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Business
AccountingManagerial Accounting: The Cornerstone of Business Decision-Making7th Edition

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Chapter 10, Problem 76P
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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Problem 57E
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Problem 62P
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Problem 64P
Problem 65P
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Problem 68P
Problem 69P
Problem 70P
Problem 71P
Problem 72P
Problem 73P
Problem 74P
Problem 75P
Problem 76P
Problem 77C
Problem 79C
Problem 1MTC
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Problem 3MTC
Problem 4MTC
Problem 5MTC
Problem 6MTC
Problem 7MTC
Problem 8MTC
Problem 9MTC
Problem 10MTC
BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Shumaker Company manufactures a line of high-top basketball shoes. At the beginning of the year, the following plans for production and costs were revealed:

Chapter 10, Problem 76P, Shumaker Company manufactures a line of high-top basketball shoes. At the beginning of the year, the , example 1

During the year, a total of 50,000 units were produced and sold. The following actual costs were incurred:

Chapter 10, Problem 76P, Shumaker Company manufactures a line of high-top basketball shoes. At the beginning of the year, the , example 2

There were no beginning or ending inventories of raw materials. In producing the 50,000 units 63,000 hours were worked, 5% more hours than the standard allowed for the actual output. Overhead costs are applied to production using direct labor hours.

Required:

  1. 1. Using a flexible budget, prepare a performance report comparing expected costs for the actual production with actual costs.
  2. 2. Determine the following: (a) Fixed overhead spending and volume variances and (b) Variable overhead spending and efficiency variances.

1.

To determine

Construct the performance report by comparing the expected costs for the actual production with actual costs with the help of flexible budget.

Explanation

Flexible Budgets:

Flexible budgets are prepared for various levels of activities or outputs. This enables the entity to know the result for the selected level of activity.

Performance report of the variances:

  Budgeted variance
Overhead cost item

Actual cost

(A)

($)

Actual Costs

(B)

($)

Spending variance

(A-B)

($)

Direct material775,000750,000125,000 (U)
Direct labor590,000600,000210,000 (F)
Variable overhead310,000300,000310,000 (U)
Fixed overhead180,000165,000415,000 (U)
Total1,855,0001,815,00040,000 (U)

Table (1)

Working Note:

1. Calculation of actual cost of direct material:

Actual Costs=Actual Units Produced×Standard Cost=55,000 Units×$15=$750,000

2

2.

To determine

Calculate the value of fixed overhead spending and volume variance. Also, calculate the value of variable overhead spending and efficiency variance.

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