Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland Company Budget Performance Report—Vice President, ProductionFor the Month Ended November 30 Plant. Budget. Actual. Over Budget. Under Budget. Eastern Region. $929,000. $926,750 $(2,250) Central Region. 669,600. 665,900 (3,700) Western Region. (G). (H). $(I) $(J). $(K) $(L) $(5,950) 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. 191,750 194,350 2,600 Final Assembly 307,050 306,280 $(770) $(D) $(E) $(F) $(770) Garland CompanyBudget Performance Report—Supervisor, Chip FabricationFor the Month Ended November 30 Cost Budget Actual Over Budget Under Budget Factory wages. $59,200. $60,620 $1,420 Materials 155,100 154,000 $(1,100) Power and light. 8,620 10,120 1,500 Maintenance. 15,200 16,560 1,360 $238,120 $241,300 $4,280 $(1,100) a. Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed. A. B. C. D. E. F. G. H. I. J. K. L.
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland Company Budget Performance Report—Vice President, ProductionFor the Month Ended November 30 Plant. Budget. Actual. Over Budget. Under Budget. Eastern Region. $929,000. $926,750 $(2,250) Central Region. 669,600. 665,900 (3,700) Western Region. (G). (H). $(I) $(J). $(K) $(L) $(5,950) 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. 191,750 194,350 2,600 Final Assembly 307,050 306,280 $(770) $(D) $(E) $(F) $(770) Garland CompanyBudget Performance Report—Supervisor, Chip FabricationFor the Month Ended November 30 Cost Budget Actual Over Budget Under Budget Factory wages. $59,200. $60,620 $1,420 Materials 155,100 154,000 $(1,100) Power and light. 8,620 10,120 1,500 Maintenance. 15,200 16,560 1,360 $238,120 $241,300 $4,280 $(1,100) a. Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed. A. B. C. D. E. F. G. H. I. J. K. L.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow:
Garland Company Budget Performance Report—Vice President, ProductionFor the Month Ended November 30
Plant. Budget. Actual. Over Budget. Under Budget.
Eastern Region. $929,000. $926,750 $(2,250)
Central Region. 669,600. 665,900 (3,700)
Western Region. (G). (H). $(I)
$(J). $(K) $(L) $(5,950)
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. 191,750 194,350 2,600
Final Assembly 307,050 306,280 $(770)
$(D) $(E) $(F) $(770)
Garland CompanyBudget Performance Report—Supervisor, Chip FabricationFor the Month Ended November 30
Cost Budget Actual Over Budget Under Budget
Factory wages. $59,200. $60,620 $1,420
Materials 155,100 154,000 $(1,100)
Power and light. 8,620 10,120 1,500
Maintenance. 15,200 16,560 1,360
$238,120 $241,300 $4,280 $(1,100)
a. Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed.
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