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Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria's owner has determined that the shop has two major cost drivers the number of pizzas sold and the number of deliveries made The pizzeria's cost formulas appear below. Fixed cost cost per cost per per Month Pizza Delivery $6,270 $ 790 $ 0.10 Pizza ingredients Kitchen statt Utilities Delivery person Delivery vehicle Equipment depreciation $2.90 $2.10 $ 544 Miscellaneous $ 0.05 In November, the pizzeria budgeted for 2.100 pizzas at an average selling price of $17 per pizza and for 240 deliveries Data concerning the pizzeria's actual results in November appear below: $ 38,130 Deliveries Revenue Pizza ingredients Kitchen start Utilities Delivery person Delivery vehicle Equipment depreciation Rent Miscellaneous 2,230 Required: 1. Compute the revenue and spending variances for the pizzeria for November (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Milano Pizza Revenue and Spending Variances For the Month Ended November 30 Actual Revenue and Spending Results Variances 2,200 220 Flexible Budget Pizzas Deliveries Revenue $ 38,130 Expenses: Pizza ingredients Kitchen staff 10,450 6,2101 Utilities 975 638 Delivery person Delivery vehicle Equipment depreciation Rent Miscellaneous Total expense Net operating income 1,022 544 2,230 898 22,967 15,163 $ You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Cost Formula Utilities $16,200 + $0.20 per machine-hour Maintenance $38, 400+ $1.20 per machine-hour Supplies $0.60 per machine-hour Indirect labor $94,700 + $2.00 per machine-hour Depreciation $67,600 Actual Cont in March $ 22.400 $ 58,600 $ 13.000 $139.600 $ 69,300 During March, the company worked 20,000 machine-hours and produced 14,000 units. The company had originally planned to work 22,000 machine-hours during March Required: 1. Prepare a flexible budget for March 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a flexible budget for March. (Input all amounts as positive values.) job in controlling costs as well," said Kim Clark, president of Martell Company. "Our $26,250 overall manufacturing cost variance is only 2.5% of the $1,050,000 standard cost of products made during the year. That's well within the 3% parameter set by management for acceptable variances. It looks like everyone will be in line for a bonus this year." The company produces and sells a single product. The standard cost card for the product follows: (1) Inputs Direct materials Direct labor Variable overhead Fixed overhead Total standard cost per unit Standard Quantity Or Hours 4.00 feet 1.5 hours 1.5 hours 1.5 hours (2) Standard Price or Rate $ 3.50 per foot $ 12 per hour $ 2.00 per hour $ 6.00 per hour Standard Cost (1) M (2) $ 14.00 18.00 3.00 $ 44.00 The following additional information is available for the year just completed: a. The company manufactured 20,000 units of product during the year. b. A total of 78,000 feet of material was purchased during the year at a cost of $3.75 per foot. All of this material was used to manufacture the 20,000 units produced. There were no beginning or ending inventories for the year. c. The company worked 32,500 direct labor-hours during the year at a direct labor cost of $11.80 per hour. d. Overhead is applied to products on the basis of standard direct labor-hours. Data relating to manufacturing overhead costs follow: Denominator activity level (direct labor-hours) Budgeted fixed overhead costs hetual variable overhead costs incurred Actual fixed overhead costs incurred 25,000 $ 150.000 $ 68,250 $ 148,000 Required: 1. Compute the materials price and quantity variances for the year. 2. Compute the labor rate and efficiency variances for the year. 3. For manufacturing overhead compute: a. The variable overhead rate and efficiency variances for the year. b. The fixed overhead budget and volume variances for the year. Swain Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. The company's beginning balance in Retained Earnings is $61,000. It sells one product for $174 per unit and it generated total sales during the period of $624,660 while incurring selling and administrative expenses of $54,900. Swain Company does not have any variable manufacturing overhead costs and its standard cost card for its only product is as follows: (2) Standard Quantity or Hours 9.0 pounds 2.5 hours 2.5 hours Standard Cost (1) x (2) $ 63 Standard Price or Rate $ 7 per pound $12 per hour $ 20 per hour Direct materials Direct labor Pixed manufacturing overhead Total standard cost per unit 50 $143 During the period, Swain recorded the following variances: Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Pixed overhead budget variance Fixed overhead volume variance $3,625 U $9,450 F $4,125 U $6,825 U $1,525 U $6,400 F Required: 1. When Swain closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year. 3. What is Swain's ending balance in Retained Earnings