# Factory Overhead Cost Budget## OverviewSweet Tooth Candy Company budgeted the following costs for anticipated production for August:- **Advertising expenses:** $297,290- **Manufacturing supplies:** $16,290- **Power and light:** $48,600- **Sales commissions:** $328,580- **Factory insurance:** $28,300- **Production supervisor wages:** $142,930- **Production control wages:** $37,160- **Executive officer salaries:** $303,010- **Materials management wages:** $40,880- **Factory depreciation:** $23,150## ObjectivePrepare a factory overhead cost budget by separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs.## Sweet Tooth Candy Company### Factory Overhead Cost Budget### For the Month Ending August 31#### Variable Factory Overhead Costs:- [Dropdown for selection] - $[Input for amount]- ...- Total variable factory overhead costs: $[Input for total]#### Fixed Factory Overhead Costs:- [Dropdown for selection] - $[Input for amount]- Factory insurance - $28,300- Factory depreciation - $23,150- Total fixed factory overhead costs: $[Input for total]#### Total Factory Overhead Costs:- $[Input for total of variable and fixed costs]## Diagram ExplanationThe form includes dropdown menus to categorize each cost as either a variable or fixed factory overhead. There are fields available for entering the costs and calculating the totals for both variable and fixed expenses, along with the overall total factory overhead costs.

As a result,even though advertisement costs can very a lot, they are not considered a variable…

Factory Overhead Cost Budget Sweet Tooth Candy Company budgeted the following costs for anticipated production for August: Advertising expenses Manufacturing supplies Power and light Sales commissions Factory insurance Production supervisor wages Production control wages Executive officer salaries Materials management wages Factory depreciation $297,290 16,290 48,600 328,580 28,300 142,930 37,160 303,010 40,880 23,150 Prepare a factory overhead cost budget, separating variable

Factory Overhead Cost Budget Sweet Tooth Candy Company budgeted the following costs for anticipated production for August: Advertising expenses Manufacturing supplies Power and light Sales commissions Factory insurance Production supervisor wages Production control wages Executive officer salaries Materials management wages Factory depreciation $297,290 16,290 48,600 328,580 28,300 142,930 37,160 303,010 40,880 23,150 Prepare a factory overhead cost budget, separating variable

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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Cost Estimation & CVP It is budget season and Margo, Inc is planning for next year and requires a breakdown of the factory overhead cost into the fixed and variable elements. The following data on the OH cost and machine hours are available for the past six months: OH Cost Machine Hours $ 23,910 $ 23,397 $24,153 $23,964 $ 23,732 $ 23,559 $ 142,715 Month January February March April May June Total 1,800 1,230 2,070 1,860 1,602 1,410 9,972 Required: 1. Assume that Mago uses the high-low method of analysis, determine the variable OH cost per machine hour and monthly fixed cost Additional Sales & Cost information for Margo's Sales Price Machine Hours Per unit Direct Labor Hours Per Unit Direct labor cost per unit Direct Material cost per unit 2$ 75.30 2 2.5 2$ $ 40.00 18.50 2. How many units do they need to sell to breakeven in one month 3. How many units do they need to sell to earn a pre-tax profit of $52,410 in one month 4. Create a contribution margin income statement for the pre-tax…
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 8,000 hours for production: Variable overhead cost: Indirect factory labor $24,800 Power and light 6,000 Indirect materials 11,200 Total variable overhead cost $ 42,000 Fixed overhead cost: Supervisory salaries $34,880 Depreciation of plant and equipment 9,180 Insurance and property taxes 17,140 Total fixed overhead cost 61,200 Total factory overhead cost $103,200 Tannin has available 12,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 7,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost: Indirect…
Tora Company plans to produce 1,020 units in July. Each unit requires two hours of direct labor. The direct labor rate is $20 per hour. Prepare a direct labor budget for July. Units to produce TORA COMPANY Direct Labor Budget Direct labor hours needed Cost of direct labor July 1,020
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 18,000 hours for production: Variable overhead cost: Indirect factory labor $43,200 Power and light 12,960 Indirect materials 28,800 Total variable overhead cost $ 84,960 Fixed overhead cost: Supervisory salaries $62,700 Depreciation of plant and equipment 16,500 Insurance and property taxes 30,800 Total fixed overhead cost 110,000 Total factory overhead cost $194,960 Tannin has available 22,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 17,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost:…
Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,800 $ 1,560,000 721,600 97,600 $ 740,800 211, 200 334,000 $ 195,600 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 10,200 $ 1,726,800 879,954 110,640 $ 736,206 220,320 344,000 $ 171,886 < Prev 10 of 10 ‒‒‒ Next
Stafford Company prepared a static budget for a production and sales volume of 11,200 units. Per unit Static standards Budget Number of units 11,200 Sales revenue $77.00 $862,400 Variable manufacturing costs: Materials $18.00 201,600 Labor $14.00 156,800 Overhead $ 5.40 60,480 Variable general, selling, and administrative costs Contribution margin $18.00 201,600 $241,920 Fixed costs Manufacturing overhead 112,800 General, selling, and administrative costs 57,000 Net income $ 72,120 What is the net income if 10,200 units are sold? Multiple Choice $71,995 $72,478 $64,268 $50,520
k I t nces Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September: Standards Direct materials Direct labor Variable overhead (per direct labor-hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) Direct materials Direct labor Variable overhead Fixed overhead Price Variance K4 K4 0.75 pounds at $8.60 per pound 1.25 hours at $26.60 per hour Efficiency Variance $ 21.80 $ 417,120 17,380 Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.…
Question Content Area The total factory overhead for Big Light Company is budgeted for the year at $1,393,700. Big Light manufactures two different products: night lights and desk lamps. Night lights are budgeted for 17,000 units. Each night light requires 3 hours of direct labor. Desk lamps are budgeted for 13,000 units. Each desk lamp requires 2 hours of direct labor. a. Determine the total number of budgeted direct labor hours for the year.fill in the blank 1 of 1 direct labor hours b. Determine the single plantwide factory overhead rate using direct labor hours as the allocation base. Round your answer to two decimal places.fill in the blank 1 of 1$ per direct labor hour c. Determine the factory overhead allocated per unit for each product using the single plantwide factory overhead rate determined in (b). Round your answers to two decimal places.Night lights fill in the blank 1 of 1$ per unitDesk lamps fill in the blank 1 of 1$ per unit
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Q.prepare Nonmanufacturing costs budget for april.
Bramble Company manufactures deep-sea fishing rods, which it distributes internationally through a chain of wholesalers. The following data are taken from the budget prepared at the beginning of the year by Bramble's controller. The company applies overhead on the basis of machine hours. Variable manufacturing overhead Fixed manufacturing overhead Direct labor hours Machine hours Variable overhead spending variance Annual Budget $2,062,400 $1,202,280 Variable overhead efficiency variance During the month of May, Bramble used 4,350 direct labor hours and 21,890 machine hours. The flexible budget for the month allowed 4,450 direct labor hours and 21,200 machine hours. Actual fixed manufacturing overhead incurred was $109,400; variable manufacturing overhead incurred was $173,320. Fixed overhead spending variance (a) Calculate the variable overhead spending and efficiency variances for May. (Round per unit value to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, eg.…