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  • Miller Toy Company Manufactures A Plastic Swimming Pool

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    laale dijaan
    272 views10 pages
    The document contains production and cost data for 4 different periods. For each period it provides budgeted and actual sales figures, variable expenses, contribution and fixed costs. It also provides standard, actual, price and cost data for direct materials, direct labor and variable overhead. Variance calculations are shown for material price, material quantity, labor rate, labor efficiency, variable overhead rate and variable overhead efficiency variances. A net variance is calculated for each period.

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    miller toy company manufactures a plastic swimming pool

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    The document contains production and cost data for 4 different periods. For each period it provides budgeted and actual sales figures, variable expenses, contribution and fixed costs. It also provides standard, actual, price and cost data for direct materials, direct labor and variable overhead. Variance calculations are shown for material price, material quantity, labor rate, labor efficiency, variable overhead rate and variable overhead efficiency variances. A net variance is calculated for each period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    272 views10 pages

    Miller Toy Company Manufactures A Plastic Swimming Pool

    Uploaded by

    laale dijaan
    The document contains production and cost data for 4 different periods. For each period it provides budgeted and actual sales figures, variable expenses, contribution and fixed costs. It also provides standard, actual, price and cost data for direct materials, direct labor and variable overhead. Variance calculations are shown for material price, material quantity, labor rate, labor efficiency, variable overhead rate and variable overhead efficiency variances. A net variance is calculated for each period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    Download as xlsx, pdf, or txt
    of 10

    Budgeted Actual

    sales 5000 235000 235000


    variable expenses
    variable cogs 71350 86370
    variable selling expenses 13000 13000
    total var 84350 99370
    cont 150650 135630
    fixed
    mfr 62000 62000
    selling 77000 77000
    139000 139000
    noi 11650 -3370

    std std price std cost


    dm 3.8 2.2 8.36
    dl 0.7 6.8 4.76
    vmoh 0.5 2.3 1.15
    14.27

    produced 5000

    a 24000 2.65
    b 18800
    c 4100 6.5
    d 7560 2800
    Ques 1
    Material price variance 10800 U
    AQ*(AP-SP) 24000*(2.65-2.2)

    Material Quantity varaince 440 F


    SP*(AQ-SQ) 2.2*(18800-(5000*3.8))

    Labor rate variance 1230 F


    AH*(AR-SR) 4100*(6.5-6.8)

    Labor efficiency varaince 4080 U


    SR*(AH-SH) 6.8*(4100-(5000*0.7))

    Variable overhead rate variance 1120 U


    AH*(AR-SR) 7560*((7560/2800)-2.3)

    variable overhead efficiency varaince 690 U


    SR*(AH-SH) 2.3*(2800-(0.5*5000))

    Ques 2
    Summary of variances
    Material price variance 10800 U
    Material Quantity varaince 440 F
    Labor rate variance 1230 F
    Labor efficiency varaince 4080 U
    Variable overhead rate variance 1120 U
    variable overhead efficiency varaince 690 U
    Net variance 15020 U
    Budgeted Actual
    sales 3000 250000 250000
    variable expenses
    variable cogs 53430 67000
    variable selling expenses 26000 26000
    total var 79430 93000
    cont 170570 157000
    fixed
    mfr 67000 67000
    selling 92000 92000
    159000 159000
    noi 11570 -2000

    std std price std cost


    dm 4.2 2.8 11.76
    dl 0.5 8.3 4.15
    vmoh 0.5 3.8 1.9
    17.81

    produced 3000

    a 17600 3.25
    b 12400
    c 2100 8
    d 7560 1800
    Ques 1
    Material price variance 7920 U
    AQ*(AP-SP) 17600*(3.25-2.8)

    Material Quantity varaince 560 F


    SP*(AQ-SQ) 2.8*(12400-(3000*4.2))

    Labor rate variance 630.000000000002 F


    AH*(AR-SR) 2100*(8-8.3)

    Labor efficiency varaince 4980 U


    SR*(AH-SH) 8.3*(2100-(3000*0.5))

    Variable overhead rate variance 720.000000000001 U


    AH*(AR-SR) 7560*((7560/1800)-3.8)

    variable overhead efficiency varaince 1140 U


    SR*(AH-SH) 3.8*(1800-(0.5*3000))

