Flexible Production Cost Budget%24$9:23 PMe here to search12/13/2021 Flounder Possible Inc. (FP) is a manufacturer of toaster ovens. To improve control over operations, the president of FP wants to beginusing a flexible budgeting system, rather than using only the current master budget. The following data are available for FP's expectedcosts at production levels of 81,000, 90,000, and 99,000 units.Variable costsManufacturing$5 per unitAdministrative$3 per unitSelling$3 per unitFixed costsManufacturing$144,000Administrative$72,000(a)Prepare a flexible budget for each of the possible production levels: 81,000, 90,000, and 99,000 units. (List variable costs beforefixed costs.)FLOUNDER POSSIBLE INC.

Solution:- The flexible budget is the budgeting toll which is prepared by the companies in different…

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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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QUESTION 39 Complete the Flexible Budget Performance Report below: Sales Revenue Total Variable Costs Total Fixed Costs Total Variable Costs at 120 hours = Master Budget (100 hours) $2,000 $400 $300 Flexible Budget (120 hours) ? ? ?
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Flexible Budget for Various Levels of Production Budgeted amounts for the year: Materials 2 leather strips @ $7.00 Labor 1.5 hr. @ $18.00 VOH 1.5 hr. @ $1.20 FOH $6,800 Required: 1. Prepare a flexible budget for 3,500, 4,000, and 4,500 units. Flexible Budget Variable Costper Unit 3,500 units 4,000 units 4,500 units Direct materials $ $ $ $ Direct labor Variable overhead Fixed overhead Total $ $ $ 2. CONCEPTUAL CONNECTION Calculate the unit cost at 3,500, 4,000, and 4,500 units. (Note: Round unit costs to the nearest cent.) Unit cost at 3,500 units $ Unit cost at 4,000 units $ Unit cost at 4,500 units $ What happens to unit cost as the number of units produced increases? The cost per unit as the number of units produced increases because fixed cost is spread over a greater number of units. Check My Work
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