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ACC 440 Midterm Exam Review Problems Question 1: Sonic Inc. makes running shoes. The shoes are made out of specialized fabric, foam for cushioning, and rubber for the soles. Each pair of shoes is considered to be one unit. Sonic Inc. is currently preparing their budget for the next quarter (April, May, June). They believe they will sell 5,000 pairs of shoes over the next three months and that they will sell each pair for $ 87 each. They estimate that, on average, each pair of shoes will need 2.5 square feet (sqft) of fabric, 4 ounces of foam and .45 kilograms of rubber. Each pair of shoes should take 3.5 hours of direct manufacturing labor to make. They estimate that for the quarter, they will spend $3.20 on each sqft of fabric, $1.75 on each ounce of foam and $5.50 on each kilogram of rubber. They also estimate they will spend $148,750 on labor, $75,250 on variable manufacturing overhead, and $39,375 on fixed manufacturing overhead. On March 31st, their inventory accounts had these numbers: Fabric:$ 3,843 (1,220 sqft) Foam:$ 3,293 (1,850 ounces) Rubber:$ 1,233 (225 kilograms) Finished Goods:$ 26,532 (495 pairs of shoes) At the end of the quarter, they want these amounts in their ending inventory: Fabric:1,300 sqft Foam:1,800 ounces Rubber:200 kilograms Finished Goods:500 pairs of shoes Sonic Inc. uses the FIFO method to cost direct materials and finished goods inventory. For the purpose of this budget, the work-in-process inventories are considered to be negligible and ignored and the unit costs of direct materials purchased and finished goods are assumed to be constant for the period. With this information, please prepare these parts of the master budget for Sonic Inc. for the next quarter (April, May, June). a. The Revenues Budget (Schedule 1) b. The Production Budget (Schedule 2) c. The Direct Materials Usage Budget (Schedule 3a) d. The Direct Materials Purchases Budget (Schedule 3b) e. The Direct Manufacturing Labor Budget (Schedule 4) f. The Manufacturing Overhead Cost Budget (Schedule 5) g. The Ending Inventories Budget (Schedule 6A (units); Schedule 6B (dollars)) h. The Cost of Goods Sold Budget (Schedule 7) (Schedule 1) (Schedule 2) (Schedule 3a) (Schedule 3b) (Schedule 4) (Schedule 5) (Schedule 6a) (Schedule 6b) (Schedule 7) Question 2: Mario Co. makes plumbing supplies. One of the main products they sell is a drain cleaner called Fireball. When Mario Co. was preparing their budget for 2018, they had estimated these numbers in regard to Fireball Drain cleaner: Units Sold:110,000 bottles Revenue:$742,500 Direct Material per bottle:1.4 liters Total Cost of Direct Materials:$52,360 Total Direct Labor Manufacturing Hours:11,000 hours Labor Wage Rate:$10 per hour Variable Manufacturing Costs (based off DLMH): $60,500 Fixed Manufacturing Costs :$10,800 On December 31st, Mario Co. had these numbers regarding the manufacture and sale of Fireball Drain Cleaner: Units Sold:109,600 bottles Average Price per Unit:$6.80 Average Direct Material per bottle:1.5 liters Average cost per liter of DM:.33 per liter Total Direct Labor Manufacturing Hours:10,940 hours Total Direct Labor Manufacturing Costs:$112,135 Variable Manufacturing Costs (based off DLMH): $62,905 Fixed Manufacturing Costs :$11,272 Using this information, please do the following: a. Put together the static budget for 2018 b. Put together the flexible budget for 2018 c. Calculate the Flexible Budget Variance and the Sales Volume Variance for all items (Level 2 analysis) d. Calculate the Spending and Efficiency variance for Direct Materials and Direct Labor (Level 3 analysis) Static Budget: Flexible Budget: Level 2 Analysis: Level 3 Analysis: Efficiency Variance for Direct Materials:__________________________ Spending Variance for Direct Materials:___________________________ Efficiency Variance for Direct Labor:__________________________ Spending Variance for Direct Labor:___________________________ Question 3: Zelda Corp. makes pottery for people to store items in, Most of the indirect costs used to make these pots are associated with the manufacturing process. This means that Samantha Inc. allocates variable and fixed manufacturing overhead on the basis of machine hours. On January 1st, Zelda Corp. planned on making 4,500 clay pots for the month. They believed it would take 10,125 machine hours and 2,250 direct labor hours to make these pots. They believed their total manufacturing overhead would be $95,175, with $60,750 coming from variable manufacturing overhead. On February 1st, found that for January they had made 4,450 clay pots and that on average, each pot took 2.3 machine hours and .6 direct labor hours to make. Their manufacturing overhead ended up being $101,933, with $42,570 coming from fixed manufacturing overhead. Using this information please conduct a 4 variance analysis for both Variable and Fixed Manufacturing Overhead.