Cost Accounting

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Problem 1:

Peaceful Corporation manufactures figurines based on the following information.

Standard costs $20
  • Materials (4 ounces at $5)
  • Direct labor (1 hour per unit)
  • Variable overhead (based on direct labor hours)
Fixed overhead budget $19,000
Actual results and costs
  • Materials purchased
  • Units
  • Cost
Materials used in production
  • Finished product units
  • Raw material (ounces)
  • Direct labor hours
  • Direct labor cost
  • Variable overhead costs
  • Fixed overhead costs


  1. Prepare a performance report for Peaceful using the following headings.

    1. Actual Production Costs
    2. Flexible Budget Costs
    3. Flexible Budget Variances
  2. Compute the following variances (show calculations).

    1. Materials usage variance
    2. Labor rate variance
    3. Labor efficiency variance
    4. Variable overhead spending variance
    5. Variable overhead efficiency variance
    6. Fixed overhead budget variance
  3. Give one possible explanation for each of the six variances computed in part b.

Problem 2:

The following is the current variable costing income statement for Dolly Corporation.

Sales (5,000 units) $100,000
Variable expenses
Cost of goods sold
Selling (10% of sales) $10,000 $45,000
Contribution margin $55,000
Fixed expenses
  • Manufacturing overhead
  • Administrative
$12,500 $36,500
  • Operating income

Below is the following information on operations for Dolly Corporation.

Beginning inventory (units) 0
Units produced (units) 6,000
Manufacturing costs
Direct labor (per unit) $5.00
Direct materials (per unit) $2.30
Variable overhead (per unit) $2.40


Prepare an absorption costing income statement.

Problem 3:

The following information was compiled for two models of cell phones.

3G model 4G model Average
Budgeted Contribution Margin $80.00 $120.00 $95.25
Budgeted Sales in Units 28,000 18,000
Actual Sales in Units 28,600 16,500


Calculate the sales mix variance. (Show your calculations.)

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