REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for...

  

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REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for 2021 (3 points). Sales price variance (1 point) Sales volume variance based on contribution margin (I point) Material price variance for fiberglass resin based on gallons purchased. (1 point) Determine 1) 2) 3) 4) 5) Material quantity variance for fiberglass resin. (1 point) 6) 7) 8) 9) Direct labor price variance. (1 point) Direct labor efficiency variance. (1 point) Variable manufacturing overhead flexible budget variance. (1 point) Fixed manufacturing overhead budget variance. (1 point) Direct material: Poly blank core I @ $125.00 Fiberglass resin 1.25 gallons @ S60/gallon Gel coat % gallon @ $80/gallon Direct labor: 4 hours @s 40.00/hour Variable manufacturing overhead: $4.00/direct labor hour Budgeted fixed manufacturing overhead: $125.00/surfboard $ 75/surfboard $40.00/surfboard $160.00/surfboard $ 16.00/surfboard S175,000 per year Budgeted production and sales Budgeted selling price Other Information: Budgeted Variable Selling and Administrative costs: Shipping Commissions (4% of selling price) 600 surfboards $1,250/surfboard $40 per surfboard $50 per surfboard Budgeted Fixed Selling and Administrative costs S120,000 per year The following actual results occurred during 2021: Actual units produced and sold = 575 units Actual selling price = $1,240.00/surfboard 750 gallons of Fiberglass resin were purchased costing $48,750 were purchased and 690 gallons were used in production. 580 poly blank cores costing $75,400 were purchased and used in production. 290 gallons of gel coat were purchased costing $22,620 were purchased and 276 gallons were used in production. Direct labor cost for 2021 was $89,585 and 2,185 hours were worked during the year. Actual manufacturing overhead costs incurred in 2021 were: $ 9,545 173,000 $182,545 Variable manufacturing overhead - Fixed manufacturing overhead = Total Actual Selling and administrative costs incurred in 2021 were: Shipping costs Commissions $ 24,150 $31,850 Fixed Selling and Administrative $ 98,000 REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for 2021 (3 points). Sales price variance (1 point) Sales volume variance based on contribution margin (I point) Material price variance for fiberglass resin based on gallons purchased. (1 point) Determine 1) 2) 3) 4) 5) Material quantity variance for fiberglass resin. (1 point) 6) 7) 8) 9) Direct labor price variance. (1 point) Direct labor efficiency variance. (1 point) Variable manufacturing overhead flexible budget variance. (1 point) Fixed manufacturing overhead budget variance. (1 point) Direct material: Poly blank core I @ $125.00 Fiberglass resin 1.25 gallons @ S60/gallon Gel coat % gallon @ $80/gallon Direct labor: 4 hours @s 40.00/hour Variable manufacturing overhead: $4.00/direct labor hour Budgeted fixed manufacturing overhead: $125.00/surfboard $ 75/surfboard $40.00/surfboard $160.00/surfboard $ 16.00/surfboard S175,000 per year Budgeted production and sales Budgeted selling price Other Information: Budgeted Variable Selling and Administrative costs: Shipping Commissions (4% of selling price) 600 surfboards $1,250/surfboard $40 per surfboard $50 per surfboard Budgeted Fixed Selling and Administrative costs S120,000 per year The following actual results occurred during 2021: Actual units produced and sold = 575 units Actual selling price = $1,240.00/surfboard 750 gallons of Fiberglass resin were purchased costing $48,750 were purchased and 690 gallons were used in production. 580 poly blank cores costing $75,400 were purchased and used in production. 