Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts: Variable costs of production: Direct materials Direct labor VOH FOH: Materials handling Depreciation 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 4,200 4 VOH FOH: Materials handling Depreciation 3 pounds @ $0.60 per pound 0.5 hr. $16.00 per hour 0.5 hr. @ $2.20 Required: $6,200 $2,600 6,300 $2,600 1. Calculate the budgeted amounts for each cost category listed above for the 4,000 budgeted units.
Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts: Variable costs of production: Direct materials Direct labor VOH FOH: Materials handling Depreciation 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 4,200 4 VOH FOH: Materials handling Depreciation 3 pounds @ $0.60 per pound 0.5 hr. $16.00 per hour 0.5 hr. @ $2.20 Required: $6,200 $2,600 6,300 $2,600 1. Calculate the budgeted amounts for each cost category listed above for the 4,000 budgeted units.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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Transcribed Image Text:Performance Report Based on Budgeted and Actual Levels of Production
Bowling Company budgeted the following amounts:
Variable costs of production:
Direct materials
Direct labor
VOH
FOH:
Materials handling.
Depreciation
3 pounds @ $0.60 per pound
0.5 hr. @ $16.00 per hour
0.5 hr. @ $2.20
Materials handling.
Depreciation
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:
4
Required:
$6,200
$2,600
6,300
$2,600
1. Calculate the budgeted amounts for each cost category listed above for the 4,000 budgeted units.
Transcribed Image Text:1. Calculate the budgeted amounts for each cost category listed above for the 4,000 budgeted units.
2. Prepare a performance report using a budget based on expected production of 4,000 units. If there is no entries enter "0" then select for "Not applicable".
Bowling Company
Performance Report
Line Item Description Actual Budgeted Variance
Units produced
Direct matenals
Direct labor
Variable overhead
Fixed overhead:
Materials handling
Depreciation
Total
Line Item Description
3. Prepare a performance report using a budget based on the actual level of production of 3,800 units. If there is no entries enter "0" then select for "Not
applicable".
BOOOK
Direct labor
Variable overhead
Fixed overhead:
Materials handling
Depreciation
Total
Line Item Description
Units produced
Direct materials
Direct labor
Variable overhead
Fixed overhead:
$
Materials handling
Depreciation
Total
Bowling Company
Performance Report
Actual
Budgeted Variance
00
3. Prepare a performance report using a budget based on the actual level of production of 3,800 units. If there is no entries enter "0" then select for "Not
applicable".
Effect
Bowling Company
Performance Report
Actual Budgeted Variance
Effect
Effect
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