Novak Inc.'s manufacturing overhead budget for the first quarter of 2022 contained the following data. Fixed Costs Variable Costs Indirect materials Indirect labor Utilities Maintenance $15,600 13,000 10,400 7,800 Supervisory salaries Depreciation Property taxes and insurance Maintenance $46,800 9,100 10,400 6,500 Actual variable costs were indirect materials $17,550, indirect labor $12,350, utilities $11,310, and maintenance $6,500. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $10,790. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. (a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.) (b) Prepare a responsibility report for the first quarter.
Novak Inc.'s manufacturing overhead budget for the first quarter of 2022 contained the following data. Fixed Costs Variable Costs Indirect materials Indirect labor Utilities Maintenance $15,600 13,000 10,400 7,800 Supervisory salaries Depreciation Property taxes and insurance Maintenance $46,800 9,100 10,400 6,500 Actual variable costs were indirect materials $17,550, indirect labor $12,350, utilities $11,310, and maintenance $6,500. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $10,790. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. (a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.) (b) Prepare a responsibility report for the first quarter.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Novak Inc.'s manufacturing overhead budget for the first quarter of 2022 contained the following data.
Variable Costs
Indirect materials
Indirect labor
Utilities
Maintenance
Fixed Costs
$15,600
13,000
10,400
7,800
Supervisory salaries
Depreciation
Property taxes and insurance
Maintenance
$46,800
9,100
10,400
6,500
Actual variable costs were indirect materials $17,550, indirect labor $12,350, utilities $11,310, and maintenance $6,500. Actual fixed costs
equaled budgeted costs except for property taxes and insurance, which were $10,790. The actual activity level equaled the budgeted
level.
All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance.
(a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.)
(b) Prepare a responsibility report for the first quarter.
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