Please complete the following exercises and/or problems from the textbook: E23-16 E23-19 E23-20 CP23-36 Prepare your answers in an Excel workbook, using one worksheet per exercise or problem.

E23-16 Preparing a flexible budget performance report

Stenback Pro Company managers received the following incomplete performance

report:

STENBACK PRO COMPANY

Flexible Budget Performance Report

For the Year Ended July 31, 2014

                 Actual                                    flex budget variance               Flex budget             salesvolume         Static Budget                                    

units:      39000                                                                                         39000                          3000

sales revenue     218000                                                                           218000                     27000

variable c  84000                                                                                       81000                        10000

contribution margin  134000                                                                        137000                    17000

fixed expense     108000                                                                            101000                      0

opening income   26000                                                                               36000                      17000

E23-19 Calculating materials and labor variances

Great Fender, which uses a standard cost accounting system, manufactured 20,000

boat fenders during 2014, using 144,000 square feet of extruded vinyl purchased at

$1.05 per square foot. Production required 420 direct labor hours that cost $13.50

per hour. The direct materials standard was 7 square feet of vinyl per fender, at a

standard cost of $1.10 per square foot. The labor standard was 0.025 direct labor

hour per fender, at a standard cost of $12.50 per hour.

Compute the cost and efficiency variances for direct materials and direct labor.

trade-offs? Explain

E23-20 Computing overhead variances

Review the data from Great Fender given in Exercise E23-19. Consider the

following additional information:

Static budget variable overhead $ 5,500

Static budget fixed overhead $ 22,000

Static budget direct labor hours 550 hours

Static budget number of units 22,000 units

Great Fender allocates manufacturing overhead to production based on standard

direct labor hours. Great Fender reported the following actual results for 2014:

actual variable overhead, $4,950; actual fixed overhead, $23,000.

Requirements

1. Compute the overhead variances for the year: variable overhead cost variance,

variable overhead efficiency variance, fixed overhead cost variance, and fixed

overhead volume variance.

2. Explain why the variances are favorable or unfavorable.

P23-36 Calculating materials and labor variances and preparing journal entries

This continues the situation from Problem P22-56 of Chapter 22.

direct materials include 14 software packages at a cost of $900 per package.

on completing 12 jobs during March 2013.

Actual direct materials costs for March included 90 software packages at a total cost

of $81,450. Actual direct labor costs included 100 hours per job at an average rate

Requirements

1. Calculate direct materials cost and efficiency variances.

2. Calculate direct labor cost and efficiency variances.

3. Prepare journal entries to record the use of both materials and labor for March

for the company