Lenci Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports During May, the company budgeted for 5,100 units, but its actual level of activity was 5,050 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses Total expenses Actual results for May: Revenue Direct labor Direct materials Fixed element per month 41,500 22,700 $ 64,200 $ 197,810 $ 28,565 $ 80,265 Manufacturing overhead Selling and administrative expenses The spending variance for direct materials in May would be closest to: $0 $0 0 $ 47,905 $ 22,680 Variable element per unit $ 39.60 $ 5.50 15.70 1.30 0.20 $22.70

Lenci Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports During May, the company budgeted for 5,100 units, but its actual level of activity was 5,050 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses Total expenses Actual results for May: Revenue Direct labor Direct materials Fixed element per month 41,500 22,700 $ 64,200 $ 197,810 $ 28,565 $ 80,265 Manufacturing overhead Selling and administrative expenses The spending variance for direct materials in May would be closest to: $0 $0 0 $ 47,905 $ 22,680 Variable element per unit $ 39.60 $ 5.50 15.70 1.30 0.20 $22.70

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Elroy Corporation bases its manufacturing overhead budget on budgeted direct labor-hours. The variable overhead rate is $2.90 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $198,560 per month, which includes depreciation of $28,970. All other fixed manufacturing overhead costs represent current cash flows. The July direct labor budget indicates that 9,800 direct labor-hours will be required in that month. Required: SHOW YOUR WORK in budget format a. Determine the cash disbursements for manufacturing overhead in good form, including heading, for January 2024b. Determine the predetermined overhead rate for July. (Round your answer to 2 decimal places.)
At the beginning of the period, the Cutting Department budgeted direct labor of $54,060 and supervisor salaries of $47,590 for 3,180 hours of production. The department actually completed 3,500 hours of production. Determine the budget for the department assuming that it uses flexible budgeting.$______________
Please don't give image based answer
Consider Derek's budget information: materials to be used totals $63,800; direct labor totals $201,700; factory overhead totals $395,600; work in process inventory January 1, $189,900; and work in progress inventory on December 31, $191,300. What is the budgeted cost of goods manufactured for the year?
d. Prepare the direct labor budget for the quarter ended March 31, 20X1. e. Prepare the manufacturing overhead budget for the quarter ended March 31, 20X1. f . Prepare the selling and administrative expense budget for the quarter ended March 31, 20X1.
Please do not give solution in image format thanku
Elroy Corporation bases its manufacturing overhead budget on budgeted direct labor-hours. The variable overhead rate is $2.90 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $198,560 per month, which includes depreciation of $28,970. All other fixed manufacturing overhead costs represent current cash flows. The July direct labor budget indicates that 9,800 direct labor-hours will be required in that month. Required: SHOW YOUR WORK in budget format a. Determine the cash disbursements for manufacturing overhead in good form, including heading, for January 2024b. Determine the predetermined overhead rate for July. (Round your answer to 2 decimal places.)
Flexible Budgets and Standard Cost Systems 1317 > Problems Group B P23-30B Preparing a flexible budget performance report Learning Objective 1 Cell Plus Technologies manufactures capacitors for cellular base stations and other communication applications. The company's July 2018 flexible budget shows output levels of 8,500, 10,000, and 12,000 units. The static budget was based on expected sales of 10,000 units. 3. Static Bud, Var, for Op. Inc. $22,900 F CELL ONE TECHNOLOGIES Flexible Budget For the Month Ended July 31, 2018 Budget Amounts per Unit Units 8,500 10,000 12,000 Sales Revenue $ 24 $ 204,000 $ 240,000 $ 288,000 Variable Expenses 13 110,500 130,000 156,000 Contribution Margin 93,500 110,000 132,000 Fixed Expenses 57,000 57,000 57,000 Operating Income $ 36,500 $ 53,000 $ 75,000 The company sold 12,000 units during July, and its actual operating income was as follows: CELL ONE TECHNOLOGIES Income Statement For the Month Ended July 31, 2018 Sales Revenue $ 295,000 Variable…
Haylock Incorporated bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 8,300 direct labor-hours will be required in August. The variable overhead rate is $1.40 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $100,320 per month, which includes depreciation of $9,030. All other fixed manufacturing overhead costs represent current cash flows. The August cash disbursements for manufacturing overhead on the manufacturing overhead budget should be: Multiple Choice $11,620 $102,910 $91,290 $111,940
help pls
Required information [The following information applies to the questions displayed below.] A company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for April as shown below: Fixed Actual Variable Element per Total for April $ 216,500 Element per Month Customer Served Revenue 5,900 Employee salaries and 24 $ $ 116,200 $ 19,700 $ 42,500 66,000 1,300 wages Travel expenses 580 Other expenses 45,000 When preparing its planning budget the company estimated that it would serve 35 customers per month; however, during April the company actually served 40 customers. Required: 1. Calculate the amount of revenue the company will include in the April flexible budget. Amount of revenue included in the flexible budget
Please do not give solution in image format thanku