1 For Year Ended December 31Direct materialsDirect laborDepartment manager salariesSupplies usedUtilitiesTotalsRentTotalsDirect materialsControllable CostsResponsibility Accounting Performance ReportManager, ATV DepartmentFor Year Ended December 31BudgetedGABudgetSnowmobile$ 21,52012,4006,3005,5005607,700$ 53,9800Exercise 22-2 (Algo) Responsibility accounting performance report LO P1Prepare a responsibility accounting performance report for the ATV department.Note: Under budget amounts should be indicated by a minus sign.ActualATV$ 29,50022,5007,2001,1007408,300$ 69,3400Over (Under)BudgetActual0Snowmobile$ 21,42012,8606,4005,1705307,300$ 53,680ATV$ 31,02023,4406,4001,1607008,300$ 71,020

Responsibility accounting is one of the branches of modern costing systems that majorly applies to…

For Year Ended December 31 Direct materials Direct labor Department manager salaries Supplies used Utilities Totals Rent Totals Direct materials Controllable Costs Snowmobile $ 21,520 12,400 6,300 5,500 560 7,700 $ 53,980 Budget Responsibility Accounting Performance Report Manager, ATV Department For Year Ended December 31 Budgeted Exercise 22-2 (Algo) Responsibility accounting performance report LO P1 Prepare a responsibility accounting performance report for the ATV department. Note: Under budget amounts should be indicated by a minus sign. 0 $ Actual 0 ATV $ 29,500 22,500 7,200 1,100 740 8,300 $ 69,340 Over (Under) Budget GA Actual 0 Snowmobile $ 21,420 12,860 6,400 5,170 530 7,300 $ 53,680 ATV $ 31,020 23,440 6,400 1,160 700 8,300 $ 71,020

For Year Ended December 31 Direct materials Direct labor Department manager salaries Supplies used Utilities Totals Rent Totals Direct materials Controllable Costs Snowmobile $ 21,520 12,400 6,300 5,500 560 7,700 $ 53,980 Budget Responsibility Accounting Performance Report Manager, ATV Department For Year Ended December 31 Budgeted Exercise 22-2 (Algo) Responsibility accounting performance report LO P1 Prepare a responsibility accounting performance report for the ATV department. Note: Under budget amounts should be indicated by a minus sign. 0 $ Actual 0 ATV $ 29,500 22,500 7,200 1,100 740 8,300 $ 69,340 Over (Under) Budget GA Actual 0 Snowmobile $ 21,420 12,860 6,400 5,170 530 7,300 $ 53,680 ATV $ 31,020 23,440 6,400 1,160 700 8,300 $ 71,020

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 8E

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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

For Year Ended December 31
Direct materials
Direct labor
Department manager salaries
Supplies used
Utilities
Totals
Rent
Totals
Direct materials
Controllable Costs
Responsibility Accounting Performance Report
Manager, ATV Department
For Year Ended December 31
Budgeted
GA
Budget
Snowmobile
$ 21,520
12,400
6,300
5,500
560
7,700
$ 53,980
0
Exercise 22-2 (Algo) Responsibility accounting performance report LO P1
Prepare a responsibility accounting performance report for the ATV department.
Note: Under budget amounts should be indicated by a minus sign.
Actual
ATV
$ 29,500
22,500
7,200
1,100
740
8,300
$ 69,340
0
Over (Under)
Budget
Actual
0
Snowmobile
$ 21,420
12,860
6,400
5,170
530
7,300
$ 53,680
ATV
$ 31,020
23,440
6,400
1,160
700
8,300
$ 71,020

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