2) Conner Hardware, Inc's static budget for the year is shown below:Sales (25,000 units)Cost of Goods Sold:Direct MaterialDirect LaborOverhead (includes $4 per unit Variable cost)Gross ProfitSelling ExpensesSales Commissions (Variable)Rent (Fixed)Insurance (Fixed)General and administrative expensesSalaries (fixed)Rent (Fixed)Depreciation (Fixed)SalesVariable Cost:Direct MaterialsDirect LaborVariable OHSales CommissionTotal Variable CostContribution MarginFixed Cost:Fixed OHRent Expense-SellingInsurance ExpenseSalaries ExpenseRent Expense-GeneralPrepare a flexible budget for Connor Hardware Inc. that shows a detailed budget for its static budgetand its actual sales volume of 40,000 units. Use the contribution margin approach.Depreciation ExpenseTotal Fixed CostIncome from Operations$150,000300,000175,00025,000 units50,00090,00035,000100,00040,00060,000$1,200,000625,000575,000375,000$ 200,00040,000 units

Flexible budget is the statement which is prepared by the entity for the purpose of determining the…

2) Conner Hardware, Inc's static budget for the year is shown below: Sales (25,000 units) Cost of Goods Sold: Direct Material Direct Labor Overhead (includes $4 per unit Variable cost) Gross Profit Selling Expenses Sales Commissions (Variable) Rent (Fixed) Insurance (Fixed) General and administrative expenses Salaries (fixed) Rent (Fixed) Depreciation (Fixed) Sales Variable Cost: Direct Materials Direct Labor Variable OH Sales Commission Total Variable Cost Prepare a flexible budget for Connor Hardware Inc. that shows a detailed budget for its static budget and its actual sales volume of 40,000 units. Use the contribution margin approach. 25,000 units 40,000 units Contribution Margin Fixed Cost: Fixed OH Rent Expense-Selling Insurance Expense Salaries Expense Rent Expense-General Depreciation Expense Total Fixed Cost $150,000 300,000 175,000 Income from Operations 50,000 90,000 35,000 100,000 40,000 60,000 $1,200,000 625,000 575,000 375,000 $ 200,000

2) Conner Hardware, Inc's static budget for the year is shown below: Sales (25,000 units) Cost of Goods Sold: Direct Material Direct Labor Overhead (includes $4 per unit Variable cost) Gross Profit Selling Expenses Sales Commissions (Variable) Rent (Fixed) Insurance (Fixed) General and administrative expenses Salaries (fixed) Rent (Fixed) Depreciation (Fixed) Sales Variable Cost: Direct Materials Direct Labor Variable OH Sales Commission Total Variable Cost Prepare a flexible budget for Connor Hardware Inc. that shows a detailed budget for its static budget and its actual sales volume of 40,000 units. Use the contribution margin approach. 25,000 units 40,000 units Contribution Margin Fixed Cost: Fixed OH Rent Expense-Selling Insurance Expense Salaries Expense Rent Expense-General Depreciation Expense Total Fixed Cost $150,000 300,000 175,000 Income from Operations 50,000 90,000 35,000 100,000 40,000 60,000 $1,200,000 625,000 575,000 375,000 $ 200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Auto Lavage is a Canadian company that owns and operates a large automatic carwash facility near Quebec. The following table provides data concerning the company's expected costs: Fixed Cost Cost per Car Washed $0.90 per Month Cleaning supplies Electricity Maintenance $ 3,450 0.30 0.50 6,600 10,200 4,000 3,740 Wages and salaries Depreciation 0.60 Rent Administrative expenses 0.07 For example, electricity costs are $3,450 per month plus $0.30 per car washed. The company expects to wash 9,900 cars in October and to collect an average of $7.80 per car washed. Auto Lavage's actual level of activity was 10,000 cars. The actual revenues and expenses for October are given below: Auto Lavage Income Statement For the Month Ended October 31 10,000 $79,900 Actual cars washed Sales Variable expenses: Cleaning supplies Electricity 9,850 3,082 4,525 6,250 Maintenance Wages and salaries Administrative Fixed expenses: Electricity Wages and salaries Depreciation 790 3,540 6,600 10,200 Rent 4,000…
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Robinson Company has two products, A and B. Robinson's budget for August follows: Master Budget Sales Variable cost Contribution margin Fixed cost Operating income Selling price Sales Variable cost Contribution margin Fixed cost On September 1, these operating results for August were reported: Operating Results Operating income Units sold Product A $ 330,000 180,000 $ 150,000 120,000 $ 30,000 $ 110 a. Flexible-budget variance b. Sales volume variance c. Sales quantity variance d. Sales mix variance Product B $ 450,000 270,000 $ 180,000 90,000 $ 90,000 $ 50 Product A $ 112,500 68,750 $ 43,750 120,000 $ (76,250) 1,250 Required: 1. For each product, determine the following variances measured in dollars of contribution margin: Product B $ 585,000 393,750 $ 191,250 90,000 $ 101,250 11,250 Product A Product B
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Your answer is partially correct. Indigo Company uses a flexible budget for manufacturing overhead based on direct labor hours. Budgeted variable manufacturing overhead costs per direct labor hour are as follows. Indirect labor Indirect materials Utilities $1.10 0.80 0.50 Budgeted fixed overhead costs per month are Supervision $4,800, Depreciation $1,440, and Property Taxes $960. The company believes it will normally operate in a range of 8,400-12,000 direct labor hours per month. Prepare a monthly manufacturing overhead flexible budget for 2022 for the expected range of activity, using increments of 1,200 direct labor hours. (List variable costs before fixed costs.)
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Accounting - Budgeted Manufacturing Costs
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