(1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (A) CO
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
![Required information
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A manufactured product has the following information for June.
Direct materials
Direct labor
Overhead
Units manufactured
(1) Prepare the standard cost card showing standard cost per unit.
(2) Compute total budgeted cost for June production.
(3) Compute total actual cost for June production.
(4) Compute total cost variance for June.
Standard Quantity and Cost
6 pounds @ $8 per pound.
3 DLH@ $16 per DLH
3 DLH @ $13 per DLH
Required 1
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Required 4
Prepare the standard cost card showing standard cost per unit.
Required 2
Direct materials
Direct labor
Overhead
Total
Required 3
Actual Results
44,300 pounds @ $8.10 per pound
21,500 hours @ $16.50 per hour
$ 291, 200
7,300 units
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