Business, 07.07.2020 18:01 jkjjoijjm5928

Emerald Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017: Expected production and sales 6,300 units
Total fixed costs $1,350,000

Standard Quantity Standard Price Standard Unit Cost
Direct Materials 14 pounds $12 per pound $168
Direct manufacturing labor 3.1 hours $40 per hour $124

During 2013, an actual number of units produced and sold was 4,800. The actual cost of direct materials used was $813,750, based on 62,500 pounds purchased at $13.02 per pound. Direct manufacturing labor-hours actually used were 17,500 at the rate of $33.48 per hour. As a result, actual direct manufacturing labor costs were $585,900. Actual fixed costs were $1,160,000. There were no beginnings or ending inventories.

a. Calculate the sales-volume variance and flexible budget variance for operating income.
b. Compute price and efficiency variances for direct materials and direct manufacturing labor.

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