Morton Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Morton allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: E (Click the icon to view the selected data.) Read the requirements. i Data Table Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget am Morton Recliners Static Budget (1,000 recliners) (980 recliners) Actual Results Flexible Budget Budget Sales (1,000 recliners x $505 each) 505,000 Amounts (980 recliners x $480 each) 470,400 per Unit Variable Manufacturing Costs: Actual Units (Recliners) Direct Materials (6,000 yds. @ $8.60 / yd.) 51,600 Sales Revenue (6,143 yds. @ S8.40 / yd.) 51,601 Variable Manufacturing Costs: Direct Labor (10,000 DLHr @ s9.20 / DLHP) 92,000 Direct Materials (9,600 DLHr @ S9.30 / DLHP) 89,280 Direct Labor Variable Overhead (6,000 yds. @ $5.20 / yd.) 31,200 Variable Overhead (6,143 yds. @ S6.60 / yd.) 40,544 Fixed Manufacturing Costs: Fixed Manufacturing Costs: 60,600 62,600 Fixed Overhead Enter any number in the edit fields and then click Check Answer. 235,400 244,025 Total Cost of Goods Sold 269,600 S 226,375 parts 6 remaining Gross Profit
Morton Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Morton allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: E (Click the icon to view the selected data.) Read the requirements. i Data Table Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget am Morton Recliners Static Budget (1,000 recliners) (980 recliners) Actual Results Flexible Budget Budget Sales (1,000 recliners x $505 each) 505,000 Amounts (980 recliners x $480 each) 470,400 per Unit Variable Manufacturing Costs: Actual Units (Recliners) Direct Materials (6,000 yds. @ $8.60 / yd.) 51,600 Sales Revenue (6,143 yds. @ S8.40 / yd.) 51,601 Variable Manufacturing Costs: Direct Labor (10,000 DLHr @ s9.20 / DLHP) 92,000 Direct Materials (9,600 DLHr @ S9.30 / DLHP) 89,280 Direct Labor Variable Overhead (6,000 yds. @ $5.20 / yd.) 31,200 Variable Overhead (6,143 yds. @ S6.60 / yd.) 40,544 Fixed Manufacturing Costs: Fixed Manufacturing Costs: 60,600 62,600 Fixed Overhead Enter any number in the edit fields and then click Check Answer. 235,400 244,025 Total Cost of Goods Sold 269,600 S 226,375 parts 6 remaining Gross Profit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Chapter 23, Question 6. Please answer all the blanks in same format as question so it's easy to transfer
Transcribed Image Text:Budget
Amounts
per Unit
Actual Units (Recliners)
Sales Revenue
Variable Manufacturing Costs:
Direct Materials
Direct Labor
Variable Overhead
Fixed Manufacturing Costs:
Fixed Overhead
Total Cost of Goods Sold
Gross Profit
Transcribed Image Text:Morton Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Morton allocates overhead based on yards of direct materials. The company's performance report includes the following selected data:
E (Click the icon to view the selected data.)
Read the requirements.
Data Table
Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget am
Morton Recliners
Static Budget
(1,000 recliners)
Actual Results
Flexible Budget
(980 recliners)
Budget
Sales
(1,000 recliners x $505 each)
$
505,000
Amounts
(980 recliners x $480 each)
$
470,400
per Unit
Variable Manufacturing Costs:
Actual Units (Recliners)
Direct Materials
(6,000 yds. @ $8.60 / yd.)
51,600
Sales Revenue
(6,143 yds. @ $8.40 / yd.)
51,601
(10,000 DLH @ $9.20 / DLHP)
(9,600 DLH @ $9.30 / DLHP)
Variable Manufacturing Costs:
Direct Labor
92,000
Direct Materials
89,280
Direct Labor
Variable Overhead (6,000 yds. @ $5.20 / yd.)
31,200
Variable Overhead
(6,143 yds. @ $6.60 / yd.)
40,544
Fixed Manufacturing Costs:
Fixed Manufacturing Costs:
60,600
62,600
Fixed Overhead
Enter any number in the edit fields and then click OCheck Answer.
235,400
244,025
Total Cost of Goods Sold
parts
remaining
$
269,600 $
226,375
Gross Profit
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