Cost Control Report For the Month Ended September Liters of blood collected Medical supplies Lab tests Equipment depreciation Rent Utilities Administration Total expense Actual Results 610 $ 7,203 5, 081 2,905 1,050 597 11, 525 $ 28, 361 30 Planning Budget 490 $ 5,880 4,900 2,600 1,050 525 11, 030 $ 25,985 Variances $ 1,323 U 181 U 305 U The following cost formulas were used to construct the planning budget e 72 U 495 U $ 2,376 U The managing director of the blood bank was very unhappy with this report, claiming that his costs were higher than expected due to the emergency on the neighboring islands. He also pointed out that the additional costs had been fully covered by payments from grateful recipients on the other islands. The government official who prepared the report countered that all of the figures had been submitted by the blood bank to the government; he was just pointing out that actual costs were a lot higher than promised in the budget.

Cost Control Report For the Month Ended September Liters of blood collected Medical supplies Lab tests Equipment depreciation Rent Utilities Administration Total expense Actual Results 610 $ 7,203 5, 081 2,905 1,050 597 11, 525 $ 28, 361 30 Planning Budget 490 $ 5,880 4,900 2,600 1,050 525 11, 030 $ 25,985 Variances $ 1,323 U 181 U 305 U The following cost formulas were used to construct the planning budget e 72 U 495 U $ 2,376 U The managing director of the blood bank was very unhappy with this report, claiming that his costs were higher than expected due to the emergency on the neighboring islands. He also pointed out that the additional costs had been fully covered by payments from grateful recipients on the other islands. The government official who prepared the report countered that all of the figures had been submitted by the blood bank to the government; he was just pointing out that actual costs were a lot higher than promised in the budget.

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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If actual fixed overhead was $54,000 and there was a $1,300 unfavorable spending variance and a $1,000 unfavorable volume variance, budgeted fixed overhead must have been a.$50,300. b.$53,000. c.$56,300. d.$52,700.
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Required 1 Required 2 Calculate the activity variances for March. 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. Utilities Maintenance Supplies Indirect labor Depreciation Total FAB Corporation Activity Variances For the Month Ended March 31 Show Transcribed Text Required 1 Required 2 FAB Corporation Spending Variances For the Month Ended March 31
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Factory Overhead Cost Variance Report Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 14,000 hours for production: Variable overhead costs: Indirect factory labor $44,800 Power and light 10,780 Indirect materials 21,000 Total variable overhead cost $76,580 Fixed overhead costs: Supervisory salaries $61,560 Depreciation of plant and equipment 16,200 Insurance and property taxes 30,240 Total fixed overhead cost 108,000 Total factory overhead cost $184,580 Tannin has available 18,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 13,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead costs: Indirect factory labor $40,560…
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Overhead Variances, Two- And Three-Variance Analyses
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