Fran Bowen created the following budget: Budget Food Transportation Housing $ 440 Clothing 415 Personal expenses and recreation 1,030 Category She actually spent $357 for food, $421 for transportation, $1,009 for housing, $210 for clothing, and $241 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or surplus. Note: Input all amounts as positive values. Food Transportation Housing Clothing Personal expenses and recreation Variance Amount $ 107 374 Deficit or Surplus

Fran Bowen created the following budget: Budget Food Transportation Housing $ 440 Clothing 415 Personal expenses and recreation 1,030 Category She actually spent $357 for food, $421 for transportation, $1,009 for housing, $210 for clothing, and $241 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or surplus. Note: Input all amounts as positive values. Food Transportation Housing Clothing Personal expenses and recreation Variance Amount $ 107 374 Deficit or Surplus

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 1.5C

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Fran Bowen created the following budget: Budget Food $ 372 Clothing $ 134 Transportation 402 Personal expenses and recreation 336 Housing 1,033 She actually spent $397 for food, $437 for transportation, $994 for housing, $218 for clothing, and $282 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or surplus.
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Fran Bowen created the following budget: Food, $350 Clothing, $100 Transportation, $320 Personal expenses and recreation, $275 Housing, $950 She actually spent $298 for food, $337 for transportation, $982 for housing, $134 for clothing, and $231 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or a surplus.
We discuss how to prepare the different component budgets of theoperating budget, including the sales, production, direct materials,direct labor, manufacturing overhead, cost of goods sold, andselling and administrative expense budgets. We also discuss howto use information from all of these operating budgets to prepare abudgeted income statement. Knowledge Check 05WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7.The company is projecting sales of 1,000 units for the month of March. The totalcost of producing one unit includes $2 for direct materials, $1 for direct labor,and $0.50 for manufacturing overhead.Calculate the cost of goods sold for the month of March.
All of the accounts payable are for inventory purchases and all inventory items are purchased on account. What are the estimated cash disbursements for inventories for the budget period? * (1 Point) Sample format: 1,111,111 NUBD Co., a merchandising firm, is preparing its master budget and has gathered the following data to help budget cash disbursements: Budgeted data: Cost of goods sold Desired decrease in inventories Desired decrease in accounts payable P1,680,000 P80,000 P150,000
Fran Powers created following budget and reported actual spending listed. Calculate the variance for each catagory and indicate whether it is Deficit or Surplus: Item Budggeted Actual Variance Deficit/Surplus Food $360 $298Automobile $320 $334Housing $950 $982Clothing $110 $134Personal $275 $231
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[The following information applies to the questions displayedbelow.]We discuss how to prepare the different component budgets of theoperating budget, including the sales, production, direct materials,direct labor, manufacturing overhead, cost of goods sold, andselling and administrative expense budgets. We also discuss howto use information from all of these operating budgets to prepare abudgeted income statement. WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7. Thecompany is projecting sales of 1,000 units for the month of March. There are 30units in the beginning inventory. Each unit requires 20 ounces of raw materials and0.20 direct labor hours to make. The company's policy is to keep ending finishedgoods inventory of 10% of the current month's sales. Selling and administrativeexpenses for the month have been budgeted at $2,000.Knowledge Check 02Assume that the beginning raw materials inventory is 2,000 ounces. If the desiredending raw materials…
[The following information applies to the questions displayedbelow.]We discuss how to prepare the different component budgets of theoperating budget, including the sales, production, direct materials,direct labor, manufacturing overhead, cost of goods sold, andselling and administrative expense budgets. We also discuss howto use information from all of these operating budgets to prepare abudgeted income statement. WellWheats, Inc. produces breakfast cereal and sells each box, or unit, for $7.The company is projecting sales of 1,000 units for the month of March. Thereare 30 units in the beginning inventory. Each unit requires 20 ounces of rawmaterials and 0.20 direct labor hours to make. The company's policy is to keepending finished goods inventory of 10% of the current month's sales. Selling andadministrative expenses for the month have been budgeted at $2,000.How many units should WellWheats produce in March?
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Please show how (step-by-step) you get the numbers for each account in the Flexible budget column. Bickel Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of November: Bickel Corporation Comparison of Actual Results to Planning Budget For the Month Ended November 30 Actual Results Planning Budget Variances Customers served........................................ 24,000 25,000 Revenue ($3.60q)......................................... $85,700 $90,000 $4,300 U Expenses: Wages and salaries ($22,200 + $1.20q)...... 48,900 52,200 3,300 F Supplies ($0.50q)...................................... 13,000 12,500 500 U Insurance ($5,700)..................................... 5,600 5,700 100 F Miscellaneous expense ($4,500 +…
Distinguish between a standard and a budget. BE11.1 (LO 1 ), AP Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and labor are $1,400,000 and $1,700,000 , respectively. Compute the estimates for (a) a standard cost and (b) a budgeted cost.