Walton Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable conts Sales price Materials coat Labor cost Overhead cost $ 36.50 8.30 4.30 5.50 Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 7.00 $129,000 51,000 Walton planned to make and sell 38,000 copies of the book. Required: a. - d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 37,000 and 39,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 39,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)

Walton Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable conts Sales price Materials coat Labor cost Overhead cost $ 36.50 8.30 4.30 5.50 Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 7.00 $129,000 51,000 Walton planned to make and sell 38,000 copies of the book. Required: a. - d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 37,000 and 39,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 39,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

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Walton Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials Cost Labor cost 37.00 8.10 3.80 Overhead cost 5.80 Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative 6.90 $132,000 51,000 Walton planned to make and sell 21,000 copies of the book. Required: a. - d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 20,000 and 22,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 22,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (l.e., zero variance).)
Campbell Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $4 36.90 Materials cost 8.20 Labor cost 4.00 Overhead cost 6.10 Selling, general, and administrative costs Planned fixed costs 7.10 Manufacturing overhead Selling, general, and administrative $131,000 45,000 Campbell planned to make and sell 31,000 copies of the book. Required: a. - d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 30,000 and 32,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 32,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Master Budget Flexible Budgets Volume Variances Number of units 31,000 30,000 32,000 Variable manufacturing costs
Walton Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs) Planned fixed costs Manufacturing overhead Selling, general, and administrative $36.70 8.90 4.30 5.80 7.00 $131,000 52,000 Walton planned to make and sell 31,000 copies of the book. Required: a.-d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 30,000 and 32,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 32,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e..
Thornton Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.90 9.00 3.80 5.70 6.60 $135,000 45,000 Thornton planned to make and sell 29,000 copies of the book. Required: a.-d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 28,000 and 30,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 30,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
Vernon Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.30 Materials cost 8.30 Labor cost 4.00 Overhead cost 5.40 Selling, general, and administrative costs 6.80 Planned fixed costs Manufacturing overhead $ 130,000 Selling, general, and administrative 46,000 Vernon planned to make and sell 39,000 copies of the book. Required: a. - d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements, assuming production volumes of 38,000 and 40,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 40,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
Adams Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.90 Materials cost 9.00 Labor cost 4.50 Overhead cost 5.50 Selling, general, and administrative costs 7.00 Planned fixed costs Manufacturing overhead $ 133,000 Selling, general, and administrative 45,000 Adams planned to make and sell 22,000 copies of the book. Required: a-d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income statements assuming production volumes of 21,000 and 23,000 units. Determine the sales and variable cost volume variances assuming the volume is actually 23,000 units. Indicate whether the variances are favorable (U) select "None" if there is no effect (i.e zero variance) Master budget Flexible budgets Flexible budgets Volume variances Number of units…
Walton Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost Labor cost Overhead cost $ 36.40 8.10 3.80 5.40 6.90 Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $129,000 45,000 Assume that Walton actually produced and sold 39,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost $ 8.30 3.70 35.40 Labor cost Overhead cost 5.45 Selling, general, and administrative costs Actual fixed costs 6.70 Manufacturing overhead Selling, general, and administrative $114,000 51,000
Zachary Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.70 Materials cost 8.30 Labor cost 4.30 Overhead cost 5.30 Selling, general, and administrative costs 7.00 Planned fixed costs Manufacturing overhead $ 125,000 Selling, general, and administrative 53,000 Assume that Zachary actually produced and sold 34,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.70 Materials cost 8.50 Labor cost 4.20 Overhead cost 5.35 Selling, general, and administrative costs 6.80 Actual fixed costs Manufacturing overhead $ 110,000 Selling, general, and administrative 59,000 Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by…
Zachary Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.80 Materials cost 8.10 Labor cost 3.70 Overhead cost 6.10 Selling, general, and administrative costs 7.20 Planned fixed costs Manufacturing overhead $ 133,000 Selling, general, and administrative 52,000 Assume that Zachary actually produced and sold 35,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.80 Materials cost 8.30 Labor cost 3.60 Overhead cost 6.15 Selling, general, and administrative costs 7.00 Actual fixed costs Manufacturing overhead $ 118,000 Selling, general, and administrative 58,000 Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is favorable…
Franklin Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.60 Materials cost 8.20 Labor cost 4.50 Overhead cost 5.50 Selling, general, and administrative costs 6.70 Planned fixed costs Manufacturing overhead $ 129,000 Selling, general, and administrative 45,000 Assume that Franklin actually produced and sold 33,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.60 Materials cost 8.40 Labor cost 4.40 Overhead cost 5.55 Selling, general, and administrative costs 6.50 Actual fixed costs Manufacturing overhead $ 114,000 Selling, general, and administrative 51,000 Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by…
Benson Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.30 Materials cost 8.80 Labor cost 4.10 Overhead cost 6.10 Selling, general, and administrative costs 6.80 Planned fixed costs Manufacturing overhead $ 132,000 Selling, general, and administrative 45,000 Assume that Benson actually produced and sold 32,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.30 Materials cost 9.00 Labor cost 4.00 Overhead cost 6.15 Selling, general, and administrative costs 6.60 Actual fixed costs Manufacturing overhead $ 117,000 Selling, general, and administrative 51,000 Required a. & b. Determine the flexible budget variances and also Indicate whether each variance is favorable (F)…
Vandenberg, Inc., produces and sells two products: a ceiling fan and a table fan. Vandenberg plans to sell 40,000 ceiling fans and 70,000 table fans in the coming year. Product price and cost information includes: Ceiling Fan Table Fan Price $56 $17 Unit variable cost $13 $8 Direct fixed cost $21,200 $43,000 Common fixed selling and administrative expenses total $98,000. Required: Question Content Area 1. What is the sales mix estimated for next year (calculated to the lowest whole number for each product)?Sales mix of ceiling fans to table fans = ___________ : ______________ 2. Using the sales mix from Requirement 1, form a package of ceiling fans and table fans. How many ceiling fans and table fans are sold at break-even? Round your intermediate calculations and final answers to the nearest whole number. Break-even ceiling fans _______ Break-even table fans ______ 3. Prepare a contribution-margin-based income…