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Problem 10-15 Comprehensive Variance Analysis (L010-1, LO10-2, L010-3] Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Luddes heu $240,000 $240,000 Sales (6.000 poola) Variable expenses: Variable coat of goods sold Variable selling expenses Total variable expenses contribution margin Fixed expenses Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (1088) 57,900 10,000 75, 900 164, 100 74,210 10,000 92,210 147,790 66,000 66,000 84.000 .000 150,000 150.000 $ 14,100 $ 2,2109 *Contains direct materials, direct labor, and variable manufacturing overhead Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to "get things under control." Upon reviewing the plant's income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool Standard Quantity or Hours 3.4 pounds 0.3 hours 0.2 hours Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit scandard Price O Rate $ 2.00 per pound 0 7.50 per hour S 9.00 per hour Standard Coat $ 6.90 2.25 0.60 *Based on machine hours During June, the plant produced 6,000 pools and incurred the following costs a. Purchased 25,400 pounds of materials at a cost of $2.45 per pound b. Used 20,200 pounds of materials in production (Finished goods and work in process inventories are insignificant and can be Ignored.) c. Worked 2,400 direct labor-hours at a cost of $7.20 per hour. d. Incurred variable manufacturing overhead cost totaling $5,100 for the month A total of 1,500 machine hours was recorded. It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June: a. Materials price and quantity variances b. Labor rate and efficiency variances, c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in (t) above by showing the net overall favorable or unfavorable variance for the month Complete this question by entering your answers in the tabs below. Required 1 Required 2 la. Compute the following variances for June, materials price and quantity variances. 1b. Compute the following variances for June, labor rate and efficiency vanances. 1c. Compute the following variances for June, vanable overhead rate and efficiency variances (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "Ffor favorable, un for unfavorable, and "None" for no effectie, zero variance). Input all amounts as positive values.) Show less 1a. Material price variance Material quantity vanance 1b. Labor rate variance Labor efficiency variance 1c. Variable overhead rate variance Variable overhead efficiency variance Required 2 > Summarize the variances that you computed in (1) above by showir the month. (Indicate the effect of each variance by selecting "F" fo (le, zero variance). Input all amounts as positive values.) Net variance Required 1