performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U"
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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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- Ray Company provided the following excerpts from its Production Department's flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Required: Complete the Production Department's Flexible Budget Performance Report. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense ( ( ($ 7,000 ( ( ( $ 79,650 $ 18,800 q) ) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Spending Variances $ 1.40 q) q) q) $ 1.40 q) Actual Results 9,530 $ 159,305 5,010 $ 313,459 2,206 F 1,500 U 0 None Flexible Budget $ 157,245 20,812 4,494 Activity Variances 576 U 0 None Planning Budget 9,050 17,860 4,350Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) om Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ $ $ 7,100 (q) . ✦ 79,900 18,820 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ S 1.50 (4) (4) (g) 1.50 (a) 9,540 $ 164,250 $ 5,024 322,066 Spending Variances 1,840 F 1,510 U 0 None Flexible Budget $ 162,180 21,790 4,504 Activity Variances 624 U 0 None Planning Budget 9,000 18,878 4,360Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ 6,500 78,400 $ 18,700 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (9) (q) (q) GA 1.90 (q) 9,480 $ 134,730 SA 4,940 288,088 Spending Variances 1,780 F 1,450 U 0 None Flexible Budget $ 132,720 21,640 4,444 Activity Variances 336 U 0 None Planning Budget 9,000 12,800 4,300
- Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ 6,500 $ 78,400 $ 18,700 |(q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (q) (q) (q) $ 1.90 (q) $ $ 9,480 134,730 4,940 288,088 Spending Variances 1,780 F 1,450 U 0 None Flexible Budget $ 132,720 21,640 4,444 Activity Variances 336 U 0 None Planning Budget 9,000 12,800 4,300Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ 6,500 $ (a) 78,400 $ 18,700 Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (g) (9) (4) $ 1.90 (q) 9,480 $ 134,730 $ 4,940 288,088 Spending Variances 1,780 F 1,450 U 0 None Flexible Budget $ 132,720 21,640 4,444 Activity Variances 336 U 0 None Planning Budget 9,000 12.800 4,300Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ 6,500 $ 78,400 $ 18,700 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results eee $ 1.50 (q) $ 1.90 (9) $ $ 9,480 134,730 4,940 288,088 Spending Variances 1,780 F 1,450 U 0 None Flexible Budget $ 132,720 21,640 4,444 Activity Variances 336 U 0 None Planning Budget 9,000 12,800 4,300
- Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places.) Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration. Total expense $ 7,100 $ 79,900 $ 18,820 (q) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.50 (q) (9) (9) $ 1.50 (q) 9,540 $164,250 5,024 $ 322,066 Spending Variances 1,840 F 1,510 U 0 None Flexible Budget $ 162,180 21,790 4,504 Activity Variances 624 U 0 None Planning Budget 9,060 18,878 4,360Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ SA 7,200 80,150 (q) + + + 18,840 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ 1.60 (q) (q) (q) $ 1.60 (9) GA 9,550 169,205 5,038 330,689 Spending Variances 1,474 F 1,520 U 0 None $ Flexible Budget 167,125 22,770 4,514 Activity Variances 672 U 0 None Planning Budget 9,070 19,898 4,370Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expenses $ $ $ (q) + 7,000 + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 $ 79,650 18,800 + $ 1.40 (q) (q) (q) 1.40 (q) $ $ Actual Results 9,530 159,305 5,010 313,459 Spending Variances 2,206 F 1,500 U 0 None $ Flexible Budget 157,245 20,812 4,494 Activity Variances 576 U 0 None Planning Budget 9,050 17,860 4,350
- Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense $ $ $ 8.500 (q) + + + 83,400 19,100 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances $ 1.50 (q) (q) (q) $ 1.90 (9) $ $ 9,680 234,530 5,220 415,748 1,980 F 1,650 U 0 None Flexible Budget $ 232,320 22,140 4,644 Activity Variances 1,296 U 0 None Planning Budget 9,200 33,340 4.500Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expenses $ $ $ 7,300 (9) + + + 80,400 18.860 + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results $ $ 1.70 (q) (9) (9) 1.70 (9) $ $ 9,560 174,170 5,052 339,328 Spending Variances 1,108 F 1,530 U 0 None Flexible Budget $ 172,080 23,752 4,524 Activity Variances 720 U 0 None Planning Budget 9,080 20,920 4,380Ray Company provided the following excerpts from its Production Department’s flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Required: Complete the Production Department’s Flexible Budget Performance Report.