In the Assembly Department of Hannon Company, budgeted and actual manufacturing overhead costs for the month of April 2020 were as follows. Budget Actual Indirect materials $15,300 $14,700 Indirect labor 19,800 20,300 Utilities 10,100 10,900 Supervision 5,800 5,800 All costs are controllable by the department manager. Prepare a responsibility report for April for the cost center.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
In the Assembly Department of Hannon Company, budgeted and actual
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Budget
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Actual
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| Indirect materials | $15,300 | $14,700 | ||
| Indirect labor | 19,800 | 20,300 | ||
| Utilities | 10,100 | 10,900 | ||
| Supervision | 5,800 | 5,800 |
All costs are controllable by the department manager.
Prepare a responsibility report for April for the cost center.
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HANNON COMPANY
Assembly Department Manufacturing Overhead Cost Responsibility Report For the Month Ended April 30, 2020 |
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Difference
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Controllable Cost
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Budget
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Actual
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Favorable
Unfavorable Neither Favorable nor Unfavorable |
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Select an opening responsibility report item Indirect MaterialsIndirect LaborSupervisionUtilities
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$Enter a dollar amount | $Enter a dollar amount | $Enter the difference |
Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
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Select a responsibility report item Indirect MaterialsIndirect LaborSupervisionUtilities
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Enter a dollar amount
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Enter a dollar amount
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Enter the difference
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Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
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Select a responsibility report item Indirect MaterialsIndirect LaborSupervisionUtilities
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Enter a dollar amount
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Enter a dollar amount
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Enter the difference
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Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
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Select a closing responsibility report item Indirect MaterialsIndirect LaborSupervisionUtilities
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Enter a dollar amount
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Enter a dollar amount
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Enter the difference
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Select an option FavorableUnfavorableNeither Favorable nor Unfavorable
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$Enter a total dollar amount
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$Enter a total dollar amount
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$Enter the difference
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Select an option UnfavorableFavorableNeither Favorable nor Unfavorable
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