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Homework: Ch.7 Homework due March 17 Score: 4.18 of 5 pts 1 of 1 (1 complete) HW Score: 83.64%, 4.18 of WP7-34 (similar to) * Data Table S! lat Bacoli Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017: (Click the icon to view the static budget data.) R Standard Quantity Standard Price Standard Unit Cost 8 pounds Direct materials Direct manufacturing labor $7 per pound $50 per hour $56 $165 3.3 hours Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance a the variance is zero, do not select a label.) el During 2017, actual number of units produced and sold was 5,800, at an average selling price of $750. Actual cost of direct materials used was $332.800, based on 64,000 pounds purchased at $5.20 per pound. Direct manufacturing labor-hours actually used were 17.500, at the rate of $54.22 per hour. As a result, actual direct manufacturing labor costs were $948,850. Actual fixed costs were $1,180,000. There were no beginning or ending inventories. Actual Flexible-Budget Flexible Static Sales-Volume Variance Results Variance Budget 5,800 Budget 7,100 5,800 0 1,300 Output units U $ 4,350,000 $ 261,000 $ 4,089,000 $ F Revenues 916,500 Print U $ 5,005,500 Done 8,000 U 72,800 F Direct materials Direct manufacturing labor Fixed costs $ 332,800 $ 948,850 1,180,000 S 324,800 S 957.000 8.150 F 214,500 F $ 397,600 1,171,500 1,300,000 0 Data Table 120,000 F 1,300.000 0 120,150 $ 2,461,650 $ Total costs F 287,300 F $ 2,869,100 S 2.581.800 S S 1,507.200 S 7,100 units $ 1,888,350 $ 381.150 F 629,200 U $ 2,136,400 Operating income Expected production and sales Expected selling price per unit $ 705 Total fixed costs $ 1.300.000 Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Print Done Efficiency variance Homework: Ch.7 Homework due March 17 Score: 4.18 of 5 pts 1 of 1 (1 complete) HW Score: 83.64%, 4.18 of WP7-34 (similar to) * Data Table S! lat Bacoli Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017: (Click the icon to view the static budget data.) R Standard Quantity Standard Price Standard Unit Cost 8 pounds Direct materials Direct manufacturing labor $7 per pound $50 per hour $56 $165 3.3 hours Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance a the variance is zero, do not select a label.) el During 2017, actual number of units produced and sold was 5,800, at an average selling price of $750. Actual cost of direct materials used was $332.800, based on 64,000 pounds purchased at $5.20 per pound. Direct manufacturing labor-hours actually used were 17.500, at the rate of $54.22 per hour. As a result, actual direct manufacturing labor costs were $948,850. Actual fixed costs were $1,180,000. There were no beginning or ending inventories. Actual Flexible-Budget Flexible Static Sales-Volume Variance Results Variance Budget 5,800 Budget 7,100 5,800 0 1,300 Output units U $ 4,350,000 $ 261,000 $ 4,089,000 $ F Revenues 916,500 Print U $ 5,005,500 Done 8,000 U 72,800 F Direct materials Direct manufacturing labor Fixed costs $ 332,800 $ 948,850 1,180,000 S 324,800 S 957.000 8.150 F 214,500 F $ 397,600 1,171,500 1,300,000 0 Data Table 120,000 F 1,300.000 0 120,150 $ 2,461,650 $ Total costs F 287,300 F $ 2,869,100 S 2.581.800 S S 1,507.200 S 7,100 units $ 1,888,350 $ 381.150 F 629,200 U $ 2,136,400 Operating income Expected production and sales Expected selling price per unit $ 705 Total fixed costs $ 1.300.000 Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Print Done Efficiency variance

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