Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts: Variable costs of production: Direct materials 3 pounds @ $0.60 per pound Direct labor 0.5 hr. @ $16.00 per hour VOH 0.5 hr. @ $2.20 FOH: Materials handling $6,200 Depreciation $2,600 At the end of the year, Bowling had the following actual costs for production of 3,800 units: Direct materials $6,800 Direct labor 30,500 VOH 4,200 FOH: Materials handling 6,300 Depreciation $2,600 Required: 1. Calculate the budgeted amounts for each cost category listed above for the 4,000 budgeted units. $fill in the blank 482987fb8fabf9f_1 2. Prepare a performance report using a budget based on expected production of 4,000 units. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number and if there is no entries enter "0" then select for "Not applicable". Bowling Company Performance Report Actual Budgeted Variance Units produced fill in the blank 83ed580b8fc9ff4_1 fill in the blank 83ed580b8fc9ff4_2 fill in the blank 83ed580b8fc9ff4_3 Direct materials $fill in the blank 83ed580b8fc9ff4_5 $fill in the blank 83ed580b8fc9ff4_6 $fill in the blank 83ed580b8fc9ff4_7 Direct labor fill in the blank 83ed580b8fc9ff4_9 fill in the blank 83ed580b8fc9ff4_10 fill in the blank 83ed580b8fc9ff4_11 Variable overhead fill in the blank 83ed580b8fc9ff4_13 fill in the blank 83ed580b8fc9ff4_14 fill in the blank 83ed580b8fc9ff4_15 Fixed overhead: Materials handling fill in the blank 83ed580b8fc9ff4_17 fill in the blank 83ed580b8fc9ff4_18 fill in the blank 83ed580b8fc9ff4_19 Depreciation fill in the blank 83ed580b8fc9ff4_21 fill in the blank 83ed580b8fc9ff4_22 fill in the blank 83ed580b8fc9ff4_23 Total $fill in the blank 83ed580b8fc9ff4_25 $fill in the blank 83ed580b8fc9ff4_26 $fill in the blank 83ed580b8fc9ff4_27 3. Prepare a performance report using a budget based on the actual level of production of 3,800 units. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number and if there is no entries enter "0" then select for "Not applicable". Bowling Company Performance Report Actual Budgeted Variance Units produced fill in the blank 7f7d61fdd037f8a_1 fill in the blank 7f7d61fdd037f8a_2 fill in the blank 7f7d61fdd037f8a_3 Direct materials $fill in the blank 7f7d61fdd037f8a_5 $fill in the blank 7f7d61fdd037f8a_6 $fill in the blank 7f7d61fdd037f8a_7 Direct labor fill in the blank 7f7d61fdd037f8a_9 fill in the blank 7f7d61fdd037f8a_10 fill in the blank 7f7d61fdd037f8a_11 Variable overhead fill in the blank 7f7d61fdd037f8a_13 fill in the blank 7f7d61fdd037f8a_14 fill in the blank 7f7d61fdd037f8a_15 Fixed overhead: Materials handling fill in the blank 7f7d61fdd037f8a_17 fill in the blank 7f7d61fdd037f8a_18 fill in the blank 7f7d61fdd037f8a_19 Depreciation fill in the blank 7f7d61fdd037f8a_21 fill in the blank 7f7d61fdd037f8a_22 fill in the blank 7f7d61fdd037f8a_23 Total $fill in the blank 7f7d61fdd037f8a_25 $fill in the blank 7f7d61fdd037f8a_26 $fill in the blank 7f7d61fdd037f8a_27

Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts: Variable costs of production: Direct materials 3 pounds @ $0.60 per pound Direct labor 0.5 hr. @ $16.00 per hour VOH 0.5 hr. @ $2.20 FOH: Materials handling $6,200 Depreciation $2,600 At the end of the year, Bowling had the following actual costs for production of 3,800 units: Direct materials $6,800 Direct labor 30,500 VOH 4,200 FOH: Materials handling 6,300 Depreciation $2,600 Required: 1. Calculate the budgeted amounts for each cost category listed above for the 4,000 budgeted units. $fill in the blank 482987fb8fabf9f_1 2. Prepare a performance report using a budget based on expected production of 4,000 units. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number and if there is no entries enter "0" then select for "Not applicable". Bowling Company Performance Report Actual Budgeted Variance Units produced fill in the blank 83ed580b8fc9ff4_1 fill in the blank 83ed580b8fc9ff4_2 fill in the blank 83ed580b8fc9ff4_3 Direct materials $fill in the blank 83ed580b8fc9ff4_5 $fill in the blank 83ed580b8fc9ff4_6 $fill in the blank 83ed580b8fc9ff4_7 Direct labor fill in the blank 83ed580b8fc9ff4_9 fill in the blank 83ed580b8fc9ff4_10 fill in the blank 83ed580b8fc9ff4_11 Variable overhead fill in the blank 83ed580b8fc9ff4_13 fill in the blank 83ed580b8fc9ff4_14 fill in the blank 83ed580b8fc9ff4_15 Fixed overhead: Materials handling fill in the blank 83ed580b8fc9ff4_17 fill in the blank 83ed580b8fc9ff4_18 fill in the blank 83ed580b8fc9ff4_19 Depreciation fill in the blank 83ed580b8fc9ff4_21 fill in the blank 83ed580b8fc9ff4_22 fill in the blank 83ed580b8fc9ff4_23 Total $fill in the blank 83ed580b8fc9ff4_25 $fill in the blank 83ed580b8fc9ff4_26 $fill in the blank 83ed580b8fc9ff4_27 3. Prepare a performance report using a budget based on the actual level of production of 3,800 units. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number and if there is no entries enter "0" then select for "Not applicable". Bowling Company Performance Report Actual Budgeted Variance Units produced fill in the blank 7f7d61fdd037f8a_1 fill in the blank 7f7d61fdd037f8a_2 fill in the blank 7f7d61fdd037f8a_3 Direct materials $fill in the blank 7f7d61fdd037f8a_5 $fill in the blank 7f7d61fdd037f8a_6 $fill in the blank 7f7d61fdd037f8a_7 Direct labor fill in the blank 7f7d61fdd037f8a_9 fill in the blank 7f7d61fdd037f8a_10 fill in the blank 7f7d61fdd037f8a_11 Variable overhead fill in the blank 7f7d61fdd037f8a_13 fill in the blank 7f7d61fdd037f8a_14 fill in the blank 7f7d61fdd037f8a_15 Fixed overhead: Materials handling fill in the blank 7f7d61fdd037f8a_17 fill in the blank 7f7d61fdd037f8a_18 fill in the blank 7f7d61fdd037f8a_19 Depreciation fill in the blank 7f7d61fdd037f8a_21 fill in the blank 7f7d61fdd037f8a_22 fill in the blank 7f7d61fdd037f8a_23 Total $fill in the blank 7f7d61fdd037f8a_25 $fill in the blank 7f7d61fdd037f8a_26 $fill in the blank 7f7d61fdd037f8a_27

