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Final Exam Review
Net present value calculation – tables are provided
Payback period calculation
Budget calculations for:
Cash collections
Cash receipts
Number of units to manufacture with beginning and ending inventory requirements
Direct Labor Cost
Predetermined overhead rate for application of manufacturing overhead
Cash disbursements
Cash balance – with and without minimum balance requirements
Purchases with beginning and ending inventory requirements
Net income
Cost of Goods Sold
Flexible budget calculations – remember you base flexible budgets on actual level of activity and
budgeted variable costs per unit and budgeted total fixed costs
Activity variance calculation – difference in flexible and planned budget numbers
Materials price and quantity variance – unfavorable and favorable
Direct labor rate and efficiency variables – unfavorable and favorable
Throughput time calculation
Delivery cycle time calculation
Return on Investment (ROI) calculation
Variance Type
Materials price variance
-1,800
F
Materials quantity variance -1,575
F
Labor rate variance
200
U
Labor efficiency variance 70
U
Variable overhead rate variance 2,990
U
Variable overhead efficiency variance 20
U
References Actual Results
For the Month
Flexible
Ended
Budget
November
Activity Variances
30Planning Budget
Pizzas
2,050
Deliveries
170
Revenue $41,680 $2,680 F $40,000 $1,000 F $39,000
Pizza ingredients
$9,550
$580 U
$9,410
$460 F
$8,970
Kitchen staff$6,110
$60 F
$6,170
None
$6,170
Utilities
$950
$960 F
$1,850
$60 F
$1,910
Delivery person
$578
$710 F
$1,238
$68 F
$1,288
Delivery vehicle
$1,012
$52 F
$1,044
-$32 U
$1,064
Equipment depreciation
$504
None
$504
None
$504
Rent
$2,130
None
$2,130
None
$2,130
Miscellaneous
$868
$382 F
$1,230
-$20 U
$1,250
Total expense
$21,702 $0
$0
$0
$0
Net operating
$19,978
income $0
$0
$0
$0
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