Variance analysis Time recommendation: 12 minutes At the meeting to present your financial statement analysis the following interaction takes place: CEO Mei Ling: "How do we turn the business around to being more profitable? What information do you need?" You: "We need to start with some Variance Analysis, let's dig down further into your budgets and your actual performance. Can I see your flexible budget?" CEO Mei Ling: " Uhhh what's a flexible budget?" she says with a confused tone You: "Ok - get me as much information related to your budgets and your actual performance as you can" Here is the information SneakElite has provided to you. They used this information to construct their budget: Average direct materials per pair of sneakers: $85 Average direct labour per pair of sneakers: 3 hours at $15 per hour Average variable overhead rate per direct labour hour: $3 per direct labour hour Fixed overhead for the manufacturing facilities: $250,000 Average variable selling and packaging per pair of sneakers: $15 Fixed overhead for the head office facilities: $500,000 Fixed selling and packaging costs: $100,000 Average selling price per pair of sneakers: $350 Budgeted sales quantity: 16,500 pairs of shoes Actual sales quantity: 15,400 pairs of shoes Required: You've been asked to prepare a Variance Analysis. Use the table below. You must calculate the Flexible Budget and Flexible Budget Variance. (each box is worth 0.3 marks) To enter each amount in the table, please enter just the number in whole dollars (no cents). No commas or dollar signs or spaces after the number. Negative variances should have a minus before the number. For example, if your answer is -$15,500, enter "-15500" into the box. This is an auto-marked question using exact text matching and your answers must be just the number. Variance Analysis Table Static Budget ($) Flexible Budget ($) whole numbers only Actual ($) Flexible Budget Variance ($)whole numbers only Total sales 5,775,000 [Fill in the blank] 5,005,000 [Fill in the blank] Less COGS   Direct materials 1,402,500 [Fill in the blank] 1,771,000 [Fill in the blank]   Direct labour 742,500 [Fill in the blank] 1,078,000 [Fill in the blank]   Variable overhead 148,500 [Fill in the blank] 215,600 [Fill in the blank]   Fixed overhead - manufacturing 250,000 [Fill in the blank] 350,000 [Fill in the blank] GROSS PROFIT 3,231,500 [Fill in the blank] 1,590,400 [Fill in the blank] Variable selling and packaging 247,500 [Fill in the blank] 385,000 [Fill in the blank] Fixed selling and packaging 100,000 [Fill in the blank] 210,000 [Fill in the blank] Fixed head office costs 500,000 [Fill in the blank] 2,000,000 [Fill in the blank] NET PROFIT 2,3840,000 [Fill in the blank] -1,004,600 [Fill in the blank]   多项填空题