Garland Company Budget Performance Report-Vice President, Production For the Month Ended November 30 Plant Budget Actual Over Budget Under Budget Eastern Region $402,700 $402,700 $0 Central Region 289,900 287,000 (2,900) Western Region (g) (h) (i) $(1) $(k) $(1) $(2,900) Garland Company Budget Performance Report-Manager, Western Region Plant For the Month Ended November 30 Department Budget Actual Over Budget Under Budget Chip Fabrication $(a) $(b) $(c) Electronic Assembly 82,250 83,320 1,070 Final Assembly 132,420 131,360 $(1,060) $(d) $(e) $(f) $(1,060) Garland Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended November 30 Cost Budget Actual Over Budget Under Budget Factory wages $29,570 $31,640 $2,070 Materials 65,290 64,830 $(460) Power and light 4,090 4,870 780 Maintenance 8,450 9,250 800 $107,400 $110,590 $3,650 $(460)

Garland Company Budget Performance Report-Vice President, Production For the Month Ended November 30 Plant Budget Actual Over Budget Under Budget Eastern Region $402,700 $402,700 $0 Central Region 289,900 287,000 (2,900) Western Region (g) (h) (i) $(1) $(k) $(1) $(2,900) Garland Company Budget Performance Report-Manager, Western Region Plant For the Month Ended November 30 Department Budget Actual Over Budget Under Budget Chip Fabrication $(a) $(b) $(c) Electronic Assembly 82,250 83,320 1,070 Final Assembly 132,420 131,360 $(1,060) $(d) $(e) $(f) $(1,060) Garland Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended November 30 Cost Budget Actual Over Budget Under Budget Factory wages $29,570 $31,640 $2,070 Materials 65,290 64,830 $(460) Power and light 4,090 4,870 780 Maintenance 8,450 9,250 800 $107,400 $110,590 $3,650 $(460)

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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A flexible budget graph for the Assembly Department shows the following: 1. At zero direct labor hours, the total budgeted cost line intersects the vertical axis at $128,000. 2. At normal capacity of 50,000 direct labor hours, the line drawn from the total budgeted cost line intersects the vertical axis at $376,000. Develop the budgeted cost calculation for the Assembly Department and identify the fixed and variable costs.
The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 3,960 kayaks during 2020. Each kayak will require 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.00 per pound, and the finishing kits cost $150 each. Each kayak will use two kinds of labor-2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $19 per hour, and the type II are paid $16 per hour. Manufacturing overhead is budgeted at $381,520 for 2020, broken down as follows. Variable costs Indirect materials Manufacturing supplies Maintenance and utilities Fixed costs Supervision Insurance Depreciation Total Polyethylene powder Finishing kits Type I labor Type II labor Indirect materials Manufacturing supplies Maintenance…
dent is pleased with the following performance report: bor, and direct marketing (distribution) labor per attaché case are $43, $6, and $13, respectively. The presi- 7-22 Flexible budget. Bryant Company's budgeted prices for direct materials, direct manufacturing la- ASSIGNMENT M Flexible budget. Bryant Company's budgeted prices for direct materials, direct manufacturing la- Actual Costs Static Budget Variance Direct materials $438,000 $473,000 $35,000 F Direct manufacturing labor Direct marketing (distribution) labor 63,600 66,000 2,400 F 133,500 143,000 9,500 F Actual output was 10,000 attaché cases. Assume all three direct-cost items shown are variable costs. Is the president's pleasure justified? Prepare a revised performance report that uses a flexible budget and a static budget. ook
Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin 8,800 $ 1,560,000 721,600 97,600 $ 740,800 211, 200 334,000 $ 195,600 Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 10,200 $ 1,726,800 879,954 110,640 $ 736,206 220,320 344,000 $ 171,886 < Prev 10 of 10 ‒‒‒ Next
Preparing a flexible budget and computing standard cost variances McKnight Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Mcknight allocates overhead based on yards of direct materials. The company’s performance report includes the following selected data: Requirements Prepare a flexible budget based on the actual number of recliners sold. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. Have Mcknight’s managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? Describe how McKnight’s managers can benefit from the standard cost system.
Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base data by product are provided below. Procurement Scheduling Materials handling Product development Production Disk drives Tape drives Wire drives Activity Cost Activity Base $392,400 Number of purchase orders 233,100 Number of production orders 409,400 Number of moves 708,700 Number of engineering changes 1,526,300 Machine hours Number of Purchase Orders Number of Number Number of of Moves Engineering Changes 11 7 23 Production Orders 4,090 280 1,800 185 12,000 910 The activity-based cost for each disk drive unit is Oa. $793.58 Ob. $21.93 Oc. $235.34 Od. $191.6 1 1,410 740 4,500 Machine Hours 1,800 8,300 11,500 Number of Units 2,300 4,300 2,400
Find the direct labor budget, and manufacturing overhead budget for the year
Matthew works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs and boots typically sell for $97 and $192 per pair, respectively. Based on past experience, fashion trends, and seasonal shifts, the company expected to sell 760 pairs of clogs and 240 pairs of boots. The variable cost per pair was $52 for clogs and $78 for boots. At the end of the year, Matthew evaluated the company's sales and contribution margin amounts against the budget. Actual results for the year were as follows. . . . (a) Actual sales volume: clogs, 869; boots, 231. Actual selling price: clogs, $108 per pair; boots, $181 per pair. Actual per-unit variable costs for each product were the same as budgeted. Your answer is correct.
Marla Baldwin was a blt anxlous as she created the year-end performance reports. She remembered how management had hoped the economy would make a favorable turn, taking pressure off consumers so they'd feel more comfortable spending on the company's splurge Item-a luxurious hooded cotton robe. Alas, actual production and sales ended at 5,100 units, a whopping 1,000 units shy of the company's original budget. The following Information presents the company's actual Income statement and other key Information for Marla. Sales Varlable costs: DM Actual Income DL Varlable-MOH Contribution margin Fixed costs: Fixed-MOH Fixed SG&A Operating Income Standards are as follows. Direct materials Direct labor Variable-MOH Fixed-MOH $800,700 Selling price Fixed SGSA expense 172,125 (for 11,475 yards purchased and used) 75,276 (for 3,672 hours used) 45,900 O Search 507,399 170,978 243,100 Standard Quantity per Unit 2.30 yards 0.70 DL hours $93.321 Additional master budget Information: 2.30 yards 2.30…
Rafner Manufacturing identified the following budgeted data in its two production departments. Assembly Finishing Manufacturing overhead costs $ 1,120,800 $ 510,000 Direct labor hours 11,100 DLH 19,100 DLH Machine hours 5,100 MH 15,100 MH Required:What is the company’s assembly department overhead rate using direct labor hours?
Rafner Manufacturing identified the following budgeted data in its two production departments. Assembly $1,120,800 11,100 DLH Finishing $ 510,000 19,100 DLH 15,100 MH Manufacturing overhead costs Direct labor hours Machine hours 5,100 MH Required: What is the company's Finishing department overhead rate using machine hours? The departmental overhead rate for Finishing
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