Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are preparedmonthly for esch deportment. The planning budget and flexible budget for the Production Department are based on the followingformulas, where q is the number of labor-hours worked in a month:Cost FormulasDirect laborIndirect laborUtiliticsSuppliesEquipment depreciationFactory rentРгopсrty tакеsFactory adninistration$15.88g$8, 280 + $1.68g$6,400 + $e.seg$1,180 + $e.48g$23,0ee + $3.78g$8,400$2,100$11,700 + $1.9egThe Production Department planned to work 8,000 lebor-hours in March; however, it octually worked 8,400 lobor-hours during themonth. Its actual costs incurred in March are listed below:Actual Cost Incurredin March$134,738$ 19,860$ 14,578$ 4,988$ 54, 88e$ 8,700$ 2,100$ 26,470Direct laborIndirect laborlitiesSuppliesEquipment depreciationFactory rentProperty taxesFactory administrationRequired:1. Prepare the Production Department's planning budget for the month.2. Prepare the Production Department's flexible budget for the month.3. Prepare the Production Department's fiexible budget performance report for March, including both the spending and sctivityvariances.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare the Production Department's planning budget for the month.Packaging Solutions CorporationProduction Department Planning BudgetFor the Month Ended March 31Direct laborIndirect laborUtilitiesSuppliesEquipment depreciationFactory rentProperty taxesFactory administrationTotal expense< Required 1Required 2 >

Flexible budget can be Rearranged as per activity to be achieved. It provides comparative results…

Answered: o work 8.000 labor-hours in March;…

Business

Accounting

o work 8.000 labor-hours in March; however ch are listed below: tual Cost Incurred in March $134,730 $ 19,860

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data relate to the Torrence Company for May and August: May August Maintenance hours 20,000 45, 000 Maintenance cost $ 1,322, 000 $ 1,417,000 May and August were the lowest and highest activity levels, and Torrence uses the high-low method to analyze cost behavior. If maintenance hours are estimated to be 23, 000 hours in October, which of the following statements is true? (a) Total maintenance cost will be $ 1,322,000, (b) $1,329,000, (c) $1,379, 000, (d) 1,394, 000, (e)$1,417,000
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Cost per FIFO EUP In October, Pedraza Corp.'s production was 96,480 equivalent units for direct material, 87,840 equivalent units for direct labor, and 75,600 equivalent units for overhead. During October, direct material, conversion, and overhead costs incurred were as follows: Direct material $285,638 Conversion Overhead 303,437 153,360 Beginning WIP Inventory costs for October were $47,218 for direct material, $35,107 for direct labor, and $37,152 for overhead. The company had 12,960 EUP for direct material in October's beginning WIP Inventory, 14,400 EUP for direct labor, and 12,672 EUP for overhead. What was the October FIFO cost per EUP for direct material, direct labor, and overhead? Note: Round your answers to two decimal places. DM cost per EU S DL cost per EUS OH cost per EU S
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: May $198,000 April $156,000 a. $49,500 b. $252,000 c. $202,500 d. $153,000 Manufacturing costs* Insurance expense** Depreciation expense Property tax expense*** *Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $900 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July, and October). ***Property tax is paid once a year in November. The cash payments for Finch Company expected in the month of June are 900 1,850 500 900 1,850 June 500 $204,000 900 1,850 500 Previous Next
Question Content Area Power Co.'s labor information for June is as follows: Direct labor hours worked 68,100 Standard labor hours for units manufactured 71,000 Unfavorable direct labor rate variance $17,025 Total payroll for labor $820,605 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $fill in the blank 1 per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $fill in the blank 2 per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $fill in the blank 3 D. What was the direct labor time variance for June? Direct labor rate variance $fill in the blank 4
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