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" forfavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate perhour" answers to 2 decimal places.)Ray CompanyProduction Department Flexible Budget Performance ReportFor the Month Ended August 31PlanningBudgetActualFlexibleSpending VariancesActivity VariancesResultsBudgetLabor-hours (g)9,4909,010Direct labor(q)$ 140,625$ 137,605Indirect labor$1.00 (q)3,670 F16,920+Utilities$ 6,600(q)1,460 U384 U13,808+Supplies(a)4,9544,4544,310+$Equipment depreciationO NoneO None78,650$Factory administration$1.00 (q)18,720Total expense$ 280,191

A flexible budget performance report is a report that is prepared by the management to have a…

Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Planning Budget Spending Variances Activity Variances Results Budget bor-hours (q) 9,490 9,010 rect labor (q) $ 140,625 $ 137,605 direct labor $ 1.00 (q) 3,670 F 16,920 + lities $ 6,600 (q) 1,460 U 384 U 13,808 + pplies (q) 4,954 4,454 4,310 + $ juipment depreciation O None O None 78,650 $ ctory administration $ 1.00 (q) 18,720 tal expense $ 280,191

Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Flexible Planning Budget Spending Variances Activity Variances Results Budget bor-hours (q) 9,490 9,010 rect labor (q) $ 140,625 $ 137,605 direct labor $ 1.00 (q) 3,670 F 16,920 + lities $ 6,600 (q) 1,460 U 384 U 13,808 + pplies (q) 4,954 4,454 4,310 + $ juipment depreciation O None O None 78,650 $ ctory administration $ 1.00 (q) 18,720 tal expense $ 280,191

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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