Need help in Cost Accounting Paper Analysis
t.victoria
acc207_student_workbook_.xlsxPart I - Product vs Period Cost
| Milestone One, Part I | |
| Product Costs | |
| Period Costs |
Part I - Costs
| Milestone One, Part II | ||||||||||
| Use Table I on the MDE Manufacturing Budget to complete your calculations. | ||||||||||
| Totals | Totals | |||||||||
| Budget | Actual | |||||||||
| Sales Price per Unit | ||||||||||
| Variable Costs | ||||||||||
| Materials - Cedar | ||||||||||
| Materials - Plastic | ||||||||||
| Factory Worker Labor | ||||||||||
| Materials - Indirect | 3,000 | 2,585 | ||||||||
| Shipping ($2.25/ea) | ||||||||||
| Sales Commissions ($2/unit sold) | ||||||||||
| Variable Cost per Unit | ||||||||||
| Contribution Margin | ||||||||||
| Contribution Margin Percentage | ||||||||||
| Fixed Costs | ||||||||||
| Factory Depreciation | ||||||||||
| Factory Utilities | ||||||||||
| Factory Maintenance and Repairs | ||||||||||
| Office Rent | ||||||||||
| Advertising | ||||||||||
| Liability Insurance | ||||||||||
| Office Depreciation | ||||||||||
| Office Salaries | ||||||||||
| Total Fixed Costs | ||||||||||
| Using Budgeted Amounts | ||||||||||
| Breakeven Point - | Breakeven Point - | |||||||||
| Using Actual Amounts | Units at Current Sales Price | |||||||||
| + 10,000 profit | ||||||||||
| Using actual amounts | New Contribution Margin | |||||||||
| + 10,000 profit | Current Variable Costs | |||||||||
| New Sales Price |
Part II - Budget Model
| Milestone Two, Part I | |||||||||
| Use Tables I through IV on the MDE Manufacturing Budget to complete your calculations. | |||||||||
| Refer to Exhibit 7-2 on page 253 of the text | |||||||||
| Budget Model | From Flexible Budget Calculations Sheet | ||||||||
| Actual | Flexible Budget Variance | Favorable/ Unfavorable | Flexible Budget | Sales Volume Variance | Favorable/ Unfavorable | Static Budget | |||
| Units Sold | 47,000 | 47,000 | 50,000 | ||||||
| Revenues | $991,700 | $4,700 | Favorable | $987,000 | ($63,000) | Unfavorable | $1,050,000 | ||
| Variable Costs | |||||||||
| DM-Plastic | |||||||||
| DM-Cedar | |||||||||
| Direct Manuf. Labor | |||||||||
| Variable Manuf. Overhead | |||||||||
| Total Variable Costs | |||||||||
| Fixed Manuf. Overhead | |||||||||
| Total Costs | |||||||||
| Gross Margin |
Part II - Variance Analysis
| Milestone Two, Part II | |||||||
| Use the variance supporting calculation tab to complete your calculations. | |||||||
| Price Variance | Efficiency Variance | ||||||
| Direct Materials - Cedar | |||||||
| Direct Materials - Plastic | |||||||
| Direct Labor | |||||||
| Spending Variance | Efficiency Variance | ||||||
| Variable Manufacturing Overhead |
Flexible Budget Calculations
| Budgeted Unit | Actual Volume | Flexible Budget | |||
| Amounts | Amount | ||||
| Revenues | $ 21.00 | 47,000 | $987,000 | ||
| Variable Costs | |||||
| DM-Plastic | |||||
| DM-Cedar | 4.50 | 47,000 | 211,500 | ||
| Direct Manuf. Labor | |||||
| Variable Manuf. Overhead | |||||
| Total Variable Manufacturing Costs | |||||
| Fixed Manufacturing Overhead | |||||
| Total Manufacturing Costs | |||||
| Gross Margin | |||||
Variance Supporting Calculation
| Use Tables III and IV on the MDE Manufacturing Budget to complete your calculations. | ||||||||||
| Development of Price and Efficiency Variances - Calculations | ||||||||||
| Actual Feet per Unit | Actual Units | Actual Feet Used | Actual Cost | Actual Cost per Foot | ||||||
| DM-Plastic | ||||||||||
| DM-Cedar | ||||||||||
| Actual Labor Cost per Hour | Actual Labor Costs | Actual Labor Hours | Actual Units | Actual Labor Hours per Unit | ||||||
| Direct Manuf. Labor | ||||||||||
| Actual Costs Incurred (Actual Input Qty. × Actual Price) | Actual Input Qty. × Budgeted Price | Flexible Budget (Budgeted Input Qty. Allowed for Actual Output × Budgeted Price) | ||||||||
| Actual Units | Actual Feet per Unit | Actual Price per Foot | Actual Units | Actual Feet per Unit | Budgeted Cost per Foot | Actual Units | Budgeted Feet per Unit | Budgeted Cost per Foot | ||
| Direct Material Plastic | ||||||||||
| $ - 0 | $ - 0 | $ - 0 | ||||||||
| $ - 0 | $ - 0 | |||||||||
| Price Variance | Efficiency Variance | |||||||||
| Direct Material Cedar | ||||||||||
| $ - 0 | $ - 0 | $ - 0 | ||||||||
| $ - 0 | $ - 0 | |||||||||
| Price Variance | Efficiency Variance | |||||||||
| Actual Units | Actual Hours per Unit | Actual Cost per Hour | Actual Units | Actual Hours per Unit | Budgeted Cost per Hour | Actual Units | Budgeted Hours per Unit | Budgeted Cost per Hour | ||
| Direct Manufacturing Labor | ||||||||||
| $ - 0 | $ - 0 | $ - 0 | ||||||||
| $ - 0 | $ - 0 | |||||||||
| Price Variance | Efficiency Variance | |||||||||
| Actual Costs | Actual Input Qty. × Budgeted Price | Flexible Budget (Budgeted Input Qty. Allowed for Actual Output × Budgeted Price) | ||||||||
| Actual Costs | Actual Units | Actual Feet per Unit | Budgeted Cost per Foot | Actual Units | Budgeted Feet per Unit | Budgeted Cost per Foot | ||||
| Variable manufacturing overhead | ||||||||||
| $ - 0 | $ - 0 | $ - 0 | ||||||||
| $ - 0 | $ - 0 | |||||||||
| Spending Variance | Efficiency Variance | |||||||||
