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Multiple Product Performance Report Storage Products manufactures two models of DVD storage cases: regular and deluxe. Presented is standard cost information for each model: Cost Components Direct materials Lumber Assembly kit Direct labor 1 hour x $4= Variable overhead 1 labor hr. x $2 = Total Direct labor Variable overhead 2 board feet x $3= Fixed overhead Total $70,000 31,000 11,500 = 15,500 $128,000 Regular $6.00 2.00 4.00 2.00 $14.00 3 board feet x $3 = Budgeted fixed manufacturing overhead is $13,000 per month. During July, the company produced 5,000 regular and 2,000 deluxe storage cases while incurring the following manufacturing costs: Direct materials = 1.25 hours x $4 = 1.25 labor hrs. * $2 = Deluxe $9.00 2.00 5.00 2.50 $18.50 Prepare a flexible budget performance report for the July manufacturing activities.

Multiple Product Performance Report Storage Products manufactures two models of DVD storage cases: regular and deluxe. Presented is standard cost information for each model: Cost Components Direct materials Lumber Assembly kit Direct labor 1 hour x $4= Variable overhead 1 labor hr. x $2 = Total Direct labor Variable overhead 2 board feet x $3= Fixed overhead Total $70,000 31,000 11,500 = 15,500 $128,000 Regular $6.00 2.00 4.00 2.00 $14.00 3 board feet x $3 = Budgeted fixed manufacturing overhead is $13,000 per month. During July, the company produced 5,000 regular and 2,000 deluxe storage cases while incurring the following manufacturing costs: Direct materials = 1.25 hours x $4 = 1.25 labor hrs. * $2 = Deluxe $9.00 2.00 5.00 2.50 $18.50 Prepare a flexible budget performance report for the July manufacturing activities.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Multiple Product Performance Report Storage Products manufactures two models of DVD storage cases: regular and deluxe. Presented is standard cost information for each model: Cost Components Direct materials. Lumber Assembly kit Direct labor Total Variable overhead 1 labor hr. x $2 = Variable overhead. Fixed overhead Total Volume Regular Deluxe Variable costs Direct materials Labor Regular Deluxe Assembly kits Regular Deluxe Total Direct labor Regular Deluxe $14.00 Budgeted fixed manufacturing overhead is $13,000 per month. During July, the company produced 5,000 regular and 2,000 deluxe storage cases while incurring the following manufacturing costs: Direct materials $70,000 Direct labor Total Variable overhead Regular Deluxe 2 board feet x $3 = Total Fixed overhead 1 hour x $4= Total 31,000 Prepare a flexible budget performance report for the July manufacturing activities. Actual Flexible Budget Flexible Budget Variance 11,500 15,500 $128,000 Answer Answer $Answer = Answer Answer Answer Regular $Answer $6.00 2.00 4.00 2.00 Answer Answer $Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer 3 board feet x $3 = Answer = $Answer 1.25 hours x $4= 1.25 labor hrs. x $2 = Deluxe $9.00 2.00 5.00 Answer 2.50 $18.50 Answer AnswerFU Answer AnswerFU AnswerFU Answer AnswerFU $Answer AnswerFU
Transcribed Image Text:Multiple Product Performance Report Storage Products manufactures two models of DVD storage cases: regular and deluxe. Presented is standard cost information for each model: Cost Components Direct materials. Lumber Assembly kit Direct labor Total Variable overhead 1 labor hr. x $2 = Variable overhead. Fixed overhead Total Volume Regular Deluxe Variable costs Direct materials Labor Regular Deluxe Assembly kits Regular Deluxe Total Direct labor Regular Deluxe $14.00 Budgeted fixed manufacturing overhead is $13,000 per month. During July, the company produced 5,000 regular and 2,000 deluxe storage cases while incurring the following manufacturing costs: Direct materials $70,000 Direct labor Total Variable overhead Regular Deluxe 2 board feet x $3 = Total Fixed overhead 1 hour x $4= Total 31,000 Prepare a flexible budget performance report for the July manufacturing activities. Actual Flexible Budget Flexible Budget Variance 11,500 15,500 $128,000 Answer Answer $Answer = Answer Answer Answer Regular $Answer $6.00 2.00 4.00 2.00 Answer Answer $Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer 3 board feet x $3 = Answer = $Answer 1.25 hours x $4= 1.25 labor hrs. x $2 = Deluxe $9.00 2.00 5.00 Answer 2.50 $18.50 Answer AnswerFU Answer AnswerFU AnswerFU Answer AnswerFU $Answer AnswerFU
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