290 gallons of gel coat were purchased costing $22,620 were purchased and 276 gallons were used in production. Direct labor cost for 2021 was $89,585 and 2,185 hours were worked during the year. Actual manufacturing overhead costs incurred in 2021 were: $ 9,545 173,000 $182,545 Variable manufacturing overhead - Fixed manufacturing overhead = Total Actual Selling and administrative costs incurred in 2021 were: Shipping costs Commissions $ 24,150 $31,850 Fixed Selling and Administrative $ 98,000 REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for 2021 (3 points). Sales price variance (1 point) Sales volume variance based on contribution margin (I point) Material price variance for fiberglass resin based on gallons purchased. (1 point) Determine 1) 2) 3) 4) 5) Material quantity variance for fiberglass resin. (1 point) 6) 7) 8) 9) Direct labor price variance. (1 point) Direct labor efficiency variance. (1 point) Variable manufacturing overhead flexible budget variance. (1 point) Fixed manufacturing overhead budget variance. (1 point) Direct material: Poly blank core I @ $125.00 Fiberglass resin 1.25 gallons @ S60/gallon Gel coat % gallon @ $80/gallon Direct labor: 4 hours @s 40.00/hour Variable manufacturing overhead: $4.00/direct labor hour Budgeted fixed manufacturing overhead: $125.00/surfboard $ 75/surfboard $40.00/surfboard $160.00/surfboard $ 16.00/surfboard S175,000 per year Budgeted production and sales Budgeted selling price Other Information: Budgeted Variable Selling and Administrative costs: Shipping Commissions (4% of selling price) 600 surfboards $1,250/surfboard $40 per surfboard $50 per surfboard Budgeted Fixed Selling and Administrative costs S120,000 per year The following actual results occurred during 2021: Actual units produced and sold = 575 units Actual selling price = $1,240.00/surfboard 750 gallons of Fiberglass resin were purchased costing $48,750 were purchased and 690 gallons were used in production. 580 poly blank cores costing $75,400 were purchased and used in production. 290 gallons of gel coat were purchased costing $22,620 were purchased and 276 gallons were used in production. Direct labor cost for 2021 was $89,585 and 2,185 hours were worked during the year. Actual manufacturing overhead costs incurred in 2021 were: $ 9,545 173,000 $182,545 Variable manufacturing overhead - Fixed manufacturing overhead = Total Actual Selling and administrative costs incurred in 2021 were: Shipping costs Commissions $ 24,150 $31,850 Fixed Selling and Administrative $ 98,000 REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for 2021 (3 points). Sales price variance (1 point) Sales volume variance based on contribution margin (I point) Material price variance for fiberglass resin based on gallons purchased. (1 point) Determine 1) 2) 3) 4) 5) Material quantity variance for fiberglass resin. (1 point) 6) 7) 8) 9) Direct labor price variance. (1 point) Direct labor efficiency variance. (1 point) Variable manufacturing overhead flexible budget variance. (1 point) Fixed manufacturing overhead budget variance. (1 point) Direct material: Poly blank core I @ $125.00 Fiberglass resin 1.25 gallons @ S60/gallon Gel coat % gallon @ $80/gallon Direct labor: 4 hours @s 40.00/hour Variable manufacturing overhead: $4.00/direct labor hour Budgeted fixed manufacturing overhead: $125.00/surfboard $ 75/surfboard $40.00/surfboard $160.00/surfboard $ 16.00/surfboard S175,000 per year Budgeted production and sales Budgeted selling price Other Information: Budgeted Variable Selling and Administrative costs: Shipping Commissions (4% of selling price) 600 surfboards $1,250/surfboard $40 per surfboard $50 per surfboard Budgeted Fixed Selling and Administrative costs S120,000 per year The following actual results occurred during 2021: Actual units produced and sold = 575 units Actual selling price = $1,240.00/surfboard 750 gallons of Fiberglass resin were purchased costing $48,750 were purchased and 690 gallons were used in production. 580 poly blank cores costing $75,400 were purchased and used in production. 