Littrell Company Accounting Assingment Help With Solution
CASE PROBLEMS FOR COST ACCOUNTING
- Breakeven Analysis
Lone Star Enterprises sells a single product. The selling price is $40 per unit, and the variable expense is $32 per unit.
The company’s most recent annual contribution format income statement is presented below:
|Net Operating Income||$ 10,000|
- Calculate the contribution margin per unit $_______________.
- Calculate the contribution margin ratio ________%.
- Calculate the break-even point in sales dollars $____________.
- Calculate the break-even point in units sold _______________.
- Calculate the units that must be sold to obtain a net operating income of $20,000. Units to be sold ______________.
- Flexible Budget and Performance Report
- Lone Star Enterprises uses the following cost formulas in its flexible budget for manufacturing overhead.
|$21,000 per year, plus $.50 per machine hour|
|$10,000 per year, plus $.80 per machine hour|
|$6,000 per year, plus $.30 per machine hour|
|Factory depreciation||$25,000 per year|
Using the above cost formulas, prepare a flexible budget according to the following format:
|Overhead Costs||Cost per Machine hour||Machine Hours|
|Variable overhead costs:||8,000||10,000||12,000|
|Total variable costs||$__________||______||______||______|
|Fixed overhead costs:|
|Total fixed costs||$__________||______||______||______|
|Total overhead costs||______||______||______|
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- Flexible Budget and Performance Report
- Refer to the flexible budget data in Part A. The standard time to complete one unit of product is 1.6 machine hours. Last year the company budgeted to operate at the 10,000 machine hour level of activity. During the current year Lone Star Enterprises incurred the following actual activity and costs:
|Actual machine hours worked||8,500|
Actual Overhead costs:
|Indirect labor||$ 3,300||$ 21,700|
Prepare a performance report for the year using the format that follows.
Lone Star Enterprises
Budgeted machine hours __________
Actual machine hours __________
Standard machine hours __________
Variable overhead costs:
|Cost Formula (per MH)||Actual costs 8,500||Budget Based on ____ MHs||Spending or Budget Variance|
|Total variable costs||_______|
|Fixed overhead costs:|
|Total fixed costs||________||________||________|
|Total overhead costs||________||________||________|
III. Direct Material and Direct Labor Variance Analysis
Littrell Company produces chairs and has determined the following direct cost categories and budgeted amounts:
Standard Inputs Standard Cost
Category for 1 output per input
Direct Materials 1.00 $7.50
Direct Labor 0.35 9.00
Actual performance for the company is shown below:
Actual output: (in units) 4,000
Materials costs $30,225
Input purchased and used 3,900
Actual price per input $7.75
Labor costs $11,470
Labor-hours of input 1,240
Actual price per hour $9.25
- Calculate the price and usage variances for direct materials and the direct labor rate and efficiency variance of the direct labor?
- From the following lists, select the most probable cause and responsible manager related to each variance listed above?
- i) List of variance causes
- Quality of Material Purchased Lower
- Quality of Material Purchased Higher
- Market Price Per unit of Material Higher than Prior Year
- Market Price Per unit of Material Lower than Prior year
- More experienced Production Workers Scheduled
- Less experienced Production Workers Scheduled
- ii) List of Responsible Managers
- Vice President of Finance
- Vice President of Marketing
- Labor Union Representative
- Purchasing Agent
- Production Manager
Product Code :Acc58
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