Ray Company provided the following excerpts from its Production Department's flexible budget performance report.Required:Complete the Production Department's Flexible Budget Performance Report.Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero.variance). Input all amounts as positive values. Round "rate per hour answers to 2 decimal places.Labor-hours (4)Direct laborIndirect laborUtilitiesSuppliesEquipment depreciation $Factory administrationTotal expenses$7,70081,400$ 18,940(a)...Ray CompanyProduction Department Flexible Budget Performance Report$$For the Month Ended August 31ActualResults1.20 (9)(4)(9)1.10 (9)$$9,000195,1306,108353,420Spending Variances3,028 F1,570 U0 NoneFlexibleBudget$ 192,00019,0604,564Activity Variances912 U0 NonePlanningBudget9,12025,0284,420

Name: Ray Company provided the following excerpts from its Production Depar
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Description: Ray Company provided the following excerpts from its Production Department's flexible budget performance report.Required:Complete the Production Department's Flexible Budget Performance Report.Note: Indicate the effect of each variance by selecting

A flexible budget is one that can be adjusted depending on the degree of activity. When actual costs…

Business

Accounting

abor-hours (a) irect labor direct labor tites upplies quipment depreciation actory administration otal expenses $ 7,700 $ 81,400 $ 18,940 (a) + . . Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ $ 1.20 (0) (4) (4) 1.10 (4) $ $ 9,000 195,130 6,108 363,420 Spending Variances 3,028 F 1.570 U 0 None Flexible Budget $ 192.000 19.000 4,564 Activity Variances 912 U 0 None Planning Budget 9,120 25,028 4,420

abor-hours (a) irect labor direct labor tites upplies quipment depreciation actory administration otal expenses $ 7,700 $ 81,400 $ 18,940 (a) + . . Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ $ 1.20 (0) (4) (4) 1.10 (4) $ $ 9,000 195,130 6,108 363,420 Spending Variances 3,028 F 1.570 U 0 None Flexible Budget $ 192.000 19.000 4,564 Activity Variances 912 U 0 None Planning Budget 9,120 25,028 4,420

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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Problem 7-50 (Algo) Estimate Direct Labor Costs from Overhead Data (LO 7-2) Kenmore Fabrication estimated that direct labor cost for the year would be $651,200. The company also estimated that fixed overhead would be $488,400 and variable overhead would be 35 percent of direct labor cost. Kenmore applies its overhead on the basis of direct labor cost. During the year, all fixed overhead costs were exactly as planned ($488,400) and variable overhead was also incurred as expected. There was $32,100 in underapplied overhead. Required: How much did Kenmore spend on direct labor cost during the period? Actual direct labor cost
Answer
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Exercise 17-15 (Algo) Computing activity rates, overhead allocation, and cost per unit LO P3 Lucern Company reports the following for its overhead cost for the year. Activity Budgeted Cost Budgeted Activity Usage Engineering support $ 34,300 70 design changes Electricity 35,400 3,540 machine hours Setup 58,800 490 setups 1. Compute the activity rate for each activity using activity-based costing.2. The company’s Pro model used these activities to produce 1,200 units during the year: 2 design changes, 130 machine hours, and 10 setups. Allocate overhead cost to the Pro model and compute its overhead cost per unit using activity-based costing.
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What is the Gross Profit for April?
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Direct labour 5Direct material 8Variable production overhead 2Fixed production overhead 5 Standard production cost 20 The fixed production overhead figure has been calculated on the basis of a budgeted normal output of 36,000 units per annum. The fixed production overhead actually incurred in March was $15,000 Selling and admin expense Fixed $10,000 per monthVariable 15% of the sales value The selling price per unit is $50 and the number of units produced and sold were: Production 2,000 Sales 1,500 1a Prepare the absorption costing and marginal costing statements of profit or loss for March
Problem 7-50 (Algo) Estimate Direct Labor Costs from Overhead Data (LO 7-2) Kenmore Fabrication estimated that direct labor cost for the year would be $645,600. The company also estimated that fixed overhead would be $484,200 and variable overhead would be 35 percent of direct labor cost. Kenmore applies its overhead on the basis of direct labor cost. During the year, all fixed overhead costs were exactly as planned ($484,200) and variable overhead was also Incurred as expected. There was $31,050 in underapplied overhead. Required: How much did Kenmore spend on direct labor cost during the period? Actual direct labor cost