Chubbs Inc.’s manufacturing overhead budget for the first quarter of 2020 contained the following data.Variable Costs Fixed CostsIndirect materials $11,300 Supervisory salaries $36,600Indirect labor 10,600 Depreciation 7,700Utilities 7,700 Property taxes and insurance 8,000Maintenance 5,700 Maintenance 5,300Actual variable costs were indirect materials $15,300, indirect labor $9,300, utilities $9,600, and maintenance $5,100. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $9,100. 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.)CHUBBS INC.Manufacturing Overhead Flexible Budget ReportFor the Quarter Ended March 31, 2020 Difference Budget Actual FavorableUnfavorableNeither Favorablenor UnfavorableSelect an opening line for section one DepreciationFixed CostsIndirect LaborIndirect MaterialsMaintenanceProperty Taxes and InsuranceSupervisory SalariesTotal CostsTotal Fixed CostsTotal Variable CostsUtilitiesVariable Costs Select an overhead flexible budget report item $Enter a dollar amount $Enter the difference Select an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect an overhead flexible budget report item Enter a dollar amount Enter the differenceSelect an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect an overhead flexible budget report item Enter a dollar amount Enter the differenceSelect an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect an overhead flexible budget report item Enter a dollar amount Enter the differenceSelect an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect a closing line for section one Enter a total amount for section one Enter the differenceSelect an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect an opening line for section two Select an overhead flexible budget report item Enter a dollar amount Enter the differenceSelect an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect an overhead flexible budget report item Enter a dollar amount Enter the differenceSelect an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect an overhead flexible budget report item Enter a dollar amount Enter the differenceSelect an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect an overhead flexible budget report item Enter a dollar amount Enter the differenceSelect an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect a closing line for section two Enter a total amount for section two Enter the differenceSelect an option Select a closing line for the overhead flexible budget report $Enter a total dollar amount $Enter the difference Select an option (b) Prepare a responsibility report for the first quarter.CHUBBS INC.Manufacturing Overhead Responsibility ReportFor the Quarter Ended March 31, 2020 DifferenceControllable Costs Budget Actual FavorableUnfavorableNeither Favorablenor UnfavorableSelect an opening overhead responsibility report item Indirect MaterialsIndirect LaborMaintenanceSupervisory SalariesUtilitiesProperty Taxes and InsuranceDepreciation $Enter a dollar amount $Enter the difference Select an option FavorableUnfavorableNeither Favorable nor UnfavorableSelect an overhead responsibility report item Enter a dollar amount Enter the differenceSelect an option Select an overhead responsibility report item Enter a dollar amount Enter the differenceSelect an option Select an overhead responsibility report item Enter a dollar amount Enter the differenceSelect an option Select a closing overhead responsibility report item Enter a dollar amount Enter the differenceSelect an option $Enter a total dollar amount $Enter the difference Select an option

Manufacturing overhead flexible budget report: A manufacturing overhead flexible budget contains all…

Answered: Chubbs Inc.’s manufacturing overhead…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EB: A company estimates its manufacturing overhead will be $840,000 for the next year. What is the...

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Chubbs Inc.’s manufacturing overhead budget for the first quarter of 2020 contained the following data.

Variable Costs	Fixed Costs
Indirect materials	$11,300	Supervisory salaries	$36,600
Indirect labor	10,600	Depreciation	7,700
Utilities	7,700	Property taxes and insurance	8,000
Maintenance	5,700	Maintenance	5,300

Actual variable costs were indirect materials $15,300, indirect labor $9,300, utilities $9,600, and maintenance $5,100. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $9,100. 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.)

CHUBBS INC. Manufacturing Overhead Flexible Budget Report For the Quarter Ended March 31, 2020
			Difference
	Budget	Actual	Favorable Unfavorable Neither Favorable nor Unfavorable
Select an opening line for section one DepreciationFixed CostsIndirect LaborIndirect MaterialsMaintenanceProperty Taxes and InsuranceSupervisory SalariesTotal CostsTotal Fixed CostsTotal Variable CostsUtilitiesVariable Costs
Select an overhead flexible budget report item	$Enter a dollar amount		$Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select an overhead flexible budget report item	Enter a dollar amount		Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select an overhead flexible budget report item	Enter a dollar amount		Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select an overhead flexible budget report item	Enter a dollar amount		Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select a closing line for section one	Enter a total amount for section one		Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select an opening line for section two
Select an overhead flexible budget report item	Enter a dollar amount		Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select an overhead flexible budget report item	Enter a dollar amount		Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select an overhead flexible budget report item	Enter a dollar amount		Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select an overhead flexible budget report item	Enter a dollar amount		Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select a closing line for section two	Enter a total amount for section two		Enter the difference	Select an option
Select a closing line for the overhead flexible budget report	$Enter a total dollar amount		$Enter the difference	Select an option

(b) Prepare a responsibility report for the first quarter.

CHUBBS INC. Manufacturing Overhead Responsibility Report For the Quarter Ended March 31, 2020
			Difference
Controllable Costs	Budget	Actual	Favorable Unfavorable Neither Favorable nor Unfavorable
Select an opening overhead responsibility report item Indirect MaterialsIndirect LaborMaintenanceSupervisory SalariesUtilitiesProperty Taxes and InsuranceDepreciation	$Enter a dollar amount		$Enter the difference	Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
Select an overhead responsibility report item	Enter a dollar amount		Enter the difference	Select an option
Select an overhead responsibility report item	Enter a dollar amount		Enter the difference	Select an option
Select an overhead responsibility report item	Enter a dollar amount		Enter the difference	Select an option
Select a closing overhead responsibility report item	Enter a dollar amount		Enter the difference	Select an option
	$Enter a total dollar amount		$Enter the difference	Select an option

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