Hello, I am having some difficulty with these problems. Can someone show me the

Question

Hello, I am having some difficulty with these problems. Can someone show me the calculations to these problems? Thanks!!

Tommy's Toys produces two types of toys: trains and dolls. Tommy's uses stainless steel to manufacture the trains and plastic to manufacture the dolls. Information regarding the usage of steel and plastic for the past year follows:

Product name                                                      Steel                    Plastic

direct materials information        

standard pounds per unit                                     1lb                           .5 lb

standard price per pound                                      $1.5                         ?

actual quantity used per unit                                   1.5 lb                       .75 lb

actual price paid for material                               $1.25                        $2                            

Actual quantity purchased and used                     2500 lb                    1200 lb

price variance                                                         ?                             900F

quantity variance                                                206U                           ?

flexible budget variance                                        ?                             $522F

number of units produced                                  275                              550

What is the direct materials flexible budget variance for steel used to manufacture the trains?
A) $419 unfavorable
B) $419 favorable
C) $831 unfavorable
D) $831 favorable

Cave Hardware's forecasted sales for April, May, June, and July are $200,000, $230,000, $190,000, and $240,000, respectively. Sales are 65% cash and 35% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 75% of sales and ending inventory is maintained at $60,000 plus 10% of the following month's cost of goods sold. All inventory purchases are paid 22% in the month of purchase and 78% in the following month.

What are the cash collections budgeted for June?
A) $150,500
B) $193,500
C) $123,500
$204,000



What are the budgeted cash payments in June for inventory purchases?
A) $495,000
B) $315,750
C) $164,385
D) $167,415


What is the balance of accounts payable on the June 30 budgeted balance sheet?
A) $32,175
B) $108,225
C) $146,250
D) $114,075



Russo Corporation manufactured 16,000 air conditioners during November. The overhead cost-allocation base is $31.50 per machine-hour. The following variable overhead data pertain to November:
                                                             Actual                          Budgeted
Production                                             16,000 units              18,000 units
Machine-hours                                        7,875 hours          9,000 hours
Variable overhead cost per machine-hour:    $31.00              $31.50


What is the variable overhead spending variance?
A) $4,500 unfavorable
B) $3,937.50 unfavorable
C) $4,500 favorable
D) $3,937.50 favorable



What is the total variable overhead variance?
A) $7,875 unfavorable
B) $3,937.50 f unfavorable
C) $7,875 favorable
$3,937.50 f favorable
  

Crown Industries has the following information about its standards and production activity for December:
Actual manufacturing overhead cost incurred, $92,500
Variable manufacturing overhead cost @ $3.25 per unit produced
Fixed manufacturing overhead cost @ $1.50 per unit produced
($22,500/15,000 budgeted units)
Actual units produced, 5,400

Assume the allocation base for fixed overhead costs is the number of units to be produced.

How much are the total applied overhead for the month?
A) $48,750
B) $92,500
C) $71,250
D) $25,650

Explanation / Answer

=====================================================================================

Russo Corporation manufactured 16,000 air conditioners during November. The overhead cost-allocation base is $31.50 per machine-hour. The following variable overhead data pertain to November:
Actual Budgeted
Production 16,000 units 18,000 units
Machine-hours 7,875 hours 9,000 hours
Variable overhead cost per machine-hour: $31.00 $31.50

What is the variable overhead spending variance?

D) $3,937.50 favorable

D) ($31.00- $31.50) 7,875 mh = $3,937.50 favorable

=====================================================================================================================================================

What is the total variable overhead variance

C) $7,875 favorable

Actual variable overhead - Flexible budgeted variable overhead (7,875 mh $31.00) - [16,000 (9,000/18,000) mh $31.50] $244,125 - $252,000 = $7,875 favorable

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