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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- Shanghai Exports, LTD produces wall mounts for flat panel television sets. The forecasted income statement for 2014 is as follows: Shanghai Exports, LTD Budgeted Income Statement For the Year 2014 Sales ($ 44 per unit) $ 4,400,000 Cost of good sold ($ 32 per unit) (3,200,000) Gross profit 1,200,000 Selling expenses ($ 3 per unit) (300,000) Net income $ 900,000 Additional Information (1) Of the production costs and selling expenses, $800,000 and $100,000, respectively, are fixed. (2) Shanghai Exports, LTD received a special order from a hospital supply company offering to buy 12,500 wall mounts for $30. If it accepts the order, there will be no additional selling expenses, and there is currently sufficient excess capacity to fill the order. The company's sales manager argues for rejecting the order because "we are not in the business of paying $32 to make a product to sell for $30." Do you think the company should accept the special order? Compute the contribution per unit and total…During the first calendar quarter of 2016, Clinton Corporation is planning to manufacture a new product and introduce it in two regions. Market research indicates that sales will be 10,000 units in the urban region at a unit price of $53 and 9,000 units in the rural region at $48 each. Because the sales manager expects the product to catch on, he has asked for production sufficient to generate a 8,000-unit ending inventory. The production manager has furnished the following estimates related to manufacturing costs and operating expenses: Variable Fixed (per unit) (total) Manufacturing costs: Direct materials A (4 lb. @ $3.15/lb.) $12.60 - B (2 lb. @ $4.65/lb.) 9.30 - Direct labor (0.5 hours per unit) 7.50 - Manufacturing overhead: Depreciation - $7,650 Factory supplies 0.90 4,500 Supervisory salaries - 28,800 Other 0.75 22,950 Operating expenses:…The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales forecast for 2016 was decided on by the budget committee and presented to you the management accountant. Sales forecast Details Zinc/units Ply /units November 2015 3,200 3,000 December 2015 6,000 3,700 January 2016 5,500 4,000 February 2016 6,200 4,500 March 2016 5,000 5,400 April 2016 4,900 5,200 May 2016 6,400 4,800 Notes: (i) During 2016 the company sold one unit of Zinc for $1,200 while one unit of Ply was sold for $$1,500. (ii) To make one unit of Zinc four units of raw material BZN980 are used, while two units of raw material CZN980 are used to produce one unit of Ply.. (iii) Raw materials stock in units at the end of each month is to be held at a level equal to twenty percent (20%) of the forecasted sales for the previous month. (iv) It was decided by management…
- The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales forecast for 2016 was decided on by the budget committee and presented to you the management accountant. Sales forecast Details Zinc/units Ply /units November 2015 3,200 3,000 December 2015 6,000 3,700 January 2016 5,500 4,000 February 2016 6,200 4,500 March 2016 5,000 5,400 April 2016 4,900 5,200 May 2016 6,400 4,800 Notes: (i) During 2016 the company sold one unit of Zinc for $1,200 while one unit of Ply was sold for $$1,500. (ii) To make one unit of Zinc four units of raw material BZN980 are used, while two units of raw material CZN980 are used to produce one unit of Ply. . (iii) Raw materials stock in units at the end of each month is to be held at a level equal to twenty percent (20 %) of the forecasted sales for the…Magnify Corporation manufactures and sells two types of decorative lamps, Knox and Ayer. It expects to manufacture 22,000 Knox lamps and 7,000 Ayer lamps in 2017. The following data are available for the year 2017. E (Click the icon to view the data.) E (Click the icon to view the December 31, 2017 production budget in units.) Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A); (b) the direct materials purchase budget in quantity and dollars (label it Schedule 3B); and (c) the direct manufacturing labour costs budget (label it Schedule for the year ending December 31, 2017. (a) Begin by calculating the direct materials usage budget in quantity and then in dollars (label it Schedule 3A) for the year ending December 31, 2017. Schedule 3A: Direct Material Usage Budget in Quantity and Dollars Data for the Year Ending December 31, 2017 Production budget in units Material Direct materials Metal Fabric Total Schedule 2: Production Budget (in Units)…The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales forecast for 2016 was decided on by the budget committee and presented to you the management accountant. Sales forecast Details Zinc/units Ply /units December 2015 6,000 3,700 January 2016 5,500 4,000 February 2016 6,200 4,500 March 2016 5,000 5,400 April 2016 4,900 5,200 May 2016 6,400 4,800 Notes: (i) During 2016 the company sold one unit of Zinc for $1,200 while one unit of Ply was sold for $$1,500. (ii) To make one unit of Zinc four units of raw material BZN980 are used, while two units of raw material CZN980 are used to produce one unit of Ply.. (iii) Raw materials stock in units at the end of each month is to be held at a level equal to twenty percent (20 %) of the forecasted sales for the previous month. (iv) It was…
