BE10.8-Using Excel to Calculate Direct Labor Variances PROBLEM Rob, the production manager, was pleased at the company's income statement results, even though actual sales volume came in below. original projections. Information concerning the budgeted and 3 actual amounts for direct labor are provided here. 3 _0 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Actual direct labor cost Budgeted direct labor cost Actual direct labor hours used Actual units produced and sold Units below budget for sales volume Budgeted direct labor hours per unit Budgeted direct labor rate per hour $ 55,000 $ 63,000 2,500 1,200 200 $ 2 22.50 Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. Calculate the company's DL price and DL efficiency variances. Actual Unnamed Flexible Budget

BE10.8-Using Excel to Calculate Direct Labor Variances PROBLEM Rob, the production manager, was pleased at the company's income statement results, even though actual sales volume came in below. original projections. Information concerning the budgeted and 3 actual amounts for direct labor are provided here. 3 _0 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Actual direct labor cost Budgeted direct labor cost Actual direct labor hours used Actual units produced and sold Units below budget for sales volume Budgeted direct labor hours per unit Budgeted direct labor rate per hour $ 55,000 $ 63,000 2,500 1,200 200 $ 2 22.50 Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. Calculate the company's DL price and DL efficiency variances. Actual Unnamed Flexible Budget

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Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter16: Manufacturing Accounting (mfg)

Section: Chapter Questions

Problem 4R: Open MFG2 and click the Chart sheet tab. The management of Twisp is convinced that the quality of...

