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Chubbs Inc.'s manufacturing overhead budget for the first quarter of 2017 contained the following data. Variable Costs Indirect materials Indirect labor Utilities Maintenance $11,800 10,700 8,000 5,600 Fixed Costs Supervisory salaries Depreciation Property taxes and insurance Maintenance $35,500 6,700 7,600 5,900 Actual variable costs were indirect materials $14,700, indirect labor $9,600, utilities $9,800, and maintenance $5,100. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,600. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance.

Chubbs Inc.'s manufacturing overhead budget for the first quarter of 2017 contained the following data. Variable Costs Indirect materials Indirect labor Utilities Maintenance $11,800 10,700 8,000 5,600 Fixed Costs Supervisory salaries Depreciation Property taxes and insurance Maintenance $35,500 6,700 7,600 5,900 Actual variable costs were indirect materials $14,700, indirect labor $9,600, utilities $9,800, and maintenance $5,100. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,600. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chubbs Inc's manufacturing overhead budget for the first quarter of 2017 contained the following data. Variable Costs Indirect materials Indirect labor Utilities Maintenance $11.800 Supervisory salaries 10,700 Depreciation Property taxes and insurance Maintenance 8,000 Fixed Costs 5,600 $35,500 6,700 7,600 5,900 Actual variable costs were indirect materials $14,700, indirect labor $9,600, utilities $9,800, and maintenance $5,100. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,600. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance.
Transcribed Image Text:Chubbs Inc's manufacturing overhead budget for the first quarter of 2017 contained the following data. Variable Costs Indirect materials Indirect labor Utilities Maintenance $11.800 Supervisory salaries 10,700 Depreciation Property taxes and insurance Maintenance 8,000 Fixed Costs 5,600 $35,500 6,700 7,600 5,900 Actual variable costs were indirect materials $14,700, indirect labor $9,600, utilities $9,800, and maintenance $5,100. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,600. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance.
(a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.) O llable Costs O 0 O O O 0 O O O O O O O O (b) Prepare a responsibility report for the first quarter. O O $ O $ Budget $ CHUBBS INC. Manufacturing Overhead Flexible Budget Report For the Quarter Ended March 31, 2017 Budget $ Actual $ CHUBBS INC. Manufacturing Overhead Responsibility Report For the Quarter Ended March 31, 2017 $ Actual $ Difference Favorable Unfavorable Neither Favorable nor Unfavorable Difference Favorable Unfavorable. Neither Favorable. nor Unfavorable
Transcribed Image Text:(a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.) O llable Costs O 0 O O O 0 O O O O O O O O (b) Prepare a responsibility report for the first quarter. O O $ O $ Budget $ CHUBBS INC. Manufacturing Overhead Flexible Budget Report For the Quarter Ended March 31, 2017 Budget $ Actual $ CHUBBS INC. Manufacturing Overhead Responsibility Report For the Quarter Ended March 31, 2017 $ Actual $ Difference Favorable Unfavorable Neither Favorable nor Unfavorable Difference Favorable Unfavorable. Neither Favorable. nor Unfavorable
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