IKEA uses standard costs to control materials costs. The standards for bookshelves call for 25 feet of lumber for each finished unit produced.
The standard cost per foot of lumber is $1.50. During May, 10,000 finished units were manufactured, 28,000 feet of lumber were used. The price paid
for lumber was $1.40 per foot.
1. Determine the flexible budget materials cost for the manufacture of 10,000 finished units.
2. Determine the materials quantity variance.
3. Determine the materials price variance.
4. The price per foot was below the standard price. Does this appear to have been a good deal for the lumber, based on your answers? Why or why not?
Cardinal Company has two divisions: Frames and Lenses.
For 2016, Frames had revenues of $800,000 and Lenses had $1,200,000.
In the Frames Division, fixed expenses were $60,000 and variable expenses were $80,000.
In the Lenses Division, fixed expenses were $280,000 and variable expenses were $150,000. Common expenses were $90,000.
Required: Prepare income statements for each division and the company as a whole in a format appropriate for segment reporting.
Propose a Balanced Scorecard for Publix, the grocery store chain.
Name and briefly explain each category, and provide three examples of measures for each category.
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