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2. Change all of the numbers in the data area of your worksheet so that it looks like this: A 1 Chapter 6: Applying Excel 2 ook 3 Data rint 456 Selling price per unit Manufacturing costs: Variable per unit produced: B C $ 296 7 Direct materials $ 104 rences 8 9 10 11 B12345 Direct labor $ 76 Variable manufacturing overhead $ 26 Fixed manufacturing overhead per year $ 184,800 Selling and administrative expenses: Variable per unit sold $ 9 Fixed per year $ 77,000 Units in beginning inventory 16 Units produced during the year 17 Units sold during the year 18 Year 1 Year 2 0 3,300 2,800 3,000 3,000 If your formulas are correct, you should get the correct answers to the following questions. (a) What is the net operating income (loss) in Year 1 under absorption costing? Net operating loss
Kimmel, Accounting, 7e Help | System Announcements 16 PM/ Remaining: 23 min. CALCULATOR PRINTER VERSION 1 BACK NEXT Problem 21-01A National Corporation needs to set a target price for its newly designed product M14-M16. The following data relate to this new product. Per Total Unit Direct materials Direct labor $44 Variable manufacturing overhead $15 Fixed manufacturing overhead $1,377,000 Variable selling and administrative expenses $ 5 Fixed selling and administrative expenses $ 1,053,000 These costs are based on a budgeted volume of 81,000 units produced and sold each year. National uses cost-plus pricing methods to set its target selling price. The markup percentage on total unit cost is 40%. Compute the total variable cost per unit, total fixed cost per unit, and total cost per unit for M14-M16. GMX
Juppose m.. منظومة العمل عن. . . Return to Blackboard Managerial Accounting, 8e Help | System Announcements CALCULATOR Exercise 193 Cunningham Industries reported actual sales of $2,000,000, and fixed costs of $540,000. The contribution margin ratio is 30%. Compute the margin of safety in dollars and the margin of safety ratio. Margin of safety in dollars % Margin of safety ratio Click if you would like to Show Work for this question: Open Show Work SAVE FOR LA Question Attempts: 0 of 1 used
Problem 5 (Linear Cost Approximation) Tita Lopez, managing director of the ABS Consulting Group, is examining how overhead costs behave with variations in monthly professional labor- hours billed to clients. Assume the following historical data: Professional Labor-Hours Billed to Clients Total Overhead Costs P340,000 400.000 435,000 477,000 529.000 587.000 3,000 4,000 5,000 6.000 7,000 8.000 Required: 1. Compute the linear cost function, relating total overhead cost to professional labor-hours, using the representative observations of 4,000 and 7,000 hours. component of the cost function represent the fixed overhead costs of the ABS Consulting Group? Why? Plot the linear cost function. Does the constant What wouid be the predicted total overhead costs for (a) 5,000 hours, and (b) 8.000 hours using the cost function estimated in requirement 1? Plot the predicted costs and actual costs for 5,000 and 8,000 hours. 3. Lopez had a chance to accept a special job that would have boosted…
2 kipped Tirri Corporation has provided the following information: Direct materials. Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense Multiple Choice O $13.35 Help If the selling price is $28.20 per unit, the contribution margin per unit sold is closest to: $8.15 $16.70 $10.05 Save & Exit Submit Cost per Uni $ 7.55 $ 3.95 $ 1.60 $ 1.10 $ 0.65
Problem 1: The IT corporation produces and markets two types of electronic calculators: Model 11 and model 12. The following data were gathered on activities last month. Model 11 Model 12 Sales in units... Selling price per unit.. Variable production costs per unit.. Traceable fixed production costs.. Variable selling expenses per unit.. Traceable fixed selling expenses....... Allocated division administrative expenses.. $50,000 Prepare a segmented income statement in the contribution format for last month 5,000 $50 $10 $100,000 $5 5,000 3,000 $100 $26 $150,000 $6 7,500 $60,000
Q10 Manama Company manufactures several different products. Unit costs associated with one of these products are as follows: Direct materials Direct ma cturing labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions (2% of sales) Administrative salaries Total Required: Compute the variable manufacturing costs per unit associated with this product. Answer: For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIVS Paragraph 4 Arial $40 $8 $12 $23 $6 $9 $98 10pt !!! > IXO o ***
Open MFG2 and click the Chart sheet tab. The management of Twisp is convinced that the quality of its products is highly dependent on their relative labor costs. Experience has shown that direct labor should account for at least 45% of the total product cost. According to the pie chart that appears on the screen, Twisp did not achieve this goal in 2011. How much should Twisp have spent on direct labor to reach its 45% goal? To find out, try different values for direct labor (cell C8), clicking the Chart sheet tab after each attempt. When you find a direct labor level that increases the direct labor percentage to 45%, enter the answer in the space provided: In 2011, direct labor needed to be ________________. Open MFG3 and click the Chart sheet tab. Did Twisp achieve its 45% goal in 2012? If not, answer the following: In 2012, direct labor needed to be ________________. When the assignment is complete, close the files without saving them again. Worksheet. The MFG2 worksheet presents the companys manufacturing activities for 2011. The company also had the following selling and general activities in 2011: sales of 13,503,000, selling expenses of 2,400,000, and general expenses of 1,200,000. Modify the worksheet to include this information in the Data Section and change the Answer Section so that it is in the form of an income statement. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as MFGT. Hint: Expand the Data Section to include these additional input items alphabetically. Insert a row for sales under the heading in the Answer Section. Add the rest of the income statement information to the bottom of the schedule. You will need to enter formulas for gross profit, all the expenses, and net income. You will also need to change the statement name. Chart. Using the MFG2 file, prepare a single 3-D bar chart to show the dollar amount of materials, labor, and overhead incurred by Twisp in 2011 and 2012. Complete the Chart Data Table and use it as a basis for preparing the chart. Enter all appropriate titles, legends, and formats. Enter your name somewhere on the chart. Save the file again as MFG2. Print the chart.
ageNOWv2 | Online teachin X + m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A F Variable costs as a percentage of sales for Lemon Inc. are 72%, current sales are $610,000. and fixed costs are $191,000. How much will income from operations change if sales increase by $48,900? Oa. $13,692 decrease Ob. $13,692 increase Oc. $35,208 decrease. Od. $35,208 increase D Q 10+
Chapter 1: Applying Excel: Exercise (Part 2 of 2) 1. Now change all of the dollar amounts in the data area of your worksheet so that it looks like this: A B 1 2 3 4 5 6 7 8 9 10 11 Chapter 1: Applying Excel Data Sales $18,500 Variable costs: Cost of goods sold $12,000 Variable selling $1,200 Variable administrative $1,000 Fixed costs: Fixed selling $2,500 Fixed administrative $1,500 If your formulas are correct, you should get the correct answers to the following questions. (a) What is the gross margin now? (b) What is the net operating income now? (c) What is the contribution margin now? 2. Suppose that sales are 12% higher as shown below: A B 1 2 3 4 5 6 7 8 9 10 11 Chapter 1: Applying Excel Data Sales $20,720 Variable costs: Cost of goods sold $13,440 Variable selling $1,344 Variable administrative $1,120 Fixed costs: Fixed…
In the spreadsheet below, there is data on the price, cost, demand, and quantity produced for an item. There are also different "what if" values that can help a manager to calculate costs and revenue with variability in demand. A B C 1 Profit Model 2 What- 3 Data IfDemand Values 4 20,000 5 Unit Price ($) 50 40,000 9 Unit Cost ($) 25 55,000 7 Fixed Cost ($) 550,000 60,000 8 Demand 60,000 65,000 9 Quantity Produced 55,000 10 From the "what if" values, calculate the total cost when demand is 40,000. A. $2,000,000 B. $75,000 C. $1,100,000 D. $1,925,000
Task 2 Stone Absorption costing (over- and under absorbtion) Marginal costing Stine is drafting a budget on the absis of the following data: Direct material Direct labour Variable production expenses Fixed production overheads are budgeted at Normal output The selling price is fixed at Information about production and sales Production. Sales January units 7 500 000 5 10 $ per unit 5 $ per unit 8 $ per unit. i) absorption costing ii) marginal costing c) Compare Net profit and make a conclusion 27 000 9.000 30 $ per unit. February units 8500 8 500 $ per month and units per month; March units 9.000 9 500 (a)Prepare a cost card using absorption and marginal costing (b)Set out Income Statements for the months of January and February, using 90 % capacity.