**Ray Company Production Department Flexible Budget Performance Report** _For the Month Ended August 31_**Required:** Complete the Production Department's Flexible Budget Performance Report. **Note:** Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.### Table Breakdown:| Description | Actual Results | Spending Variances | Flexible Budget | Activity Variances | Planning Budget ||-----------------------------|----------------|--------------------|-----------------|-------------------|-----------------|| **Labor-hours (q)** | 9,530 | | | | 9,050 || **Direct labor** | (q) | $159,305 | | $157,245 | || **Indirect labor** | + $1.40 (q) | 2,206 F | | 20,812 | || **Utilities** | $7,000 + | (q) | 1,500 U | | 576 U | 17,860 || **Supplies** | + (q) | 5,010 U | | 4,494 | | 4,350 || **Equipment depreciation** | $79,650 | | 0 None | | 0 None || **Factory administration** | $18,800 + $1.40 (q) | | | | || **Total expenses** | | $313,459 | | | |### Graph/Diagram Description:- **Labor-hours (q):** Shows a slight increase from Planning Budget (9,050) to Actual Results (9,530).- **Spending Variances** are noted as: - Indirect labor has a favorable variance of $2,206. - Utilities show an unfavorable variance of $1,500. - Supplies also reflect an unfavorable variance of $5,010.- **Activity Variances** show: - An unfavorable variance of 576 in utilities. - Depreciation and Factory administration have no variance effect.

The variance is the difference between the standard and actual production data. The variance can be…

Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expenses $ $ $ 7,000 (q) + + + 79,650 18,800 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances $ $ 1.40 (q) (9) (q) 1.40 (q) $ $ 9,530 159,305 5,010 313,459 2,206 F 1,500 U 0 None $ Flexible Budget 157,245 20,812 4,494 Activity Variances 576 U 0 None Planning Budget 9,050 17,860 4,350

Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expenses $ $ $ 7,000 (q) + + + 79,650 18,800 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances $ $ 1.40 (q) (9) (q) 1.40 (q) $ $ 9,530 159,305 5,010 313,459 2,206 F 1,500 U 0 None $ Flexible Budget 157,245 20,812 4,494 Activity Variances 576 U 0 None Planning Budget 9,050 17,860 4,350

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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