Celtic Company Machining Department Monthly Production Budget Wages $1,115,000 Utilities 51,000 Depreciation 84,000 Total $1,250,000 The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Amount Units Spent Produced January $1,177,000 93,000 February 1,113,000 84,000 March 1,063,000 76,000 The Machining Department supervisor has been very pleased with this performance because actual expenditures for January-March have been less than the monthly static budget of $1,250,000. However, the plant manager believes that the budget should not remain fixed for every month but should "flex" or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining Department is as follows: Wages per hour $22.00 Utility cost per direct labor hour $1.00 Direct labor hours per unit 0.50 Planned monthly unit production 101,000

Celtic Company Machining Department Monthly Production Budget Wages $1,115,000 Utilities 51,000 Depreciation 84,000 Total $1,250,000 The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Amount Units Spent Produced January $1,177,000 93,000 February 1,113,000 84,000 March 1,063,000 76,000 The Machining Department supervisor has been very pleased with this performance because actual expenditures for January-March have been less than the monthly static budget of $1,250,000. However, the plant manager believes that the budget should not remain fixed for every month but should "flex" or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining Department is as follows: Wages per hour $22.00 Utility cost per direct labor hour $1.00 Direct labor hours per unit 0.50 Planned monthly unit production 101,000

Name: Celtic CompanyMachining DepartmentMonthly Production BudgetWages$1,11
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Description: Celtic CompanyMachining DepartmentMonthly Production BudgetWages$1,115,000Utilities51,000Depreciation84,000Total$1.250.000The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows:Amo

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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A report for a company's Assembly Department for the month of March follows: Assembly Department Cost Report For the Month Ended March 31 Machine-hours Variable costs: Supplies Scrap Indirect materials Fixed costs: Wages and salaries Equipment depreciation Total cost Actual Results 15,000 Master Budget Variances 20,000 $ 10,800 39,200 $ 11,400 42,000 $ 600 F 2,800 F 111,800 133,500 21,700 F 83,500 108,000 78,000 108,000 5,500 U 0 $ 353,300 $ 372,900 $ 19,600 F Required: Prepare a flexible budget performance report for the month of March.
The Davis Corporation budgeted factory overhead at $250,000 for the period for the Assembly Department based on a budgeted volume of 100,000 direct labor hours. At the end of the period, the factory overhead control account for the Assembly Department had a balance of $252,000. The actual (and allowed) direct labor hours were 103,000. What was the over- or underapplied factory overhead for the period?
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Multiple Production Department Factory Overhead Rates The total factory overhead for Bardot Marine Company is budgeted for the year at $1,290,000, divided into two departments: Fabrication, $772,500, and Assembly, $517,500. Bardot Marine manufactures two types of boats: speedboats and bass boats. The speedboats require three direct labor hours in Fabrication and two direct labor hours in Assembly. The bass boats require one direct labor hour in Fabrication and four direct labor hours in Assembly. Each product is budgeted for 7,500 units of production for the year. If required, round all per unit answers to the nearest cent. a. Determine the total number of budgeted direct labor hours for the year in each department. Fabrication direct labor hours Assembly direct labor hours b. Determine the departmental factory overhead rates for both departments. Fabrication per dlh Assembly per dlh c. Determine the factory overhead allocated per unit for each product using the department factory…
The following information for Donoghue Manufacturing Company for the period just ended: Actual: Variable manufacturing overhead $96,000 Fixed manufacturing overhead $90,000 Actual production completed 84,000 units Actual machine hours worked 30,000 hours Standard and Budgeted: Standard variable overhead rate per machine hour $3 Standard fixed overhead rate per machine hour $2 Standard machine processing time make 2 units per hour Budgeted machine hours 41,000 machine hours Budgeted production 82,000 units The fixed overhead budget variance for Donoghue Manufacturing Company is: A. $6,000 U B. $2,000 F C. $8,000 U D. $4,000 F E. None of the above.
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