Prepare the reports in a responsibility system for: The vice president of production.To VicePresident-ProductionControllableCosts:VP ProductionAssemblyfactories:TotaltA$BudgetLALA$Actual$LA$FavorableUnfavorableNeither Favoranor Unfavorab Bridgeport Company's organization chart includes the president; the vice president of production; three assembly factories-Dallas,Atlanta, and Tucson; and two departments within each factory-Machining and Finishing. Budget and actual manufacturing cost datafor July 2022 are as follows.Finishing Department-Dallas: direct materials $36,550 actual, $37,840 budget; direct labor $71,724 actual, $70,520 budget;manufacturing overhead $43,860 actual, $42,312 budget.Machining Department-Dallas: total manufacturing costs $189,200 actual, $188,340 budget.Atlanta factory: total manufacturing costs $364,640 actual, $361,200 budget.Tucson factory: total manufacturing costs $425,012 actual, $426,990 budget.The Dallas factory manager's office costs were $81,700 actual and $79,120 budget. The vice president of production's office costswere $113,520 actual and $111,800 budget. Office costs are not allocated to departments and factories.

Variance is the difference between budgeted amount and actual amount. Variance is favorable when…

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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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What is the measured mile approach used for?a. Calculate budget spentb. Measure office overheadc. Calculate loss of productivityd. Measure unit costs on site
Fey Company's organization chart includes the president; the vice president of production; three assembly plants-Dallas, Atlanta, and Tucson; and two departments within each plant-Machining and Finishing. Budget and actual manufacturing cost data for July 2020 are as follows. Finishing Department-Dallas: direct materials $41,310 actual, $44,510 budget; direct labor $83,850 actual, $82,510 budget; manufacturing overhead $50,800 actual, $50,110 budget. Machining Department-Dallas: total manufacturing costs $224,690 actual, $217,360 budget. Atlanta Plant: total manufacturing costs $423,380 actual, $423,790 budget. Tucson Plant: total manufacturing costs $495,240 actual, $497,130 budget. The Dallas plant manager's office costs were $96,350 actual and $93,480 budget. The vice president of production's office costs were $135,560 actual and $133,440 budget. Office costs are not allocated to departments and plants.
Which one of the following is not a step in allocating the support department cost to the production department? Select one: a. Trace all the overhead cost b. Divide the departments in to support and producing departments c. Undertake a breakeven analysis d. Divide the company in departments
18. Director's remuneration and expenses is part of ________ a. Distribution overhead b. Production overhead c. Selling overhead d. Administration overhead
The cost of the management accountant working in the front office of a company is a direct, variable, product cost. O fixed product cost. O indirect period cost. fixed period cost.
A cost driver is used to allocate support department expenses. Match each of the following cost drivers with the appropriate department. Clear All Number of work orders Number of employees Number of payroll checks Number of purchase requisitions Payroll Accounting Maintenance President's Office Purchasing Human Resources
Help
The Cost of Production Report provides info and reports on the production costs charged to that department and the costs allocated to finished goods and to work-in-process. True False
Which of the following would be least likely to be considered a managerial accounting report? Oa. statement of stockholders' equity Ob. report to analyze potential efficiencies and savings for the purchase of new production equipment Oc. statement of cost of goods manufactured Od. schedule of total manufacturing costs incurred
Q1. An activity that provides financial and economic information to managers and other internal decision- makers of an organization is called Answer: A. Financial Accounting B. Managerial Accounting C. Auditing D. Cost Accounting Q2. The three basic elements of a cost of a manufactured product are Answer: A. Direct material, Work-in –Process inventory, Finished goods inventory B. Indirect material, indirect labor, Manufacturing overhead C. Direct Material, Direct Labor, Manufacturing overhead D. Raw material inventory, Work-in-Process inventory, Finished goods inventory Q3. The source document for recording the transfer of raw materials to work in process account. Answer: A. Predetermined MOH rate B. Time ticket C. Material requisition slip D. Job cost sheet
Activity-based costing can be beneficial in allocating selling and administrative expenses to various products for managerial decision making. Which of the following would be the best allocation base for help desk costs? a. number of sales employees Ob. number of products sold c. number of calls Od. square footage of the help desk office

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Prepare the reports in a responsibility system for: The vice president of production. To Vice President- Production Controllable Costs: VP Production Assembly factories: $ Budget $ Actual $ Favorabl Unfavorab Neither Favo nor Unfavor