Reference no: EM132855332
Question - Maria Lou?, Inc. designs and manufactures fleece? quarter-zip jackets. It sells its jackets to? brand-name outdoor outfitters in lots of one dozen. Maria Lou's May 2017 static budget and actual results for direct inputs are as? follows:
Static Budget
Number of jacket lots (1 lot = 1 dozen) 650
Per Lot of Jackets:
Direct materials 14 yards at $1.30 per yard = $18.20
Direct manufacturing labor 1.7 hours at $7.80 per hour = $13.26
Actual Results
Number of jacket lots sold 675
Total Direct Inputs:
Direct materials 10,800 yards at $1.50 per yard = $16,200.00
Direct manufacturing labor 1,013 hours at $7.90 per hour = $8,002.70
Additional Info: Maria Lou has a policy of analyzing all input variances when they add up to more than? 8% of the total cost of materials and labor in the flexible? budget, and this is true in May 2017. The production manager discusses the sources of the? variances: "A new type of material was purchased in May. This led to faster cutting and? sewing, but the workers used more material than usual as they learned to work with it. For? now, the standards are? fine
Requirement 1 - Calculate the direct materials and direct manufacturing labor price and efficiency variances in May 2017. What is the total flexible-budget variance for both inputs? (direct materials and direct manufacturing? labor) combined? What percentage is this variance of the total cost of direct materials and direct manufacturing labor in the flexible? budget?
Begin by calculating the direct materials and direct manufacturing labor price and efficiency variances in May 2017. Complete the actual? results, price? variance, and cost? columns, then the efficiency variance and flexible budget columns. Label each variance as favorable or unfavorable.
Requirement 2 - Comment on the May 2017 results. Would you continue the? "experiment" of using the new? material?
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