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Performance Report Based on Budgeted and Actual Levels of Production

Bowling Company budgeted the following amounts:

Variable costs of production:
Direct materials	3 pounds @ $0.60 per pound
Direct labor	0.5 hr. @ $16.00 per hour
VOH	0.5 hr. @ $2.20
FOH:
Materials handling	$6,200
Depreciation	$2,600

At the end of the year, Bowling had the following actual costs for production of 3,800 units:

Direct materials	$6,800
Direct labor	30,500
VOH	4,200
FOH:
Materials handling	6,300
Depreciation	$2,600

Required:

1. Calculate the budgeted amounts for each cost category listed above for the 4,000 budgeted units.
$fill in the blank 482987fb8fabf9f_1

2. Prepare a performance report using a budget based on expected production of 4,000 units. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number and if there is no entries enter "0" then select for "Not applicable".

Bowling Company
Performance Report

	Actual	Budgeted	Variance
Units produced	fill in the blank 83ed580b8fc9ff4_1	fill in the blank 83ed580b8fc9ff4_2	fill in the blank 83ed580b8fc9ff4_3
Direct materials	$fill in the blank 83ed580b8fc9ff4_5	$fill in the blank 83ed580b8fc9ff4_6	$fill in the blank 83ed580b8fc9ff4_7
Direct labor	fill in the blank 83ed580b8fc9ff4_9	fill in the blank 83ed580b8fc9ff4_10	fill in the blank 83ed580b8fc9ff4_11
Variable overhead	fill in the blank 83ed580b8fc9ff4_13	fill in the blank 83ed580b8fc9ff4_14	fill in the blank 83ed580b8fc9ff4_15
Fixed overhead:
Materials handling	fill in the blank 83ed580b8fc9ff4_17	fill in the blank 83ed580b8fc9ff4_18	fill in the blank 83ed580b8fc9ff4_19
Depreciation	fill in the blank 83ed580b8fc9ff4_21	fill in the blank 83ed580b8fc9ff4_22	fill in the blank 83ed580b8fc9ff4_23
Total	$fill in the blank 83ed580b8fc9ff4_25	$fill in the blank 83ed580b8fc9ff4_26	$fill in the blank 83ed580b8fc9ff4_27

3. Prepare a performance report using a budget based on the actual level of production of 3,800 units. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number and if there is no entries enter "0" then select for "Not applicable".

Bowling Company
Performance Report

	Actual	Budgeted	Variance
Units produced	fill in the blank 7f7d61fdd037f8a_1	fill in the blank 7f7d61fdd037f8a_2	fill in the blank 7f7d61fdd037f8a_3
Direct materials	$fill in the blank 7f7d61fdd037f8a_5	$fill in the blank 7f7d61fdd037f8a_6	$fill in the blank 7f7d61fdd037f8a_7
Direct labor	fill in the blank 7f7d61fdd037f8a_9	fill in the blank 7f7d61fdd037f8a_10	fill in the blank 7f7d61fdd037f8a_11
Variable overhead	fill in the blank 7f7d61fdd037f8a_13	fill in the blank 7f7d61fdd037f8a_14	fill in the blank 7f7d61fdd037f8a_15
Fixed overhead:
Materials handling	fill in the blank 7f7d61fdd037f8a_17	fill in the blank 7f7d61fdd037f8a_18	fill in the blank 7f7d61fdd037f8a_19
Depreciation	fill in the blank 7f7d61fdd037f8a_21	fill in the blank 7f7d61fdd037f8a_22	fill in the blank 7f7d61fdd037f8a_23
Total	$fill in the blank 7f7d61fdd037f8a_25	$fill in the blank 7f7d61fdd037f8a_26	$fill in the blank 7f7d61fdd037f8a_27

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.