Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e.,zero variance).Direct MaterialDirect LaborVariable OverheadFixed OverheadTotal Manufacturing CostsActual Costs485 units$$18,10028,80010,85014,10071,850SpendingVarianceFlexibleBudget485 unitsVolumeVarianceMaster Budget200 units$$16,60024,60010,60012,30064,100

Name: Gleason Guitars produces acoustic guitars. The table below contains b
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Description: Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June:Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e.,ze

Business

Accounting

Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i. zero variance). Direct Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs Actual Costs 485 units $ $ 18,100 28,800 10,850 14,100 71,850 Spending Variance Flexible Budget 485 units Volume Variance Master Budget 200 units $ $ 16,600 24,600 10,600 12,300 64,100

Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i. zero variance). Direct Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs Actual Costs 485 units $ $ 18,100 28,800 10,850 14,100 71,850 Spending Variance Flexible Budget 485 units Volume Variance Master Budget 200 units $ $ 16,600 24,600 10,600 12,300 64,100

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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! Required information [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries. Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales (18,300 units) Costs Income Direct materials Direct labor Sales staff commissions Depreciation-Machinery Phoenix Company reports the following actual results. Actual sales were 18,300 units. Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment $ 3,060,000 979,200 229,500 76,500 300,000 200,000 229,500 250,000 450, 300 192,000 $ 153,000 $ 3,705,750 $ 1,185,840 281,820 82,350 300,000 214,000 266, 265 267,000 458,300…
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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: 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. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expenses $ $ $ 7,300 (9) + + + 80,400 18.860 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ $ 1.70 (q) (9) (9) 1.70 (9) $ $ 9,560 174,170 5,052 339,328 Spending Variances 1,108 F 1,530 U 0 None Flexible Budget $ 172,080 23,752 4,524 Activity Variances 720 U 0 None Planning Budget 9,080 20,920 4,380
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (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. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ 6,500 78,400 $ 18,700 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (9) (q) (q) GA 1.90 (q) 9,480 $ 134,730 SA 4,940 288,088 Spending Variances 1,780 F 1,450 U 0 None Flexible Budget $ 132,720 21,640 4,444 Activity Variances 336 U 0 None Planning Budget 9,000 12,800 4,300
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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (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. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration. Total expense $ 7,100 $ 79,900 $ 18,820 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (q) (9) (9) $ 1.50 (q) 9,540 $164,250 5,024 $ 322,066 Spending Variances 1,840 F 1,510 U 0 None Flexible Budget $ 162,180 21,790 4,504 Activity Variances 624 U 0 None Planning Budget 9,060 18,878 4,360
Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Actual Costs 525 units Spending Variance Flexible Budget 525 units Volume Variance Master Budget 200 units Direct Material 18,500 17,000 Direct Labor 29,200 - 25,000 Variable Overhead 11,250 11,000 Fixed Overhead 14,500 12,500 Total Manufacturing Costs 73,450 65,500
Ray Company provided the following excerpts from its Production Department’s flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. 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.) Required: Complete the Production Department’s Flexible Budget Performance Report.
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: 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. Round "rate per hour answers to 2 decimal places. Labor hours (a) Direct labor Indirect labor Uslities Supplies Equipment depreciation Factory administration Total expense $ 7,800 $ 81,650 $ 18,960 (4) * . Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances S 1.30 (4) (9) (4) $ 1.20 (4) $ $ 9,610 199,145 5,122 361,120 2,662 F 1,580 U 0 None Flexible Budget $ 197,005 20,043 4.574 Activity Variances 960 U 0 None Planning Budget 9,130 26,060 4.430
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