Case 3GG Industrial is a new manufacturing company and is in the process of preparing itsmanufacturing overhead budget for 2023. The budgeted sales for 2023 is RM250,000 where theexpected selling price is RM5 per unit.ItemsVariable costTotal fixedper unit (RM)1.501.20costs (RM)Indirect materialsSuppliesIndirect labour0.6078,00045,00024,000Plant utilities0.20Repair and maintenanceDepreciation on plant and equipmentInsurance on plant and equipmentPlant supervisor0.7046,00025,00076,000Required1. Prepare the manufacturing overhead budget for the company for the upcoming year.2. Since the company is just established, explain to the management of the company theimportance of a budget.

Manufacturing overhead means all type of indirect costs incurred for the manufacturing and…

Case 3 GG Industrial is a new manufacturing company and is in the process of preparing its manufacturing overhead budget for 2023. The budgeted sales for 2023 is RM250,000 where the expected selling price is RM5 per unit. Items Variable cost Total fixed per unit (RM) 1.50 costs (RM) Indirect materials Supplies Indirect labour Plant utilities Repair and maintenance Depreciation on plant and equipment Insurance on plant and equipment Plant supervisor 1.20 78,000 45,000 24,000 0.60 0.20 0.70 46,000 25,000 76,000 Required 1. Prepare the manufacturing overhead budget for the company for the upcoming year. 2. Since the company is just established, explain to the management of the company the importance of a budget.

Case 3 GG Industrial is a new manufacturing company and is in the process of preparing its manufacturing overhead budget for 2023. The budgeted sales for 2023 is RM250,000 where the expected selling price is RM5 per unit. Items Variable cost Total fixed per unit (RM) 1.50 costs (RM) Indirect materials Supplies Indirect labour Plant utilities Repair and maintenance Depreciation on plant and equipment Insurance on plant and equipment Plant supervisor 1.20 78,000 45,000 24,000 0.60 0.20 0.70 46,000 25,000 76,000 Required 1. Prepare the manufacturing overhead budget for the company for the upcoming year. 2. Since the company is just established, explain to the management of the company the importance of a budget.

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

Please do not give solution in image format thanku
4.4 Prepare a direct labor budget for each of the upcoming five years. Labor = $8
9. Sheridan company has the following budgeted costs for the next year:
Please do not give solution in image format thanku
A9
Carla Vista Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Carla Vista: Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Rate charged $ Time Charges Material Loading Charges $245,830 Calculate the rate charged per hour of labour. eTextbook and Media Save for Later 47,580 31,720 $325,130 The company wants a $30 profit margin per hour of labour and a 25% profit margin on parts. It has budgeted for 7,930 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $388,000. $36,860 16,490 per hour 25,220 $78,570 Attempts: 0 of 2 used Submit Answer
Current Attempt in Progress Carla Vista Company expects to produce 1,200,000 units of product XX in 2022. Monthly production is expected to range from 72,700 to 109,700 units. Budgeted variable manufacturing costs per unit are as follows: direct materials $4, direct labour $7, and overhead $10. Budgeted fixed manufacturing costs per unit for depreciation are $4 and for supervision $3. In March 2022, the company incurs the following costs in producing 91,200 units: direct materials $392,800, direct labour $634,400, and variable overhead $915,000. Actual fixed overhead equalled budgeted fixed overhead. Prepare a flexible budget report for March. (List variable costs before fixed costs.) $ $ Were costs controlled? Budget CARLA VISTA COMPANY Manufacturing Flexible Budget Report For the Month Ended March 31, 2022 V Actual Difference Favourable Unfavourable Neither Favourable nor Unfavourable
Please do not give solution in image format thanku
9997
answer in text form please (without image)
Please do not give solution in image format thanku