Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units Direct materials $75,000 87,000 36,000 Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor 1 Fixed overhead Total costs Budget $75,000 78,000 34,500 POINT, INC. Manufacturing Performance Budget Report For the Year Ended December 31, 2019 111 Actual Differences F/U

Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units Direct materials $75,000 87,000 36,000 Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor 1 Fixed overhead Total costs Budget $75,000 78,000 34,500 POINT, INC. Manufacturing Performance Budget Report For the Year Ended December 31, 2019 111 Actual Differences F/U

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Howard Temple, Inc., expects to sell 20,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct man $4.00, and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 2020: Beginning Inventory Ending Inventory Direct materials 24,000 units 24,000 units Work-in-Process Inventory 0 units O units Finished Goods Inventory 2,000 units 2,500 units What are the 2020 budgeted costs for direct materials, direct manufacturing labor, and manufacturing overhead. O $48,000; S96,000; $19.200 O $44,000; $88,000, $17.600 O $41.000, $82.000; $16,400 O $40,000, S80,000: $16,000 - Previous
aHRiIh mahufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $18 per direct labor-hour. The following data are obtained from the accounting records for June 2020: Direct materials $140,000 Direct labor (4,000 hours @ $10/hour) 40,000 Indirect labor 13,000 Plant facility rent 30,000 Depreciation on plant mach. & equip. 22,500 Sales commissions 24,000 Administrative expenses 28,000 For June 2020, manufacturing overhead is O overallocated by $6.500 Ounderallocated by $21.500 ovrcallocated by $21.500
Consider Derek's budget information: materials to be used, $63,300; direct labor, $199,200; factory overhead, $397,400; work in process inventory on January 1, $189,300; and work in progress inventory on December 31, $194,100. What is the budgeted cost of goods manufactured for the year? a.$655,100 b.$849,200 c.$659,900 d.$194,100
The production budget for Manner Company shows units to produce as follows: July, 700; August, 760; and September, 620. Each unit produced requires one hour of direct labor. The direct labor rate is budgeted at $17 per hour in July and August, but is budgeted to be $17.75 per hour in September. Prepare a direct labor budget for the months July, August, and September. Units to produce Direct labor hours needed Cost of direct labor MANNER COMPANY Direct Labor Budget July 700 August 760 September 620 units
Consider Derek's budget information: materials to be used totals $63,300; direct labor totals $202,000; factory overhead totals $393,900; work in process inventory January 1, $187,200; and work in progress inventory on December 31, $193,400. What is the budgeted cost of goods manufactured for the year?
Esquire Clothing is a manufacturer of designer suits For June 2020, each suit is budgeted to take 3 labor-hours. The budgeted number of suits to be manufactured in June 2020 is 1,120, Esquire Clothing allocates fixed manufacturing overhead to each suit using budgeted direct manufacturing labor-hours per suit. Data pertaining to fixed manufacturing overhead costs for June 2020 are budgeted, $57,120, and actual, $63,900. In June 2020 there were 1,140 suits started and completed. There were no beginning or ending inventories of suits Requirements 1. Compute the spending variance for fixed manufacturing overhead. Comment on the results. 2. Compute the production-volume variance for June 2020. What inferences can Esquire Clothing draw from this variance? + Requirement 1. Compute the spending variance for fixed manufacturing overhead. Comment on the results Begin by computing the following amounts for the fixed manufacturing overhead Actual Costs Incurred Same Budgeted Lump Sum Regardless of…
D’s Company Ltd expects to have a cash balance of $45000 on March 1, 2024.Relevant monthly budget data for the months of March and April are as follows:• Collections from customers: March $85000; April $150000• Payments for direct materials: March $50000; April $75000• Direct labour: March $30000; April $45000. Wages are paid in the month they are incurred.• Manufacturing overhead: March $21000; April $25000. These costs include depreciation of$1500 per month. All other overhead costs are paid as incurred.• Selling and administrative expenses: March $15000; April $20000. These costs are exclusive ofdepreciation. They are paid as incurred.• Sales of marketable securities in March are expected to be realised $12000 in cash.D’s Company Ltd. has a line of credit at a local bank that enables it to borrow up to$25000. Thecompany wants to maintain a minimum monthly cash balance of $20000. prepare cash budgets for march n april 2024