Fixed Total Costs Difference Favorable (F) Unfavorable (U) Neither Favorable nor Unfavorable (N) Actual 58,000 58,000 $ $ $ $ $ $ $ 46,980 55,680 27,260 19,140.00 19,140.00 6,960.00 175,160.00 $ $ $ $ $ $ $ 47,500 54,960 28,460 19,330.00 19,600.00 7,540.00 177,390.00 $ $ $ $ $ $ $ 520 720 1,200 190 460 580.00 2,230.00 U F U U U U U $ $ $ $ $ 10,350.00 17,140.00 7,530.00 35,020.00 210,180.00 $ $ $ $ $ 10,350.00 17,140.00 7,530.00 35,020.00 212,410.00 $ $ $ $ $ 2,230.00 N N N N U C) Flexible Budget Report HILL COMPANY Budget Report Assembling Department For the Month Ended September 30, 2014 Budget Units Variable Costs: Direct Materials Direct Labor Indirect Materials Indirect Labor Utilities Maintenance Total Variable Fixed Costs Rent Supervision Depreciation Total Fixed Total Costs Difference Favorable (F) Unfavorable (U) Neither Favorable nor Unfavorable (N) Actual 64,000 64,000 $ $ $ $ $ $ $ 51,840 61,440 30,080 21,120.00 21,120.00 7,680.00 193,280.00 $ $ $ $ $ $ $ 52,250 60,456 31,306 21,263 21,560 8,294 195,129.00 $ $ $ $ $ $ $ 410 984 1,226 143 440 614.00 1,849.00 U F U U U U U $ $ $ $ $ 10,350.00 17,140.00 7,530.00 35,020.00 228,300.00 $ $ $ $ $ 10,350.00 17,140.00 7,530.00 35,020.00 230,149.00 $ $ $ $ $ 1,849.00 N N N N U 3.02 Per Unit Exercise 22-5A A) Prepare a responsibility Report for the Home Division SUPPAN MANUFACTURING COMPANY Home Division Responsibility Report For the Quarter Ending March 31, 2014 Budget Sales Less: Variable Cost Variable Cost of Goods sold Variable Selling and Administrative Expenses Total Variable Cost Contribution Margin Less: Fixed Cost Fixed Cost of Goods sold Fixed Selling and Administrative Expenses Total Fixed Cost Net Income ROI $ Actual 1,299,990 $ 1,400,470 $ Difference Favorable (F) Unfavorable (U) Neither Favorable nor Unfavorable (N) 100,480 F $ $ $ $ 620,660 100,920 721,580 578,410 $ $ $ $ 675,160 125,920 801,080 599,390 $ $ $ $ 54,500 25,000 79,500 20,980 U U U F $ $ $ $ 169,390 80,500 249,890 328,520 16.4% $ $ $ $ 169,390 80,500 249,890 349,500 17.5% $ $ $ $ 20,980 1.0% N N N F F C) Expected ROI Expected ROI Variable Cost of goods sold is decreased by 6% Average Operating Assets are decreased by 11% Sales are increased by $199,160 and this increase is expected to increase contribution margin by $84,200 19.5% 19.6% 21.7% Problem 23-5A A) Price and Quantity Variance Materials Price Variance Materials Quantity Variance Labor Price Variance Labor Quantity Variance $ $ $ $ 515 30 1,560 1,860 F U F U B) Total Overhead Variance Total Overhead Variance $ 2,385 F Problem 23-2A A) Direct Material and Direct Labor Variances 1 Total Material Variance Material Price Variance Materials Quantity Variance $ $ $ 4,351 U 1,582 U 2,769 U 2 Total Labor Variance Labor Price Variance Labor Quantity Variance $ $ $ 4,242 U 7,599 U 3,357 F $ 3,360 U B) Total Overhead Variance Total Overhead Variance C) Income Statement for Management AYALA CORPORATION Income Statement For the Month Ended June 30, 2014 Sales Revenue Cost of Goods Sold Gross Profit Variances: Material Price Material Quantity Labor Price Labor Quantity Overhead Total Variance - Favorable Gross Profit (Actual) Selling and Administrative Expenses Net Income $ $ $ $ $ $ $ $ 1,582.00 2,769 7,599 3,357 3,360 451,000 434,337 16,663 $ $ $ $ 5,233 U 11,430 37,000 (25,570) U U U F F Problem 23-4A A) Determining standard material price per pound Standard Materials price per pound $ 0.94 B) Standard Material Quantity Standard Materials Quantity per unit 4.3 C) Standard Hours Allowed Standard Hours allowed are 44,480 Exercise 23-15 A) Computing the missing amount Type of Materials Rogue 11 Storm 17 Beast 29 BURTE CORPORATION Variance Report - Purchasing Department For Week Ended January 9, 2014 Quantity Purchased Actual Price Standard Price 28,700 $ 5.17 $ 5.02 $ 5,200 $ 3.45 $ 3.20 $ 22,600 $ 0.41 $ 0.46 $ Price Variance 4,305 U 1,300 U 1,130 F Explanation Price Increase Rush Order Bought larger Quantity