Fanning Medical Equipment Company makes a blood pressure measuring kit. Jason McCoy is theproduction manager. The production department's static budget and actual results for Year 3 follow.Production in unitsDirect materials.Direct laborVariable manufacturing overheadTotal variable costsFixed manufacturing overheadTotal manufacturing costRequired A Required BStatic BudgetRequireda. Convert the static budget into a flexible budget.b. Calculate the variances.Production in unitsDirect materialsDirect laborVariable manufacturing overheadTotal variable costsFixed manufacturing overheadTotal manufacturing costs$ 179,400153,40039,000$371,800210,000$ 581,800Convert the static budget into a flexible budget.Note: Do not round intermediate calculations.26,000 kitsComplete this question by entering your answers in the tabs below.Flexible Budget28,600 Kits00Actual Results28,600 kitsPLA$ 234,840161,74046,400442,980205,800$ 648,780Required B

Fanning Medical Equipment Company makes a blood pressure measuring kit. Jason McCoy is the production manager. The production department's static budget and actual results for Year 3 follow. Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing cost Required A Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Required B Static Budget Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing costs $ 179,400 153,400 39,000 371,800 210,000 $ 581,800 Convert the static budget into a flexible budget. Note: Do not round intermediate calculations. S Complete this question by entering your answers in the tabs below. 26,000 kits Flexible Budget 28,600 Kits 0 0 Actual Results 28,600 kits $ 234,840 161,740 46,400 442,980 205,800 $ 648,780 Required B >

Fanning Medical Equipment Company makes a blood pressure measuring kit. Jason McCoy is the production manager. The production department's static budget and actual results for Year 3 follow. Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing cost Required A Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Required B Static Budget Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing costs $ 179,400 153,400 39,000 371,800 210,000 $ 581,800 Convert the static budget into a flexible budget. Note: Do not round intermediate calculations. S Complete this question by entering your answers in the tabs below. 26,000 kits Flexible Budget 28,600 Kits 0 0 Actual Results 28,600 kits $ 234,840 161,740 46,400 442,980 205,800 $ 648,780 Required B >

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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Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Required: 1 & 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp Please avoid answers in image format thank you
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. 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.) Required: Complete the Production Department's Flexible Budget Performance Report. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense ( ( ($ 7,000 ( ( ( $ 79,650 $ 18,800 q) ) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Spending Variances $ 1.40 q) q) q) $ 1.40 q) Actual Results 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
Smith manufactures coffee mugs that it sells to other companies for customizing with their own logos. Smith prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 59,900 coffee muas per month: Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. 4. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory. Journalize the adjusting of the Manufacturing Overhead account. 5. Smith intentionally hired more highly skilled workers during July. How did this decision affect…
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