290 gallons of gel coat were purchased costing $22,620 were purchased and 276 gallons were used in production. Direct labor cost for 2021 was $89,585 and 2,185 hours were worked during the year. Actual manufacturing overhead costs incurred in 2021 were: $ 9,545 173,000 $182,545 Variable manufacturing overhead - Fixed manufacturing overhead = Total Actual Selling and administrative costs incurred in 2021 were: Shipping costs Commissions $ 24,150 $31,850 Fixed Selling and Administrative $ 98,000 REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for 2021 (3 points). Sales price variance (1 point) Sales volume variance based on contribution margin (I point) Material price variance for fiberglass resin based on gallons purchased. (1 point) Determine 1) 2) 3) 4) 5) Material quantity variance for fiberglass resin. (1 point) 6) 7) 8) 9) Direct labor price variance. (1 point) Direct labor efficiency variance. (1 point) Variable manufacturing overhead flexible budget variance. (1 point) Fixed manufacturing overhead budget variance. (1 point) Direct material: Poly blank core I @ $125.00 Fiberglass resin 1.25 gallons @ S60/gallon Gel coat % gallon @ $80/gallon Direct labor: 4 hours @s 40.00/hour Variable manufacturing overhead: $4.00/direct labor hour Budgeted fixed manufacturing overhead: $125.00/surfboard $ 75/surfboard $40.00/surfboard $160.00/surfboard $ 16.00/surfboard S175,000 per year Budgeted production and sales Budgeted selling price Other Information: Budgeted Variable Selling and Administrative costs: Shipping Commissions (4% of selling price) 600 surfboards $1,250/surfboard $40 per surfboard $50 per surfboard Budgeted Fixed Selling and Administrative costs S120,000 per year The following actual results occurred during 2021: Actual units produced and sold = 575 units Actual selling price = $1,240.00/surfboard 750 gallons of Fiberglass resin were purchased costing $48,750 were purchased and 690 gallons were used in production. 580 poly blank cores costing $75,400 were purchased and used in production. 290 gallons of gel coat were purchased costing $22,620 were purchased and 276 gallons were used in production. Direct labor cost for 2021 was $89,585 and 2,185 hours were worked during the year. Actual manufacturing overhead costs incurred in 2021 were: $ 9,545 173,000 $182,545 Variable manufacturing overhead - Fixed manufacturing overhead = Total Actual Selling and administrative costs incurred in 2021 were: Shipping costs Commissions $ 24,150 $31,850 Fixed Selling and Administrative $ 98,000 REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for 2021 (3 points). Sales price variance (1 point) Sales volume variance based on contribution margin (I point) Material price variance for fiberglass resin based on gallons purchased. (1 point) Determine 1) 2) 3) 4) 5) Material quantity variance for fiberglass resin. (1 point) 6) 7) 8) 9) Direct labor price variance. (1 point) Direct labor efficiency variance. (1 point) Variable manufacturing overhead flexible budget variance. (1 point) Fixed manufacturing overhead budget variance. (1 point) Direct material: Poly blank core I @ $125.00 Fiberglass resin 1.25 gallons @ S60/gallon Gel coat % gallon @ $80/gallon Direct labor: 4 hours @s 40.00/hour Variable manufacturing overhead: $4.00/direct labor hour Budgeted fixed manufacturing overhead: $125.00/surfboard $ 75/surfboard $40.00/surfboard $160.00/surfboard $ 16.00/surfboard S175,000 per year Budgeted production and sales Budgeted selling price Other Information: Budgeted Variable Selling and Administrative costs: Shipping Commissions (4% of selling price) 600 surfboards $1,250/surfboard $40 per surfboard $50 per surfboard Budgeted Fixed Selling and Administrative costs S120,000 per year The following actual results occurred during 2021: Actual units produced and sold = 575 units Actual selling price = $1,240.00/surfboard 750 gallons of Fiberglass resin were purchased costing $48,750 were purchased and 690 gallons were used in production. 580 poly blank cores costing $75,400 were purchased and used in production. 