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

The flexible budget is prepared for actual level of production.The planning budget is prepared for…

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: 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 Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs Actual Costs 285 units $ $ 16,100 26,800 8,850 12,100 63,850 Spending Variance Flexible Budget 285 units Volume Variance Master Budget 200 units $ $ 14,600 22,600 8,600 11,300 57,100
The following is data collected by Bees Co. for the month of June Static budget data: Sales Variable costs 11,000 units $38/unit $27 per unit $23,100 Total fixed costs Actuel results: 619 Sales Variable costs Total fixed costs 12,000 units $37/unit $28 per unit $22,100 Required: Prepare the flexible budgets and show the flexible budget variances by completing the table given below. Indicate the effect of each varionce by selecting "F for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero voriance). Flexible Favourable Unfavourable Static Flexible Budget Variance Actual Budget Budget Sales (units) Revenue ($) Variable expenses (S) Fixed expenses (5) Income (S) 11,000 418,000 297,000 23.100 97,100 (Clck to select) (Cick to select) v (Cick to select) (Click to select)
Subject: accounting
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.) Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances Flexible Budget Activity Variances Planning Budget Labor-hours (q) 9,510 9,030 Direct labor (q) $ 150,445 $ 147,405 Indirect labor + S 1.20 (a) Utilities $ 5,800 + (q) 2.938 F 1,480 U 18.862 480 U 15,830 Supplies + (a) 4,982 4,474 4,330 $ Equipment depreciation 0 None 0❘ None 79.150 $ Factory administration 18,760 + $ 1.20 (q) Total expense $ 297,293
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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).) Direct Material Direct Labor Variable Overhead Fixed Overhead Total Manufacturing Costs Actual Costs 385 units $ $ 17,100 27,800 9,850 13,100 67,850 Spending Variance Flexible Budget 385 units Volume Variance Master Budget 200 units $ $ 15,600 23,600 9,600 11,800 60,600
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AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Variable Fixed Component per Month Component per Job $ 277 Actual Total for February $ 27,720 $ 8,350 $ 8,370 Revenue Technician wages $ 8,500 Mobile lab operating expenses $ 4,900 $ 33 Office expenses $ 2,400 $2 $ 2,470 Advertising expenses $ 1,600 $ 1,670 Insurance $ 2,850 $ 2,850 Miscellaneous expenses $ 960 $ 1 $ 375 The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,900 plus $33 per job, and the actual mobile lab operating expenses for February were $8,370. The company expected to work 110 jobs in February, but actually worked 120 jobs. Required: Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F"…
! 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…