    Ques 2
    Summary of variances
    Material price variance 7920 U
    Material Quantity varaince 560 F
    Labor rate variance 630.000000000002 F
    Labor efficiency varaince 4980 U
    Variable overhead rate variance 720.000000000001 U
    variable overhead efficiency varaince 1140 U
    Net variance 13570 U
    Budgeted Actual
    sales 8000 265000 265000
    variable expenses
    variable cogs 88960 106490
    variable selling expenses 16000 16000
    total var 104960 122490
    cont 160040 142510
    fixed
    mfr 65000 65000
    selling 80000 80000
    145000 145000
    noi 15040 -2490

    std std price std cost


    dm 3 2.5 7.5
    dl 0.4 7.1 2.84
    vmoh 0.3 2.6 0.78
    11.12

    produced 8000

    a 29000 2.95
    b 23800
    c 3800 6.8
    d 8100 2700
    Ques 1
    Material price variance 13050 U
    AQ*(AP-SP) 29000*(2.95-2.5)

    Material Quantity varaince 500 F


    SP*(AQ-SQ) 2.5*(23800-(8000*3))

    Labor rate variance 1140 F


    AH*(AR-SR) 3800*(6.8-7.1)

    Labor efficiency varaince 4260 U


    SR*(AH-SH) 7.1*(3800-(8000*0.4))

    Variable overhead rate variance 1080 U


    AH*(AR-SR) 8100*((8100/2700)-2.6)

    variable overhead efficiency varaince 780 U


    SR*(AH-SH) 2.6*(2700-(0.3*8000))

    Ques 2
    Summary of variances
    Material price variance 13050 U
    Material Quantity varaince 500 F
    Labor rate variance 1140 F
    Labor efficiency varaince 4260 U
    Variable overhead rate variance 1080 U
    variable overhead efficiency varaince 780 U
    Net variance 17530 U
    Budgeted Actual
    sales 3000 210000 210000
    variable expenses
    variable cogs 38220 49235
    variable selling expenses 15000 15000
    total var 53220 64235
    cont 156780 145765
    fixed
    mfr 66000 66000
    selling 81000 81000
    147000 147000
    noi 9780 -1235

    std std price std cost


    dm 3.1 2.6 8.06
    dl 0.5 7.2 3.6
    vmoh 0.4 2.7 1.08
    12.74

    produced 3000

    a 14300 3.05
    b 9100
    c 2100 6.9
    d 4650 1500
    Ques 1
    Material price variance 6435 U
    AQ*(AP-SP) 14300*(3.05-2.6)

    Material Quantity varaince 520 F


    SP*(AQ-SQ) 2.6*(9100-(3000*3.1))

    Labor rate variance 630 F


    AH*(AR-SR) 2100*(6.9-7.2)

    Labor efficiency varaince 4320 U


    SR*(AH-SH) 7.2*(2100-(3000*0.5))

    Variable overhead rate variance 600 U


    AH*(AR-SR) 4650*((4650/1500)-2.7)

    variable overhead efficiency varaince 810 U


    SR*(AH-SH) 2.7*(1500-(0.4*3000))

    Ques 2
    Summary of variances
    Material price variance 6435 U
    Material Quantity varaince 520 F
    Labor rate variance 630 F
    Labor efficiency varaince 4320 U
    Variable overhead rate variance 600 U
    variable overhead efficiency varaince 810 U
    Net variance 11015 U
    Budgeted Actual
    sales 4000 239000 239000
    variable expenses
    variable cogs 57680 70390
    variable selling expenses 16000 16000
    total var 73680 86390
    cont 165320 152610
    fixed
    mfr 72000 72000
    selling 82000 82000
    154000 154000
    noi 11320 -1390

    std std price std cost


    dm 3.2 2.7 8.64
    dl 0.6 7.3 4.38
    vmoh 0.5 2.8 1.4
    14.42

    produced 4000

    a 17800 3.15
    b 12600
    c 3000 7
    d 7360 2300
    Ques 1
    Material price variance 8010 U
    AQ*(AP-SP) 17800*(3.15-2.7)

    Material Quantity varaince 540 F


    SP*(AQ-SQ) 2.7*(12600-(4000*3.2))

    Labor rate variance 900 F


    AH*(AR-SR) 3000*(7-7.3)

    Labor efficiency varaince 4380 U


    SR*(AH-SH) 7.3*(3000-(4000*0.6))

    Variable overhead rate variance 920.000000000001 U


    AH*(AR-SR) 7360*((7360/2300)-2.8)

    variable overhead efficiency varaince 840 U


    SR*(AH-SH) 2.8*(2300-(0.5*4000))

    Ques 2
    Summary of variances
    Material price variance 8010 U
    Material Quantity varaince 540 F
    Labor rate variance 900 F
    Labor efficiency varaince 4380 U
    Variable overhead rate variance 920.000000000001 U
    variable overhead efficiency varaince 840 U
    Net variance 12710 U

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