Blossom, Inc. prepared the following master budget items for July: Production and sales 22,000 units Variable manufacturing costs: Direct materials $ 22,000 $ 52,800 $ 55,000 $110,000 Direct labor Variable manufacturing overhead Fixed manufacturing costs Total manufacturing costs $239,800 During July, Blossom actually sold 28,000 units. Prepare a flexible budget for Blossom based on actual sales. (Do not round your intermediate calculations.) Production and Sales Variable Manufacturing Costs: units Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Costs Total Manufacturing Costs

Blossom, Inc. prepared the following master budget items for July: Production and sales 22,000 units Variable manufacturing costs: Direct materials $ 22,000 $ 52,800 $ 55,000 $110,000 Direct labor Variable manufacturing overhead Fixed manufacturing costs Total manufacturing costs $239,800 During July, Blossom actually sold 28,000 units. Prepare a flexible budget for Blossom based on actual sales. (Do not round your intermediate calculations.) Production and Sales Variable Manufacturing Costs: units Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Costs Total Manufacturing Costs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare a flexible budget for Western.
Merlyn Company has the following budgeted variable costs per unit produced: DIRECT MATRERIALS $5.50 direct labour 2.8 Variable overhead supplies 0.65 maitenance 0.25 power 0.17 Budgeted fixed overhead costs per month include supervision of $60,000, depreciation of $71,000, and other overhead of $175,000. Required: 1. Prepare a flexible budget for all costs of production for the following levels of production: 150,000 units, and 185,000 units.
Lemon, Inc. has prepared the following budgets for March. In March, budgeted production is 1,000 units, budgeted sales is 1,200 units, and raw materials inventory and unit costs will stay constant. Direct materials Direct labor Manufacturing overhead Selling and administrative expense What is budgeted cost of goods sold for March? A. $40,734 B. $42,400 C. $48,880 D. $50,880 $8,000 $14,400 $20,000 $16,000
Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows: Indirect labor Indirect materials Utilities Activity Level Depreciation Fixed overhead costs per month are Supervision $3,600, Depreciation $1,300, and Property Taxes $800. The company believes it will normally operate in a range of 7,100-11,000 direct labor hours per month. Direct Labor Hours Fixed Costs $1.20 Prepare a monthly manufacturing overhead flexible budget for 2020 for the expected range of activity, using increments of 1,300 direct labor hours. (List variable costs before fixed costs.) Indirect Labor Indirect Materials Property Taxes Supervision 0.70 Total Costs Total Fixed Costs Total Variable Costs Utilities Variable Costs 0.20 LA MYERS COMPANY Monthly Manufacturing Overhead Flexible Budget For the Year 2020 LA tA tA
The master budget at Western Company last period called for sales of 240,000 units at $8.00 each. The costs were estimated to be $4.00 variable per unit and $270,000O fixed. During the period, actual production and actual sales were 245,000 units. The selling price was $8.10 per unit. Variable costs were $4.75 per unit. Actual fixed costs were $270,000. Required: Prepare a flexible budget for Western. WESTERN COMPANY Flexible Budget 2$
Crystal Glassware Company has the following standards and flexible-budget data. $ 4.00 per direct-labor hour 2 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor $ 112,000 28,000 units 19,000 units $ 217,000 $ 105,000 55,000 hours Required: Prepare journal entries for the following transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. • Record the incurrence of actual variable overhead and actual fixed overhead. Add variable and fixed overhead to Work-in-Process Inventory. Close underapplied or overapplied overhead into Cost of Goods Sold.
Crystal Glassware Company has the following standards and flexible - budget data. Standard variable - overhead rate $ 6.00 per direct - labor hour Standard quantity of direct labor 2 hours per unit of output Budgeted fixed overhead $ 100,000 Budgeted output 25,000 units Actual results for April are as follows: Actual output 20,000 units Actual variable overhead $ 320,000 Actual fixed overhead $ 97,000 Actual direct labor 50,000 hours Required: Prepare journal entries for the following transactions. Note: If no entry is required for a transaction /event, select "No journal entry required" in the first account field. Record the incurrence of actual variable overhead and actual fixed overhead. Add variable and fixed overhead to Work-in-Process Inventory. Close underapplied or overapplied overhead into Cost of Goods Sold.
Beech Company produced and sold 113,000 units in May. For the level of production in May, budgeted amounts were sales, $1,390,000; variable costs, $841,000; and fixed costs, $250,000. The following actual results are available for May Actual Results Sales (113,000 units) Variable costs Fixed costs $ 1,372,000 811,500 250,000 Prepare a flexible budget performance report for May. Indicate whether each variance is favorable or unfavorable (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) BEECH COMPANY Flexible Budget Performance Report For Month Ended May 31 Favorable/ Unfavorable Flexible Budget Actual Results Variances Contribution margin
Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,800 $ 1,560,000 721,600 97,600 $ 740,800 211, 200 334,000 $ 195,600 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 10,200 $ 1,726,800 879,954 110,640 $ 736,206 220,320 344,000 $ 171,886 < Prev 10 of 10 ‒‒‒ Next
Belinda Company has the following budgeted variable costs per unit produced: Direct materials $ 7.50 Direct labour 2.24 Variable overhead: Supplies 0.33 Maintenance 0.17 Power 0.18 Budgeted fixed overhead costs per month include supervision of $68,000, depreciation of $71,000, and other overhead of $205,000. Required: 1. Prepare a flexible budget for all costs of production for the following levels of production: 120,000 units, 130,000 units, and 145,000 units. 2. What is the per-unit total product cost for each of the production levels from Requirement 1? (Round each unit cost to the nearest cent.)
Toot Sweet Company budgeted the following costs for anticipated production for August: Advertising expenses $241,360 Manufacturing supplies 13,230 Power and light 39,450 Sales commissions 260,760 Factory insurance 22,970 Production supervisor wages 116,040 Production control wages 30,170 Executive officer salaries 246,000 Materials management wages 33,190 Factory depreciation 18,800 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs. Toot Sweet Company Factory Overhead Cost Budget For the Month Ending August 31 Variable factory overhead costs: Total variable factory overhead costs Fixed factory overhead costs: Total fixed factory overhead costs Total factory overhead costs
Problem 5-6A (Algo) Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for L. Torabi and R. Beninati and is checked for G. Fisher and J. Tillman. Required: On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal income tax withholding using the wage-bracket tables with Forms W-4 from 2020 or later in Appendix C. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee L. Torabi R. Beninati G. Fisher J. Tillman Filing Status S S MJ MJ Dependents None One Other Three <17 Two <17 Annual Salary $ $ $ $ 42,500 51,500 48,000 39,650 Spouse Annual Salary and Pay Frequency Not applicable Not applicable $80,000 per biweekly $23,790 per weekly Federal Income Tax per Period