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What direct labor cost would be included in the company’s flexible budget for march?

18/12/2020 Client: saad24vbs Deadline: 12 Hours

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:


http://textflow.mcgraw-hill.com/figures/0077429524/unnum390.jpg


The company also established the following cost formulas for its selling expenses:


http://textflow.mcgraw-hill.com/figures/0077429524/unnum391.jpg


The planning budget for March was based on producing and selling 25,000 units. However, during March the company actually produced and sold 30,000 units and incurred the following costs:


1. Purchased 160,000 pounds of raw materials at a cost of $7.50 per pound. All of this material was used in production.


2. Direct-laborers worked 55,000 hours at a rate of $15.00 per hour.


3. Total variable manufacturing overhead for the month was $280,500.


4. Total advertising, sales salaries and commissions, and shipping expenses were $210,000, $455,000, and $115,000, respectively.


Complete the following:


1. What raw materials cost would be included in the company's flexible budget for March?


2. What is the materials quantity variance for March?


3. What is the materials price variance for March?


4. If Preble had purchased 170,000 pounds of materials at $7.50 per pound and used 160,000 pounds in production, what would be the materials quantity variance for March?


5. If Preble had purchased 170,000 pounds of materials at $7.50 per pound and used 160,000 pounds in production, what would be the materials price variance for March?


6. What direct labor cost would be included in the company's flexible budget for March?


7. What is the direct labor efficiency variance for March?


8. What is the direct labor rate variance for March?


9. What variable manufacturing overhead cost would be included in the company's flexible budget for March?


10. What is the variable overhead efficiency variance for March?


11. What is the variable overhead rate variance for March?


12. What amounts of advertising, sales salaries and commissions, and shipping expenses would be included in the company's flexible budget for March?


13. What is the spending variance related to advertising?


14. What is the spending variance related to sales salaries and commissions?


15. What is the spending variance related to shipping expenses?


Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 4,000 chopping boards using 11,000 board feet of hardwood. The hardwood cost the company $18,700.


The company's standards for one chopping board are 2.5 board feet of hardwood, at a cost of $1.80 per board foot.


Required:


1. According to the standards, what cost for wood should have been incurred to make 4,000 chopping blocks? How much greater or less is this than the cost that was incurred?


2. Break down the difference computed in (1) above into a materials quantity variance and a materials price variance.


AirMeals, Inc., prepares in-flight meals for a number of major airlines. One of the company's products is stuffed cannelloni with roasted pepper sauce, fresh baby corn, and spring salad. During the most recent week, the company prepared 6,000 of these meals using 1,150 direct labor-hours. The company paid these direct labor workers a total of $11,500 for this work, or $10 per hour.


According to the standard cost card for this meal, it should require 0.20 direct labor-hours at a cost of $9.50 per hour.


Required:


1. According to the standards, what direct labor cost should have been incurred to prepare 6,000 meals? How much does this differ from the actual direct labor cost?


2. Break down the difference computed in (1) above into a labor efficiency variance and a labor rate variance.


Sonne Company produces a perfume called Whim. The direct materials and direct labor standards for one bottle of Whim are given below:


http://textflow.mcgraw-hill.com/figures/0077429524/unnum403.jpg


During the most recent month, the following activity was recorded:


1. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce.


2. All of the material was used to produce 2,500 bottles of Whim.


3. Nine hundred hours of direct labor time were recorded at a total labor cost of $10,800.


Answer the following:


1. Compute the direct materials quantity and price variances for the month.


2. Compute the direct labor efficiency and rate variances for the month.


Refer to the information above. Assume that instead of producing 2,500 bottles of Whim during the month, the company produced only 2,000 bottles using 16,000 ounces of material. (The rest of the material purchased remained in raw materials inventory.)


Compute the direct materials quantity and price variances for the month.


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