- The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales forecast for 2016 was decided on by the budget committee and presented to you the management accountant. Sales forecast Details Zinc/units Ply /units December 2015 6,000 3,700 January 2016 5,500 4,000 February 2016 6,200 4,500 March 2016 5,000 5,400 April 2016 4,900 5,200 May 2016 6,400 4,800 Notes: (i) During 2016 the company sold one unit of Zinc for $1,200 while one unit of Ply was sold for $$1,500. (ii) To make one unit of Zinc four units of raw material BZN980 are used, while two units of raw material CZN980 are used to produce one unit of Ply.. (iii) Raw materials stock in units at the end of each month is to be held at a level equal to twenty percent (20 %) of the forecasted sales for the previous month. (iv) It was…Janniel Inc. is preparing its budget for 2016. Income statement for 2015 is presented below: Sales (100,000 units) P1,000,00 Cost of sales 600,000 Gross Profit P400,000 Operating expenses 240,000 Operating Income P160,000 Operating expenses includes depreciation of P40,000. For the year 2016, the company plans to increase selling price by 10% which is expected to decrease sales volume in units by 5%. The cost of sales as a percent of sales will increase to 62%. Other than depreciation, all operating costs are variable. Required: What is the budgeted income for 2016?The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales forecast for 2016 was decided on by the budget committee and presented to you the management accountant. Sales forecast Details Zinc/units Ply /units December 2015 6,000 3,700 January 2016 5,500 4,000 February 2016 6,200 4,500 March 2016 5,000 5,400 April 2016 4,900 5,200 May 2016 6,400 4,800 Notes: (i) During 2016 the company sold one unit of Zinc for $1,200 while one unit of Ply was sold for $$1,500. (ii) To make one unit of Zinc four units of raw material BZN980 are used, while two units of raw material CZN980 are used to produce one unit of Ply.. (iii) Raw materials stock in units at the end of each month is to be held at a level equal to twenty percent (20 %) of the forecasted sales for the previous month. (iv) It was…
- The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales forecast for 2016 was decided on by the budget committee and presented to you the management accountant. Sales forecast Details Zinc/units Ply /units December 2015 6,000 3,700 January 2016 5,500 4,000 February 2016 6,200 4,500 March 2016 5,000 5,400 April 2016 4,900 5,200 May 2016 6,400 4,800 Notes: (i) During 2016 the company sold one unit of Zinc for $1,200 while one unit of Ply was sold for $$1,500. (ii) To make one unit of Zinc four units of raw material BZN980 are used, while two units of raw material CZN980 are used to produce one unit of Ply.. (iii) Raw materials stock in units at the end of each month is to be held at a level equal to twenty percent (20 %) of the forecasted sales for the previous month. (iv) It was…The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales forecast for 2016 was decided on by the budget committee and presented to you the management accountant. Sales forecast Details Zinc/units Ply /units December 2015 6,000 3,700 January 2016 5,500 4,000 February 2016 6,200 4,500 March 2016 5,000 5,400 April 2016 4,900 5,200 May 2016 6,400 4,800 Notes: (i) During 2016 the company sold one unit of Zinc for $1,200 while one unit of Ply was sold for $$1,500. (ii) To make one unit of Zinc four units of raw material BZN980 are used, while two units of raw material CZN980 are used to produce one unit of Ply.. (iii) Raw materials stock in units at the end of each month is to be held at a level equal to twenty percent (20 %) of the forecasted sales for the previous month. (iv) It was…Wilson Blossom is a leading producer of vinyl replacement windows. The company's growth strategy focuses on developing domestic markets in large metropolitan areas. The company operates a single manufacturing plant in Kansas City with an annual capacity of 500,000 windows. Current production is budgeted at 450,000 windows per year, a quantity that has been constant over the past three years. Based on the budget, the accounting department has calculated the following unit costs for the windows: (a1) Direct materials $55.00 Direct labor 19.00 Manufacturing overhead 16.00 Selling and administrative 14.00 Total unit cost $104.00 The company's budget includes $5,400,000 in fixed overhead and $3,150,000 in fixed selling and administrative expenses. The windows sell for $150.00 each. A 2% distributor's commission is included in the selling and administrative expenses. (a2) Your answer is partially correct. Your answer is correct. Calculate variable overhead per unit and variable selling and…