Please don't give image based answer..thanku Static Budget versus Flexible BudgetThe production supervisor of the Machining Department for Hagerstown Company agreed to the following monthly static budget for the upcoming year:Hagerstown CompanyMachining DepartmentMonthly Production BudgetWagesUtilitiesDepreciationTotalThe actual amount spent and the actual units produced in the first three months in the Machining Department were as follows:Amount SpentUnits Produced116,000105,00095,000MayJune$885,00063,000105,000$1.053.000$995,000946,000907,000JulyThe Machining Department supervisor has been very pleased with this performance because actual expenditures for May-July have been significantly less than the monthly static budget of 1,053,000. However, the plant manager believes that the budget should not remain fixed forevery month but should "flex" or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining Department is as follows:$14.00$1.000.50126,000Wages per hourUtility cost per direct labor hourDirect labor hours per unitPlanned monthly unit production a. Prepareflexible budget for the actual units produced for May, June, and July in the Machining Department. Assume depreciation is a fixed cost. If required, use per unit amounts carried out to two decimal places.Hagerstown CompanyMachining Department BudgetFor the Three Months Ending July 31Units of productionTotalSupporting calculations:Units of productionHours per unitTotal hours of productionWages per hourTotal wagesTotal hours of productionUtility costs per hourTotal utilitiesActual costTotal flexible budgetXX $x $Excess of actual cost over budgetMay116,000What does this comparison suggest?116,000 105,000Xx $$June105,000x $$b. Compare the flexible budget with the actual expenditures for the first three months.XMayx $July95,00095,000$June$July

Budgeting is the process of estimating and forecasting for future. Flexible budget is that budget…

a. Prepare a flexible budget for the actual units produced for May, June, and July in the Machining Department. Assume depreciation is a fixed cost. If required, use per unit amounts carried out to two decimal places. Hagerstown Company Machining Department Budget For the Three Months Ending July 31 May June 116,000 105,000 Units of production Total Supporting calculations: Units of production Hours per unit Total hours of production Wages per hour Total wages Total hours of production Utility costs per hour Total utilities loodl x S X $ Total flexible budget Actual cost Excess of actual cost over budget 116,000 105,000 x $ $ x $ $ XS XS b. Compare the flexible budget with the actual expenditures for the first three months. May July 95,000 95,000 $ $ June $ July

a. Prepare a flexible budget for the actual units produced for May, June, and July in the Machining Department. Assume depreciation is a fixed cost. If required, use per unit amounts carried out to two decimal places. Hagerstown Company Machining Department Budget For the Three Months Ending July 31 May June 116,000 105,000 Units of production Total Supporting calculations: Units of production Hours per unit Total hours of production Wages per hour Total wages Total hours of production Utility costs per hour Total utilities loodl x S X $ Total flexible budget Actual cost Excess of actual cost over budget 116,000 105,000 x $ $ x $ $ XS XS b. Compare the flexible budget with the actual expenditures for the first three months. May July 95,000 95,000 $ $ June $ July

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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