Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table. Required: Complete the table by preparing Olive's flexible budget for 4,300, 6,300, and 7,300 units. Note: Round your intermediate calculations to 2 decimal places. Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing cost Master Budget Flexible Budget (5,300 Units) (4,300 Units) $ $ 530 2,650 1,060 18,300 22,540 Flexible Budget (6,300 Units) Flexible Budget (7,300 Units)

Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table. Required: Complete the table by preparing Olive's flexible budget for 4,300, 6,300, and 7,300 units. Note: Round your intermediate calculations to 2 decimal places. Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing cost Master Budget Flexible Budget (5,300 Units) (4,300 Units) $ $ 530 2,650 1,060 18,300 22,540 Flexible Budget (6,300 Units) Flexible Budget (7,300 Units)

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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Geovanni Inc. uses standard costs to prepare its flexible budget. Standard and actual costs data for manufacturing overhead for producing 5,000 units of product are as follows: Standard and actual costs data for manufacturing overhead Costs Rate Allocation base per unit Variable overhead $8 per direct labor hour 2 hours Fixed overhead (based on 12,000 hours at 100% capacity) $3 per direct labor hour 2 hours Actual total overhead costs are as follows: Actual Total Overhead Costs Costs Amounts Total variable overhead costs $58,000 Total fixed overhead costs $20,000 Compute the fixed overhead cost variance. Group of answer choices -$7,000 favorable $10,000 unfavorable -$10,000 favorable $18,000 unfavorable
Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table. Required: Complete the table by preparing Olive's flexible budget for 5,800, 7,800, and 8,800 units. Note: Round your intermediate calculations to 2 decimal places. Master Budget Flexible Budget Flexible Budget Flexible Budget (6,800 Units) (5,800 Units) Direct materials $ 2,040 Direct labor Variable manufacturing overhead 3,400 2,720 Fixed manufacturing overhead 17,600 Total manufacturing cost $ 25,760 (7,800 Units) (8,800 Units)
Branson Belts makes handcrafted belts. The company budgets production of 364,950 belts during the second quarter. Each belt requires 3.00 direct labor hours, at a cost of $19.00 per hour. Prepare a direct labor budget for the second quarter. Units to produce Direct labor hours needed Cost of direct labor BRANSON BELTS Direct Labor Budget Second Quarter 364,950 units
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Can you show me how this is done? Sloan Company uses both standards and budgets. For the year, estimated production of Product X is 6,400 units. Total estimated costs for materials and labor are $23,900 and $48,600. What is the standard cost per unit for labor for product X? Round your answer 2 decimal places Selected Answer: 7,644 Correct Answer: 7.59 ± 0.05
Olive Company makes silver belt buckles. The company’s master budget appears in the first column of the table.Required:Complete the table by preparing Olive’s flexible budget for 4,300, 6,300, and 7,300 units. (Round your intermediate calculations to 2 decimal places.)
Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2020: Budgeted and Standard Data Actual Data Material 1/4 lb. @ $14 per pound Produced 6,100 units Labor 1.4 hrs. @ $16 per hour Materials purchased 1,600 lbs. for $13.70/pound Total fixed overhead $84,000 Materials used 1,520 lbs. Variable overhead $6.50 per unit Labor worked 8,740 hrs. at $15.90/hour Production 6,000 units Total overhead $122,000 How much is the flexible budget for overhead for 2020? $122,000 $123,000 $127,100 $124,300 $123,650
Olive Company makes silver belt buckles. The company's master budget appears in the first column of the table. Required: Complete the table by preparing Olive's flexible budget for 5,700, 7,700, and 8,700 units. Note: Round your intermediate calculations to 2 decimal places. Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing cost Master Budget Flexible Budget (6,700 Units) (5,700 Units) $ 2,010 3,350 2,680 18,800 26,840 $ Flexible Budget (7,700 Units) Flexible Buget (8,700 Units)
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