Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports- are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor Utilities Supplies Equipment depreciation Cost Formulas The Production Department planned to work 4.000 labor-hours in March; however, it actually worked 3,800 labor- hours during the month. Its actual costs incurred in March are listed below: Factory rent Property taxes Factory administration $16.500 $4,700 $1,40g $5,400+ $0.30q $1,700+ $0.209 $18,500+ $2.70q $8,400 $2,800 $13,200+ $0.70g Actual Cost Incurred in March $ 64,320 $ 9,480 $ 6,990 $ 2,710 $28,760 $8,800 $ 2,800 $ 15,230 Required: 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 flexible budget performance report for March, including both the spending a

Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports- are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor Utilities Supplies Equipment depreciation Cost Formulas The Production Department planned to work 4.000 labor-hours in March; however, it actually worked 3,800 labor- hours during the month. Its actual costs incurred in March are listed below: Factory rent Property taxes Factory administration $16.500 $4,700 $1,40g $5,400+ $0.30q $1,700+ $0.209 $18,500+ $2.70q $8,400 $2,800 $13,200+ $0.70g Actual Cost Incurred in March $ 64,320 $ 9,480 $ 6,990 $ 2,710 $28,760 $8,800 $ 2,800 $ 15,230 Required: 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 flexible budget performance report for March, including both the spending a

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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