Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Cost per 100 Two-Liter Bottles Direct labor $1.14 Direct materials 6.38 Factory overhead 0.38 Total $7.9 At the beginning of July, GBC management planned to produce 500,000 bottles. The actual number of bottles produced for July was 540,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for the Month Ended July 31 Direct labor $6,033 Direct materials 33,625 Factory overhead 2,073 Total $41,731 Enter all amounts as positive numbers. Prepare a budget performance report for manufacturing costs, showing the total cost variances for direct materials, direct labor, and factory overhead for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to two decimal places. Genie in a Bottle CompanyManufacturing Costs-Budget Performance ReportFor the Month Ended July 31 Actual Costs Standard Cost at Actual Volume (540,000 Bottles) Cost Variance- (Favorable) Unfavorable Manufacturing costs: Direct labor $fill in the blank 50f7ecfdf019fd8_1 $fill in the blank 50f7ecfdf019fd8_2 $fill in the blank 50f7ecfdf019fd8_3 Direct materials fill in the blank 50f7ecfdf019fd8_4 fill in the blank 50f7ecfdf019fd8_5 fill in the blank 50f7ecfdf019fd8_6 Factory overhead fill in the blank 50f7ecfdf019fd8_7 fill in the blank 50f7ecfdf019fd8_8 fill in the blank 50f7ecfdf019fd8_9 Total manufacturing cost $fill in the blank 50f7ecfdf019fd8_10 $fill in the blank 50f7ecfdf019fd8_11 $fill in the blank 50f7ecfdf019fd8_12
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Budget Performance Report
Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The
| Cost Category | Standard Cost per 100 Two-Liter Bottles |
|||||
| Direct labor | $1.14 | |||||
| Direct materials | 6.38 | |||||
| Factory |
0.38 | |||||
| Total | $7.9 |
At the beginning of July, GBC management planned to produce 500,000 bottles. The actual number of bottles produced for July was 540,000 bottles. The actual costs for July of the current year were as follows:
| Cost Category | Actual Cost for the Month Ended July 31 |
|||||||||
| Direct labor | $6,033 | |||||||||
| Direct materials | 33,625 | |||||||||
| Factory overhead | 2,073 | |||||||||
| Total | $41,731 |
Enter all amounts as positive numbers.
Prepare a budget performance report for
Genie in a Bottle CompanyManufacturing Costs-Budget Performance ReportFor the Month Ended July 31
Actual Costs |
Standard Cost at Actual Volume (540,000 Bottles) |
Cost Variance- (Favorable) Unfavorable |
|
| Manufacturing costs: | |||
| Direct labor | $fill in the blank 50f7ecfdf019fd8_1 | $fill in the blank 50f7ecfdf019fd8_2 | $fill in the blank 50f7ecfdf019fd8_3 |
| Direct materials | fill in the blank 50f7ecfdf019fd8_4 | fill in the blank 50f7ecfdf019fd8_5 | fill in the blank 50f7ecfdf019fd8_6 |
| Factory overhead | fill in the blank 50f7ecfdf019fd8_7 | fill in the blank 50f7ecfdf019fd8_8 | fill in the blank 50f7ecfdf019fd8_9 |
| Total manufacturing cost | $fill in the blank 50f7ecfdf019fd8_10 | $fill in the blank 50f7ecfdf019fd8_11 | $fill in the blank 50f7ecfdf019fd8_12 |
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