Harlow PartsSuperior PlantMaster Budget(For July)QuantityRevenueVariable manufacturing costVariable Selling, General andAdministrative costContribution marginFixed manufacturing costFixed Selling, General andAdministrative costOperating profitThe following operating income statement shows the actual results for July:Harlow PartsSuperior PlantOperating Results(For July)Quantity (units)RevenueVariable manufacturing costVariable Selling, General andAdministrative costContribution margin8,160$ 1,550,400587,52097,920$ 864,960208,000366,000$ 290,960Fixed manufacturing costFixed Selling, General andAdministrative costOperating profit9,560$ 1,750,800764,394110,640$ 875,766219,040376,000$ 280,726Required:Prepare a profit variance analysis for the Superior Plant for July. (Do not round intervariance hy selecting "F" for favorable or "II" for unfavorahle If there is no affar< Prev9 of 10tv‒‒‒Tzoom Contribution margin.Fixed manufacturing costFixed Selling, General andAdministrative costOperating profitRequired:Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of eachvariance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)QuantityRevenueVariable manufacturing costVariable Selling, General andAdministrative costContribution marginFixed manufacturing costFixed Selling, General andAdministrative costOperating profitActuals9,560$1,750,800764,394110,640875,766219,040$$$ 875,766219,040376,000$ 280,726376,000280,726ManufacturingVariancesProfit Variance AnalysisSelling, General andAdministrativeVariancesSales Price VarianceFlexible Budget Sales Activity Variance$$MB:::(+100%eNI+

In variance analysis management compares actual results with the budgeted figures to find any…

Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost 8,160 $ 1,550,400 587,520 97,920 $ 864,960 208,000 366,000 $ 290,960 Operating profit 9,560 $ 1,750,800 764,394 110,640 $ 875,766 219,040 376,000 $ 280,726 Required: Prepare a profit variance analysis for the Superior Plant for July. (Do not round inte

Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost 8,160 $ 1,550,400 587,520 97,920 $ 864,960 208,000 366,000 $ 290,960 Operating profit 9,560 $ 1,750,800 764,394 110,640 $ 875,766 219,040 376,000 $ 280,726 Required: Prepare a profit variance analysis for the Superior Plant for July. (Do not round inte

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question Content Area Pinnacle Corp. budgeted $265,170 of overhead cost for the current year. Actual overhead costs for the year were $245,850. Pinnacle's plantwide allocation base, machine hours, was budgeted at 49,430 hours. Actual machine hours were 49,970. A total of 104,380 units was budgeted to be produced and 98,000 units were actually produced. Pinnacle's plantwide factory overhead rate for the current year is: a.$2.36 per machine hour b.$2.54 per machine hour c.$4.97 per machine hour d.$5.36 per machine hour
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Quantity 9,900 Revenue $ 1,615,000 Variable manufacturing cost 947,925 Variable Selling, General and Administrative cost 99,800 Contribution margin $ 567,275 Fixed manufacturing cost 237,600 Fixed Selling, General and Administrative cost 122,000 Operating profit $ 207,675 The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) 11,300 Revenue $ 1,748,800 Variable manufacturing cost 1,157,572 Variable Selling, General and Administrative cost 112,840 Contribution margin $ 478,388 Fixed manufacturing cost 244,080 Fixed Selling, General and Administrative cost 168,000 Operating profit $ 66,308 Variable overhead is applied on the basis of machine-hours. The standard cost sheet follows: Standard production costs Direct materials 5.00 kilo grams @ $ 6.95 $ 34.750 Direct labor 0.50 direct labor-hours @ 39.50 19.750 Variable overhead…
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A report for a company's Assembly Department for the month of March follows: Assembly Department Cost Report For the Month Ended March 31 Machine-hours Variable costs: Supplies Scrap Indirect materials Fixed costs: Wages and salaries Equipment depreciation Total cost Actual Results 15,000 Master Budget Variances 20,000 $ 10,800 39,200 $ 11,400 42,000 $ 600 F 2,800 F 111,800 133,500 21,700 F 83,500 108,000 78,000 108,000 5,500 U 0 $ 353,300 $ 372,900 $ 19,600 F Required: Prepare a flexible budget performance report for the month of March.
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