290 gallons of gel coat were purchased costing $22,620 were purchased and 276 gallons were used in production. Direct labor cost for 2021 was $89,585 and 2,185 hours were worked during the year. Actual manufacturing overhead costs incurred in 2021 were: $ 9,545 173,000 $182,545 Variable manufacturing overhead - Fixed manufacturing overhead = Total Actual Selling and administrative costs incurred in 2021 were: Shipping costs Commissions $ 24,150 $31,850 Fixed Selling and Administrative $ 98,000 REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for 2021 (3 points). Sales price variance (1 point) Sales volume variance based on contribution margin (I point) Material price variance for fiberglass resin based on gallons purchased. (1 point) Determine 1) 2) 3) 4) 5) Material quantity variance for fiberglass resin. (1 point) 6) 7) 8) 9) Direct labor price variance. (1 point) Direct labor efficiency variance. (1 point) Variable manufacturing overhead flexible budget variance. (1 point) Fixed manufacturing overhead budget variance. (1 point) Direct material: Poly blank core I @ $125.00 Fiberglass resin 1.25 gallons @ S60/gallon Gel coat % gallon @ $80/gallon Direct labor: 4 hours @s 40.00/hour Variable manufacturing overhead: $4.00/direct labor hour Budgeted fixed manufacturing overhead: $125.00/surfboard $ 75/surfboard $40.00/surfboard $160.00/surfboard $ 16.00/surfboard S175,000 per year Budgeted production and sales Budgeted selling price Other Information: Budgeted Variable Selling and Administrative costs: Shipping Commissions (4% of selling price) 600 surfboards $1,250/surfboard $40 per surfboard $50 per surfboard Budgeted Fixed Selling and Administrative costs S120,000 per year The following actual results occurred during 2021: Actual units produced and sold = 575 units Actual selling price = $1,240.00/surfboard 750 gallons of Fiberglass resin were purchased costing $48,750 were purchased and 690 gallons were used in production. 580 poly blank cores costing $75,400 were purchased and used in production. 290 gallons of gel coat were purchased costing $22,620 were purchased and 276 gallons were used in production. Direct labor cost for 2021 was $89,585 and 2,185 hours were worked during the year. Actual manufacturing overhead costs incurred in 2021 were: $ 9,545 173,000 $182,545 Variable manufacturing overhead - Fixed manufacturing overhead = Total Actual Selling and administrative costs incurred in 2021 were: Shipping costs Commissions $ 24,150 $31,850 Fixed Selling and Administrative $ 98,000 REQUIRED: Prepare a flexible profit plan in contribution margin format showing all revenues and costs for 2021 (3 points). Sales price variance (1 point) Sales volume variance based on contribution margin (I point) Material price variance for fiberglass resin based on gallons purchased. (1 point) Determine 1) 2) 3) 4) 5) Material quantity variance for fiberglass resin. (1 point) 6) 7) 8) 9) Direct labor price variance. (1 point) Direct labor efficiency variance. (1 point) Variable manufacturing overhead flexible budget variance. (1 point) Fixed manufacturing overhead budget variance. (1 point) Direct material: Poly blank core I @ $125.00 Fiberglass resin 1.25 gallons @ S60/gallon Gel coat % gallon @ $80/gallon Direct labor: 4 hours @s 40.00/hour Variable manufacturing overhead: $4.00/direct labor hour Budgeted fixed manufacturing overhead: $125.00/surfboard $ 75/surfboard $40.00/surfboard $160.00/surfboard $ 16.00/surfboard S175,000 per year Budgeted production and sales Budgeted selling price Other Information: Budgeted Variable Selling and Administrative costs: Shipping Commissions (4% of selling price) 600 surfboards $1,250/surfboard $40 per surfboard $50 per surfboard Budgeted Fixed Selling and Administrative costs S120,000 per year The following actual results occurred during 2021: Actual units produced and sold = 575 units Actual selling price = $1,240.00/surfboard 750 gallons of Fiberglass resin were purchased costing $48,750 were purchased and 690 gallons were used in production. 580 poly blank cores costing $75,400 were purchased and used in production. 290 gallons of gel coat were purchased costing $22,620 were purchased and 276 gallons were used in production. Direct labor cost for 2021 was $89,585 and 2,185 hours were worked during the year. Actual manufacturing overhead costs incurred in 2021 were: $ 9,545 173,000 $182,545 Variable manufacturing overhead - Fixed manufacturing overhead = Total Actual Selling and administrative costs incurred in 2021 were: Shipping costs Commissions $ 24,150 $31,850 Fixed Selling and Administrative $ 98,000

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