PLZ HELP HW 1.1

Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problemis as shown by its June contribution format income statement below. 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 nool: During June the plant produced 3,000 pools and incurred the following costs: During June the plant produced 3,000 poois and incurred the following costs: a. Purchased 23,000 pounds of materials at a cost of $3.20 per pound. b. Used 8,800 pounds of materials in production. (Finlshed goods and work in process inventories are insignificant and can be ignored.) c. Worked 2000 direct labor hours at a cost of $570 per hour: d. Incurred varlable manufacturing overhead cost totaling $1,710 for the month. A total of 900 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 varlances for June: a. Materials price and quantity variances: b. Labor rate and efficiency variances. c. Vartable overhead rate and efficiency vatiances. 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the mo Complete this question by entering your answers in the tabs below. 1a. Compute the following variances for June, materiats price and quantity variances. 16. Compute the following variances for June, labor rate and efficiency variances. ic. Comnute the following variances for June, variable overhead rate and efficlency varian ces (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "UT" for unfavorable, and None" lor no elfect (fie, zero var ance), Input all amounts as pohteve values? Complete this question by entering your answers in the tabs below. 1a. Compute the following variances for June, materials price and quantity variances. 1b. Compute the following variances for June, labor rate and eificiency variances. 1e. Compute the following varlances for June, varlable overhead rate and effictency variances. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance), Input all amounts as positive values.) Complete this question by entering your answers in the tabs below. Summarize the varlances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month. (indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect (i.e., gern varianre), Tnput the amount as nositive yalue)