Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Plant Eastern Region Central Region Western Region Department Chip Fabrication Electronic Assembly Final Assembly Budget Performance Report-Vice President, Production For the Month Ended June 30 Cost Factory wages Materials Power and light a. S b. Maintenance c. S d. s e. S f. S Actual $402,500 286,900 (g) $(1) Actual Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 $(a) 86,710 135,860 s(d) Over Budget Budget $402,500 289,800 Actual $25,680 73,390 4,460 8,050 (h) $(k) Budget $(b) 85,600 136,960 $(e) (1) $(1) $(2,900) Over Budget s(c) 1,110 9. $ h. $ i. $ j. s k. $ 1. $ $(f) Delmar Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended June 30 (Under) Budget Over Budget Budget $24,000 $1,680 73,910 3,750 7,350 $0 (2,900) 710 700 $111,580 $109,010 $3,090 $(520) a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-1) as marked above. (Under) Budget $(1,100) $(1,100) (Under) Budget $(520)

Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Plant Eastern Region Central Region Western Region Department Chip Fabrication Electronic Assembly Final Assembly Budget Performance Report-Vice President, Production For the Month Ended June 30 Cost Factory wages Materials Power and light a. S b. Maintenance c. S d. s e. S f. S Actual $402,500 286,900 (g) $(1) Actual Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 $(a) 86,710 135,860 s(d) Over Budget Budget $402,500 289,800 Actual $25,680 73,390 4,460 8,050 (h) $(k) Budget $(b) 85,600 136,960 $(e) (1) $(1) $(2,900) Over Budget s(c) 1,110 9. $ h. $ i. $ j. s k. $ 1. $ $(f) Delmar Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended June 30 (Under) Budget Over Budget Budget $24,000 $1,680 73,910 3,750 7,350 $0 (2,900) 710 700 $111,580 $109,010 $3,090 $(520) a. Complete the budget performance reports by determining the correct amounts for the lettered spaces (a-1) as marked above. (Under) Budget $(1,100) $(1,100) (Under) Budget $(520)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me with show all calculation thanku
Factory Overhead Cost Budget Sweet Tooth Candy Company budgeted the following costs for anticipated production for August: Advertising expenses Manufacturing supplies Power and light Sales commissions Factory insurance Production supervisor wages Production control wages Executive officer salaries Materials management wages Factory depreciation $260,590 14,280 42,600 288,010 24,800 125,290 32,570 265,600 35,830 20,300
Cost Estimation & CVP It is budget season and Margo, Inc is planning for next year and requires a breakdown of the factory overhead cost into the fixed and variable elements. The following data on the OH cost and machine hours are available for the past six months: OH Cost Machine Hours $ 23,910 $ 23,397 $24,153 $23,964 $ 23,732 $ 23,559 $ 142,715 Month January February March April May June Total 1,800 1,230 2,070 1,860 1,602 1,410 9,972 Required: 1. Assume that Mago uses the high-low method of analysis, determine the variable OH cost per machine hour and monthly fixed cost Additional Sales & Cost information for Margo's Sales Price Machine Hours Per unit Direct Labor Hours Per Unit Direct labor cost per unit Direct Material cost per unit 2$ 75.30 2 2.5 2$ $ 40.00 18.50 2. How many units do they need to sell to breakeven in one month 3. How many units do they need to sell to earn a pre-tax profit of $52,410 in one month 4. Create a contribution margin income statement for the pre-tax…
Part 2 of 2 Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,100 units. 2 points Sales Costs Direct materials Direct labor PHOENIX COMPANY Fixed Budget For Year Ended December 31 eBook Print References Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,020,000 966,400 226,500 75,500 300,000 196,000 211,400 251,000 445,200 197,000 $ 151,000 5 Part 2 of 2 Phoenix Company reports the following actual results. Actual sales were 18,100 units. Sales (18,100 units) Costs Direct materials Direct labor $3,665,250 $ 1,172,880 2 points 278,740 Sales staff commissions 81,450 Depreciation-Machinery 300,000 Supervisory salaries 207,000 Shipping 245,255 eBook Sales staff salaries (fixed annual amount) Administrative salaries 271,000 454,200 Print Depreciation-office equipment 197,000 References Income…
Budget Performance Reports for Cost Centers Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland CompanyBudget Performance Report—Vice President, ProductionFor the Month Ended November 30 Plant Budget Actual Over Budget Under Budget Eastern Region $368,100 $368,100 $0 Central Region 265,000 262,400 (2,600) Western Region (g) (h) (i) $(j) $(k) $(l) $(2,600) Garland CompanyBudget Performance Report—Manager, Western Region PlantFor the Month Ended November 30 Department Budget Actual Over Budget Under Budget Chip Fabrication $(a) $(b) $(c) Electronic Assembly 73,000 73,950 950 Final Assembly 116,070 115,140 $(930) $(d) $(e) $(f) $(930) Garland CompanyBudget Performance Report—Supervisor, Chip FabricationFor the Month Ended November 30 Cost Budget Actual Over Budget Under Budget Factory wages $30,480…
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: Hagerstown Company Machining Department Monthly Production Budget Wages Utilities $426,000 23,000 38,000 $487,000 The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Amount Spent Units Produced 71,000 64,000 58,000 Depreciation Total May June $459,000 434,000 416,000 July 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 487,000. 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 Department is as follows: Wages per hour…
The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate $ 205,000 338,000 8,000 20,000 $ 14 S 364,000 11,000 18,000 $ 16 EX 3-35 (Algo) Part 1 Compute the firm's predetermined overhead rate... Required: 1. Compute the firm's predetermined overhead rate for the year using each of the following common cost drivers: (a) machine hours, (b) direct-labor hours, and (c) direct-labor dollars. Note: Round your answers to 2 decimal places.
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: Wages Utilities $2,250,000 72,000 36,000 $2,358,000 The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Amount Spent Units Produced $1,600,000 40,000 1,950,000 48,000 2,200,000 52,000 Hagerstown Company Machining Department Monthly Production Budget Depreciation Total May June July 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 $2,358,000. 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 Department is as follows:…
Vaibhav Subject - Accounting
BUDGETED DATA: Budgeted machine hours 60,000 machine hours Budgeted direct labor hours 400,000 direct labor hours Budgeted direct labor costs $6,000,000 Budgeted manufacturing overhead costs $10,000,000 Company allocates manufacturing overhead using direct labor hours used ACTUAL DATA: Actual manufacturing overhead costs incurred $9,700,000 Actual machine hours used 62,000 machine hrs used Actual direct labor hours used 380,000 actual DL hours used 1. Calculate budgeted (applied) manufacturing overhead rate per direct labor hour 2. Calculate applied (allocated) manufacturing overhead:
Budget Performance Reports for Cost Centers Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland CompanyBudget Performance Report—Vice President, ProductionFor the Month Ended November 30 Plant Actual Budget Over Budget Under Budget Eastern Region $553,800 $553,800 $0 Central Region 398,700 394,700 $4,000 Western Region (g) (h) (i) $(j) $(k) $(l) $2,700 Garland CompanyBudget Performance Report—Manager, Western Region PlantFor the Month Ended November 30 Department Actual Budget Over Budget Under Budget Chip Fabrication $(a) $(b) $(c) Electronic Assembly 68,450 69,340 890 Final Assembly 109,520 108,640 $880 $(d) $(e) $(f) $3,580 Garland CompanyBudget Performance Report—Supervisor, Chip FabricationFor the Month Ended November 30 Cost Actual Budget Over Budget Under Budget Factory wages $26,430…
Prepare the production-overhead budget (in dollars) for 20x0.