Performance ReportDrizzdale Industries - Pharmaceutical SegmentFor the Fiscal Year Ended December 31Sales866,320Variable Cost of Goods Sold(all figures in millions of dollars)Actual143,325Variable Operating ExpensesDirect Fixed Manufacturing OverheadDirect Fixed Operating ExpensesCommon Fixed ExpensesBudgeted Variance F/U Variance % F/U162,16296,300$17,28014,140Budgeted data for the same time period for the pharmaceutical segment are as follows (alldata are in millions):Budgeted sales in unitsBudgeted average selling price per unitVariable Cost of Goods Sold per unit9,1008515Variable Operating Expenses per unitDirect Fixed Manufacturing Overhead (in total)Direct Fixed Operating Expenses (in total)Common Fixed Expenses Allocated to thePharmaceutical Segment18Operating income (loss)2$90,00016,0002$14,000 RequirementsPrepare a segment margin performance report for the pharmaceutical segment. In this report, be sure to includelines for the contribution margin, the segment margin, and operating income. Calculate a variance and a variancepercentage for each line in the report.a.Check your spelling carefully and do not abbreviate.b.Follow the format shown in Exhibit 10-4.C.Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances.

Performance Report Drizzdale Industries - Pharmaceutical Segment For Fiscal Year Ended December…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please assist with requirements 1 and 2, providing explanations for each calculation in detail. Thanks! Requirements 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable.
Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,900 tech calls last year. It had budgeted 126,800 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour Fixed overhead costs: Annual budget $4,141,800 • Fixed overhead is applied at the rate of $36.00 per call. . Actual tech service call costs: Direct IT specialist services: 120,900 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 40 minutes per call at $22.50 per hour x 120,900 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
Analyze the variances that you computed in requirements 1 and 2. Was the new service a success from an overall cost-control perspective? Briefly discuss. What seems to have happened that would give rise to customer complaints?
Revise the data in your worksheet to reflect the results for the subsequent period as shown below: A 1 Chapter 9: Applying Excel 2 3 4 Data Revenue 5 Cost of ingredients 6 Wages and salaries 7 Utilities 8 Rent 9 10 11 Actual results: 12 Revenue 13 Cost of ingredients 14 Wages and salaries 15 Utilities 16 Rent 17 18 19 20 Actual activity Miscellaneous Miscellaneous Planning budget activity $ $ $ $ $ GA $ $ GA B 10,400 800 2,200 600 30,295 11,110 10,310 1,210 2,200 2,060 C + + 1,700 meals served 1,800 meals served $ $ $ $ D 16.50 q 6.25 q 0.20 q 0.80 q E
Match the term with its corresponding definition. Do not give Direct answer kindly explain it one or 2 lines - A. B. C. D. E. F. G. H. I. J. Revenue Price Variance - A. B. C. D. E. F. G. H. I. J. Budget Performance Report - A. B. C. D. E. F. G. H. I. J. Volume Variance - A. B. C. D. E. F. G. H. I. J. Controllable Variance - A. B. C. D. E. F. G. H. I. J. Ideal Standards - A. B. C. D. E. F. G. H. I. J. Direct Labor rate Variance - A. B. C. D. E. F. G. H. I. J. Direct Materials…
Exercise 16-36 (Algo) Variable Cost Variances (LO 16-5) Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 122,000 liters at a budgeted price of $240 per liter this year. The standard direct cost sheet for one liter of the preservative follows. (2 pounds @ $15) (0.5 hours @ $46) Direct materials $30 Direct labor 23 Variable overhead is applied based on direct labor hours. The variable overhead rate is $130 per direct-labor hour. The fixed overhead rate (at the master budget level of activity) is $65 per unit. All non-manufacturing costs are fixed and are budgeted at $2.3 million for the coming year. At the end of the year, the costs analyst reported that the sales activity variance for the year was $732,000 unfavorable. The following is the actual income statement (in thousands of dollars) for the year. Sales revenue $28,138 Less variable…
b. Calculate the profit variance c. Calculate the total revenue variance. d) Calculate the revenue volume variance. e) Calculate the revenue price variance. f) Calculate the total cost variance.
Required: Compute the following cost variances from the available data. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (l.e., zero variance). Do not round Intermediate calculations.) Direct-material price variance Direct-material purchase price variance Direct-material quantity variance Direct-labor rate variance Direct-labor efficiency variance Variable-overhead spending variance Variable-overhead efficiency variance Fixed-overhead budget variance Fixed-overhead volume variance Answer is not complete. $ Unfavorable (4,200) S (4,200) Unfavorable S (2,100) Unfavorable $ (4,400) Unfavorable $ (11,200) Unfavorable 2,750 Favorable Unfavorable Unfavorable $ $ (1,260.00) $ (5,700) 00000000
In 2 way variance analysis, materials, labor and variable overhead variances maybe broken down to ________ variances. A. Price and spending B. Quantity and time C. spending and efficiency D. spending and capacity
Looking at the excel worksheet please answers these three fallowing questions: B-1. What is the labor efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the labor efficiency variance ? U c-1. What is the variable overhead efficiency variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead efficiency variance U c-2. What is the variable overhead rate variance? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). The amount of the variable overhead rate variance U
I need help with problems 1 a-b, and 2-a-c. Part of 1 b is cut off, to clarify it says that I need to solve for the "price variance" and the "spending variance." Thanks for the help in advance!
An example of a performance measure with a long−timehorizon is ________. A. quality of room service B. direct materials efficiency variances C. number of new patents developed D. overhead spending variances

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