Crane Company expects to produce 58,000 units of product XLA during the current year. Budgeted variable manufacturing costs per unit are direct materials $5, direct labour $12, and overhead $19. Annual budgeted foxed manufacturing overhead costs are $92.400 for depreciation and $54,000 for supervision. In the current month, Crane produced 6,200 units and incurred the following costs: direct materials $27.900, direct labour $72,400, variable overhead $125,457, depreciation $7,700, and supervision $4,770. Prepare a flexible budget report. (List variable costs before fixed costs) Depreciation Direct Labour Direct Materials Fixed Cost Overhead Supervision Total Conti Total Fixed Costs Total Variable Costs Activity Level: Units Variable Costs V V $ Budget Crane Company Flexible Budget Report Actual $ D Fi Un Neith nor U Budget Crane Company Flexible Budget Report Actual Difference Favourable Unfavourable Neither Favourable nor Unfavourable Favourable Unfavourable Neither Favourable nor Unfavourable v V V <<<
Crane Company expects to produce 58,000 units of product XLA during the current year. Budgeted variable manufacturing costs per unit are direct materials $5, direct labour $12, and overhead $19. Annual budgeted foxed manufacturing overhead costs are $92.400 for depreciation and $54,000 for supervision. In the current month, Crane produced 6,200 units and incurred the following costs: direct materials $27.900, direct labour $72,400, variable overhead $125,457, depreciation $7,700, and supervision $4,770. Prepare a flexible budget report. (List variable costs before fixed costs) Depreciation Direct Labour Direct Materials Fixed Cost Overhead Supervision Total Conti Total Fixed Costs Total Variable Costs Activity Level: Units Variable Costs V V $ Budget Crane Company Flexible Budget Report Actual $ D Fi Un Neith nor U Budget Crane Company Flexible Budget Report Actual Difference Favourable Unfavourable Neither Favourable nor Unfavourable Favourable Unfavourable Neither Favourable nor Unfavourable v V V <<<
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
answer in text form please (without image)
Transcribed Image Text:Crane Company expects to produce 58,000 units of product XLA during the current year. Budgeted variable manufacturing costs per
unit are direct materials $5, direct labour $12, and overhead $19. Annual budgeted fixed manufacturing overhead costs are
$92,400 for depreciation and $54,000 for supervision.
In the current month, Crane produced 6.200 units and incurred the following costs: direct materials $27,900, direct labour $72,400,
variable overhead $125,457, depreciation $7,700, and supervision $4,770.
Prepare a flexible budget report. (List variable costs before fixed costs.)
Depreciation
Direct Labour
Direct Materials
Fixed Costs
Overhead
Supervision
Total Costs
Total Fixed Costs
Total Variable Costs
Activity Level: Units
Variable Costs
v
V
$
Budget
Crane Company
Flexible Budget Report
Actual
$
D
F
Un
Neith
nor l
Budget
$
Crane Company
Flexible Budget Report
Actual
Difference
Favourable
Unfavourable
Neither Favourable
nor Unfavourable
Favourable
Unfavourable
Neither Favourable nor Unfavourable
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education