Hi,I really need help with this three-part question.Your assistance is appreciated. Required:1. Prepare the Production Department's planning budget for the month.2. Prepare the Production Department's flexible budget for the month.3. Calculate the spending variances for all expense items.Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3Prepare the Production Department's flexible budget for the month.Packaging Solutions CorporationProduction Department Flexible BudgetFor the Month Ended March 31Actual labor-hoursDirect laborIndirect laborUtilitiesSuppliesEquipment depreciationFactory rentProperty taxesFactory administrationTotal expenseAnswer is complete but not entirely correct.$$0x0x0x0x0x0X0x0X0X0< Required 1Required 3 >Required:1. Prepare the Production Department's planning budget for the month.2. Prepare the Production Department's flexible budget for the month.3. Calculate the spending variances for all expense items.Complete this question by entering your answers in the tabs below.Required 1Required 2Budgeted labor-hoursDirect laborIndirect laborUtilitiesSuppliesEquipment depreciationPrepare the Production Department's planning budget for the month.Packaging Solutions CorporationProduction Department Planning BudgetFor the Month Ended March 31✓Factory rentProperty taxesFactory administrationTotal expense> Answer is complete but not entirely correct.$$Required 30x0X0x0x0x0x0x0x0x0< Required 1Required 2 >PICCOLLAGE Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are preparedmonthly for each department. The planning budget and flexible budget for the Production Department are based on the followingformulas, where g is the number of labor-hours worked in a month:Direct laborIndirect laborUtilitiesSuppliesEquipment depreciationFactory rentProperty taxesFactory administrationThe Production Department planned to work 4,400 labor-hours in March; however, it actually worked 4,200 labor-hours during themonth. Its actual costs incurred in March are listed below:Direct laborIndirect laborUtilitiesSuppliesEquipment depreciationFactory rentProperty taxesFactory administrationCost Formulas$16.509$4,400+ $1.80q$5,600 + $0.60q$1,800 + $0.209$18,800 + $2.709$8,200$2,500$13,700 + $0.809Labor-hoursDirect laborIndirect laborActual CostIncurred inMarchRequired:1. Prepare the Production Department's planning budget for the month.2. Prepare the Production Department's flexible budget for the month.3. Calculate the spending variances for all expense Items.UtilitiesSuppliesEquipment depreciationFactory rentProperty taxesFactory administrationTotal expenseComplete this question by entering your answers in the tabs below.$ 70,920$ 11,500$ 8,630Required 1Required 2 Required 3Calculate the spending variances for all expense items. (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.)Packaging Solutions Corporation$2,890$ 30,140$ 8,600$ 2,500$ 16,4504,200S 70,92011,5008,6302,89030,1408,6002,500Answer is complete but not entirely correct.16,450S 151,630Spending VariancesFor the Month Ended March 31ActualResultsSpending VariancessS0X U0X F0X U0X U0 None0X U0 None0X F0U>FlexibleBudgetSS00x0x0X0x0x0x0x0x

Name: Hi,I really need help with this three-part question.Your assistance is
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Description: Hi,I really need help with this three-part question.Your assistance is appreciated. Required:1. Prepare the Production Department's planning budget for the month.2. Prepare the Production Department's flexible budget for the month.3. Calculate the sp

The variances are the difference between the actual production costs and budgeted production costs.…

Business

Accounting

formulas, where q is the number of labor-hours worked in a month: Cost Formulas Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration $16.50q $4,400 + $1.80q $5,600 + $0.60q $1,800+ $0.20q $18,800+ $2.70q $8,200 $2,500 $13,700 + $0.80q The Production Department planned to work 4,400 labor-hours in March; however, it actually worked 4,200 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 70,920 $ 11,500 $ 8,630 $ 2,890 $ 30,140 $ 8,600 $ 2,500 $ 16,450 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Calculate the spending variances for all expense Items. Answer is complete but not entirely correct.

formulas, where q is the number of labor-hours worked in a month: Cost Formulas Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration $16.50q $4,400 + $1.80q $5,600 + $0.60q $1,800+ $0.20q $18,800+ $2.70q $8,200 $2,500 $13,700 + $0.80q The Production Department planned to work 4,400 labor-hours in March; however, it actually worked 4,200 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 70,920 $ 11,500 $ 8,630 $ 2,890 $ 30,140 $ 8,600 $ 2,500 $ 16,450 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Calculate the spending variances for all expense Items. Answer is complete but not entirely correct.

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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