Please help me with this problem . Thanks in advance! 7.17 Flexible budget. At Connor, the budgeted price of direct raw materials, direct production labor and direct marketing (distribution) work is$40, $8 and $12 per briefcase, respectively. The President is pleased with the data in the following performance report:Static budget$ 400.000Actual costsDeviationDirect raw materialsDirect production workDirect marketing (distribution) work$ 364.000$ 36.000 F78.00080.0002.000 F110.000120.00010.000 FRequestActual production was 8,800 briefcases. Is the President's satisfaction justified? Develop a revised performance report using a flexible budgetand a static budget. Assume that all of the above direct costs are variable costs.

Flexible Budget:-These are the budgets that management adjust according to the level and volume of…

7.17 Flexible budget. At Connor, the budgeted price of direct raw materials, direct production labor and direct marketing (distribution) work is $40, $8 and $12 per briefcase, respectively. The President is pleased with the data in the following performance report: Actual costs $ 364.000 Static budget $ 400.000 Deviation Direct raw materials Direct production work Direct marketing (distribution) work $ 36.000 F 2.000 F 10.000 F 78.000 80.000 110.000 120.000 Request Actual production was 8,800 briefcases. Is the President's satisfaction justified? Develop a revised performance report using a flexible budget and a static budget. Assume that all of the above direct costs are variable costs.

7.17 Flexible budget. At Connor, the budgeted price of direct raw materials, direct production labor and direct marketing (distribution) work is $40, $8 and $12 per briefcase, respectively. The President is pleased with the data in the following performance report: Actual costs $ 364.000 Static budget $ 400.000 Deviation Direct raw materials Direct production work Direct marketing (distribution) work $ 36.000 F 2.000 F 10.000 F 78.000 80.000 110.000 120.000 Request Actual production was 8,800 briefcases. Is the President's satisfaction justified? Develop a revised performance report using a flexible budget and a static budget. Assume that all of the above direct costs are variable costs.

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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