Acme Company's production budget for August is 18,000 units and includes the following component unit costs: direct materials, $8.00; direct labor, $10.50; variable overhead, $6.40. Budgeted fixed overhead is $37,000. Actual production in August was 19,950 units. Actual unit component costs incurred during August include direct materials, $8.70; direct labor, $9.90; variable overhead, $7.30. Actual fixed overhead was $39,000. Required: Prepare a performance report, including each cost component. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e zero variance). Cost Component Direct materials Direct labor Variable overhead Fixed overhead Total budgeted cost Original Budget (18,000 units) $ $ 8 11 6 Flexed Budget (19,950 units) 37,000 37,025 $ Actual Cost (19,950 units) 0 $ 0 Budget Variance

Acme Company's production budget for August is 18,000 units and includes the following component unit costs: direct materials, $8.00; direct labor, $10.50; variable overhead, $6.40. Budgeted fixed overhead is $37,000. Actual production in August was 19,950 units. Actual unit component costs incurred during August include direct materials, $8.70; direct labor, $9.90; variable overhead, $7.30. Actual fixed overhead was $39,000. Required: Prepare a performance report, including each cost component. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e zero variance). Cost Component Direct materials Direct labor Variable overhead Fixed overhead Total budgeted cost Original Budget (18,000 units) $ $ 8 11 6 Flexed Budget (19,950 units) 37,000 37,025 $ Actual Cost (19,950 units) 0 $ 0 Budget Variance

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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