13-70 Fill in Missing Data
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1 13-70 Fill in Missing Data 1. Flexible- Sales Master Actual Budget Flexible Volume (Static) Results Variance Budget Variance Budget Unit sales 1, , F 1,000 Sales $69,600 $2,400U $72,000 $12,000F $60,000 Variable costs $56,800 $8,800U $48,000 $8,000U $40,000 Contribution margin $12,800 $11,200U $24,000 $4,000F $20,000 Fixed costs $7,000 $2,000U $5, $5,000 Operating income $5,800 $13,200U $19,000 $4,000F $15,000 a b. 1,200 (by definition) c. 1,200-1,000 = 200F d. Budgeted selling price per unit: $60,000 1,000 units = $60/unit Flexible-budget revenues = 1,200 units x $60/unit = $72,000 e. $69,600 - $72,000 = $2,400U f. $72,000 - $60,000 = $12,000F g. Standard (budgeted) variable cost per unit: $40,000 1,000 units = $40/unit Flexible-budget variable cost: 1,200 units x $40 = $48,000 h. $48,000 - $40,000 = $8,000U i. $11,200U - (e) $2,400U = $8,800U j. (g) $48,000 + (i) $8,800 = $56,800 k. $69,600 - (j) $56,800 = $12,800 l. $12,800 + $11,200 = $24,000 or, $72,000 - $48,000 = $24,000 m. $12,000F - $8,000U = $4,000F, or, Budgeted contribution margin per unit: $60/unit - $40/unit = $20/unit; 200 units x $20/unit = $4,000F n. $60,000 - $40,000 = $20,000 or, 1,000 units x $20/unit = $20,000 p. $12,800 $5,800 = $7,000 q (by definition, as long as both output levels are within the relevant range) r. $5,000 (= master budget amount, as long as both output levels are within the relevant range) 1
2 13-70 (Continued) s. $7,000 (p) - $5,000 (r) = $2,000U t. $20,000 (n) - $5,000 = $15,000 u. $4,000F (m) -$0 (q) = $4,000F v. $15,000 (t) + $4,000 (u) = $19,000, or, $24,000 (l) - $5,000 (r) = $19,000 w. $5,800 - $19,000 (v) = $13,200U, or, $11,200U + $2,000U (s) = $13,200U 2
3 13-72 Direct Labor Variances: Working Backwards Actual Quantity Flexible Budget (FB) Actual Labor Cost at Standard Price Based on Outputs (AQ) x (AP) (AQ) x (SP) (SQ) x (SP) Actual Hrs. Worked x Actual Actual Hrs. Worked x Std. Std. Hrs. Allowed x Std. (1.16 x SQ) x (AP) (1.16 x SQ) x $30/hr. (SQ) x $30/hr. =? =? =? Labor Rate Variance $11,600F Labor Efficiency Variance $24,000U 1. Efficiency variance = (AQ - SQ) x SP $24,000 = (1.16 SQ - SQ) x $30/hr SQ = 800 SQ = 5,000 hours 1. AQ = 1.16 SQ = 1.16 x 5,000 hrs. = 5,800 hours 2. Labor rate variance = (AP - SP) x AQ - $11,600 = (AP - $30.00)/hr. x 5,800 hrs. AP - $30.00 = - $2.00 AP = $28.00/hr. 3. SQ = Number of units manufactured x Standard labor hours per unit 5,000 = Number of units manufactured x 2 hrs./unit Number of units manufactured = 5,000hrs./2hrs. per unit = 2,500 units 3
4 13-73 Summary Problem: All variances 1. a. Direct materials price variance (calculated at point of production): Formula: AQ x (AP - SP), where AQ = units of raw material used in production during the period Calculation of actual prices per unit of raw material = Actual cost AQ Housing units $44,000 2,200 = $20 per unit Printed circuit boards $75,200 4,700 = $16 per unit Reading heads $101,200 9,200 = $11 per unit Calculation of price variance: Housing units 2,200 x ($20 $20) = $ 0 Printed circuit boards 4,700 x ($16 $15) = 4,700U Reading heads 9,200 x ($11 $10) = 9,200U Total direct materials price variance $13,900U b. Direct material usage variance: Formula: SP x (AQ - SQ) Calculation of standard quantities (SQ) = Units Produced x Standard quantity of raw material inputs per unit of output: Housing units 2,200 x 1 = 2,200 parts Printed circuit boards 2,200 x 2 = 4,400 parts Reading heads 2,200 x 4 = 8,800 parts Calculation of variance: Housing units $20 x (2,200-2,200) = $ 0 Printed circuit boards $15 x (4,700-4,400) = 4,500U Reading heads $10 x (9,200-8,800) = 4,000U Total direct materials quantity variance $8,500U 1. c. Direct labor efficiency variance: Formula: SP x (AQ - SQ) Calculation of standard hours allowed for output achieved (SQ) = Actual units of output x Standard labor hours per unit of output: Assembly Group 2,200 x 2.0 = 4,400 hours PCB Group 2,200 x 1.0 = 2,200 hours RH Group 2,200 x 1.5 = 3,300 hours Calculation of labor efficiency variance: Assembly Group $10/hr. x (3,900-4,400) = $5,000F PCB Group $11/hr. x (2,400-2,200) = $2,200U RH Group $12/hr. x (3,500-3,300) = $2,400U Total direct labor efficiency variance $ 400F 4
5 13-73 (Continued-1) d. Direct labor rate variance: Formula: Total wages paid - (AQ x SP) Calculation of labor rate variance: Assembly Group $31,200 - (3,900 x $10) = $7,800F PCB Group $31,060 - (2,400 x $11) = $4,660U RH Group $50,000 - (3,500 x $12) = $8,000U Total direct labor rate variance $4,860U e. Selling price variance: Formula: Units sold x (AP - SP) Calculate budgeted selling price per unit, SP: Total budgeted sales Budgeted unit sales volume $400,000 2,000 units = $200 per unit Actual selling price per unit, AP: Actual sales revenue Actual units sold = $396,000 2,200 = $180 per unit Selling Price Variance = 2,200 units x ($180 - $200)/unit = $44,000U f. Sales volume variance, in terms of contribution margin: Formula: Budgeted cm/unit x (Actual Sales Budgeted Sales) Calculate budgeted unit contribution margin: Total budgeted contribution margin Budgeted units $122,000 2,000 = $61 per unit Sales volume variance: $61/unit x (2,200-2,000) units = $12,200F 2. The unfavorable variance of $58,660 between budgeted and actual contribution margin for Funtime, Inc. during May 2007 can be explained by aggregating the variances calculated above in part (1): Direct materials price variance $ 13,900U Direct materials usage variance 8,500U Direct labor efficiency variances 400F Direct labor rate variances 4,860U Selling price variance 44,000U Sales volume variance 12,200F Total contribution margin variance $58,660U 5
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