Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow:Delmar CompanyPlantEastern RegionCentral RegionWestern RegionDepartmentCostBudget Performance Report-Vice President, ProductionFor the Month Ended June 30Chip FabricationElectronic AssemblyFinal Assemblya. $Factory wagesMaterialsPower and lightMaintenanceb. $C. $d. $e. $f. $Actual$501,900357,800(g)$(j)Delmar CompanyActualBudget$501,900361,400$(a)96,910150,900$(d)Actual(h)$(k)Budget Performance Report-Manager, Western Region PlantFor the Month Ended June 30Budget$(b)95,670152,120$(e)BudgetOverBudget$20,60073,3303,6208,290$105,840g. $h. $i. $j. $(1)$(1)k. $1. $OverBudget$(c)1,240(Under)Budget$(f)Delmar CompanyBudget Performance Report-Supervisor, Chip FabricationFor the Month Ended June 30$0(3,600)$22,04072,8204,3106909,080790$108,250$2,920$(510)a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above.$(3,600)(Under)Budget$(1,220)$(1,220)(Under)OverBudget Budget$1,440$(510)

Budgetes are prepared to forecast the future from the existing available data. Sometimes the…

Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Plant Eastern Region Central Region Western Region Budget Performance Report-Vice President, Production For the Month Ended June 30 Department Cost Chip Fabrication Electronic Assembly Final Assembly Factory wages Materials Power and light C. $ d. $ e. $ f. $ Actual $501,900 357,800 Maintenance (9) $(j) Actual $(a) 96,910 150,900 $(d) Over Budget Budget $501,900 361,400 Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 Actual (h) $(k) Over Budget Budget $(c) 1,240 $(b) 95,670 152,120 $(e) Budget (1) $(1) $20,600 73,330 3,620 8,290 $105,840 g. $ h. $ Delmar Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended June 30 i. $ j. $ k. $ 1. $ $(f) (Under) Budget Over Budget $1,440 $0 (3,600) $(3,600) $22,040 72,820 4,310 690 9,080 790 $108,250 $2,920 $(510) a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above. a. $ b. $ (Under) Budget $(1,220) $(1,220) (Under) Budget $(510)

Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Plant Eastern Region Central Region Western Region Budget Performance Report-Vice President, Production For the Month Ended June 30 Department Cost Chip Fabrication Electronic Assembly Final Assembly Factory wages Materials Power and light C. $ d. $ e. $ f. $ Actual $501,900 357,800 Maintenance (9) $(j) Actual $(a) 96,910 150,900 $(d) Over Budget Budget $501,900 361,400 Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 Actual (h) $(k) Over Budget Budget $(c) 1,240 $(b) 95,670 152,120 $(e) Budget (1) $(1) $20,600 73,330 3,620 8,290 $105,840 g. $ h. $ Delmar Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended June 30 i. $ j. $ k. $ 1. $ $(f) (Under) Budget Over Budget $1,440 $0 (3,600) $(3,600) $22,040 72,820 4,310 690 9,080 790 $108,250 $2,920 $(510) a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-l) as marked above. a. $ b. $ (Under) Budget $(1,220) $(1,220) (Under) Budget $(510)

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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1
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Static budget versus flexible budget The production supervisor of the Machining Department for Hagerstown Company agreed to the following monthly static budget for the upcoming year: Line Item Description Amount Wages $1,284,000 Utilities 61,000 Depreciation 102,000 Total $1,447,000 The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Month Amount Spent Units Produced May $1,363,000 124,000 June 1,300,000 113,000 July 1,240,000 102,000 The Machining Department supervisor has been very pleased with this performance because actual expenditures for May–July have been significantly less than the monthly static budget of 1,447,000. However, the plant manager believes that the budget should not remain fixed for every month but should “flex” or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining…