Budget Performance Reports for Cost Centers Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar CompanyBudget Performance Report—Vice President, ProductionFor the Month Ended June 30 Plant Actual Budget Over Budget (Under) Budget Eastern Region $561,500 $561,500 $0 Central Region 400,300 404,300 (4,000) Western Region (g) (h) (i) $(j) $(k) $(l) $(4,000) Delmar CompanyBudget Performance Report—Manager, Western Region PlantFor the Month Ended June 30 Department Actual Budget Over Budget (Under) Budget Chip Fabrication $(a) $(b) $(c) Electronic Assembly 72,400 71,470 930 Final Assembly 114,150 115,070 $(920) $(d) $(e) $(f) $(920) Delmar CompanyBudget Performance Report—Supervisor, Chip FabricationFor the Month Ended June 30 Cost Actual Budget Over Budget (Under) Budget Factory wages $32,900 $30,750 $2,150 Materials 64,580 65,040 $(460) Power and light 4,620 3,880 740 Maintenance 9,040 8,260 780 $111,140 $107,930 $3,670 $(460) a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above. Amount Amount a. $fill in the blank 1 g. $fill in the blank 2 b. $fill in the blank 3 h. $fill in the blank 4 c. $fill in the blank 5 i. $fill in the blank 6 d. $fill in the blank 7 j. $fill in the blank 8 e. $fill in the blank 9 k. $fill in the blank 10 f. $fill in the blank 11 l. $fill in the blank 12
Budget Performance Reports for Cost Centers Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar CompanyBudget Performance Report—Vice President, ProductionFor the Month Ended June 30 Plant Actual Budget Over Budget (Under) Budget Eastern Region $561,500 $561,500 $0 Central Region 400,300 404,300 (4,000) Western Region (g) (h) (i) $(j) $(k) $(l) $(4,000) Delmar CompanyBudget Performance Report—Manager, Western Region PlantFor the Month Ended June 30 Department Actual Budget Over Budget (Under) Budget Chip Fabrication $(a) $(b) $(c) Electronic Assembly 72,400 71,470 930 Final Assembly 114,150 115,070 $(920) $(d) $(e) $(f) $(920) Delmar CompanyBudget Performance Report—Supervisor, Chip FabricationFor the Month Ended June 30 Cost Actual Budget Over Budget (Under) Budget Factory wages $32,900 $30,750 $2,150 Materials 64,580 65,040 $(460) Power and light 4,620 3,880 740 Maintenance 9,040 8,260 780 $111,140 $107,930 $3,670 $(460) a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above. Amount Amount a. $fill in the blank 1 g. $fill in the blank 2 b. $fill in the blank 3 h. $fill in the blank 4 c. $fill in the blank 5 i. $fill in the blank 6 d. $fill in the blank 7 j. $fill in the blank 8 e. $fill in the blank 9 k. $fill in the blank 10 f. $fill in the blank 11 l. $fill in the blank 12
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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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.
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Budget Performance Reports for Cost Centers
Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow:
Delmar CompanyBudget Performance Report—Vice President, ProductionFor the Month Ended June 30| Plant | Actual | Budget | Over Budget |
(Under) Budget |
|
|---|---|---|---|---|---|
| Eastern Region | $561,500 | $561,500 | $0 | ||
| Central Region | 400,300 | 404,300 | (4,000) | ||
| Western Region | (g) | (h) | (i) | ||
| $(j) | $(k) | $(l) | $(4,000) |
Delmar CompanyBudget Performance Report—Manager, Western Region PlantFor the Month Ended June 30
| Department | Actual | Budget | Over Budget |
(Under) Budget |
|---|---|---|---|---|
| Chip Fabrication | $(a) | $(b) | $(c) | |
| Electronic Assembly | 72,400 | 71,470 | 930 | |
| Final Assembly | 114,150 | 115,070 | $(920) | |
| $(d) | $(e) | $(f) | $(920) |
Delmar CompanyBudget Performance Report—Supervisor, Chip FabricationFor the Month Ended June 30
| Cost | Actual | Budget | Over Budget |
(Under) Budget |
|---|---|---|---|---|
| Factory wages | $32,900 | $30,750 | $2,150 | |
| Materials | 64,580 | 65,040 | $(460) | |
| Power and light | 4,620 | 3,880 | 740 | |
| Maintenance | 9,040 | 8,260 | 780 | |
| $111,140 | $107,930 | $3,670 | $(460) |
a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above.
| Amount | Amount |
|---|---|
| a. $fill in the blank 1 | g. $fill in the blank 2 |
| b. $fill in the blank 3 | h. $fill in the blank 4 |
| c. $fill in the blank 5 | i. $fill in the blank 6 |
| d. $fill in the blank 7 | j. $fill in the blank 8 |
| e. $fill in the blank 9 | k. $fill in the blank 10 |
| f. $fill in the blank 11 | l. $fill in the blank 12 |
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