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 ($ 6,600 $ 78,650 $ 18,720 q) + + + $ 1.00 q) q) q) $ 1.00 q) Actual Results 9,490 $ 140,625 4,954 $ 280,191 C Spending Variances 3,670 F 1,460 U 0 None Flexible Budget $ 137,605 16,920 4,454 Activity Variances 384 U 0 None Planning Budget 9,010 13,808 4,310
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 ($ 6,600 $ 78,650 $ 18,720 q) + + + $ 1.00 q) q) q) $ 1.00 q) Actual Results 9,490 $ 140,625 4,954 $ 280,191 C Spending Variances 3,670 F 1,460 U 0 None Flexible Budget $ 137,605 16,920 4,454 Activity Variances 384 U 0 None Planning Budget 9,010 13,808 4,310
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
H1.
Transcribed Image Text: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
$ 6.600
$
q)
78,650)
$
18,720
+
+
$ 1.00 q)
q)
q)
$ 1.00 q)
Ĵ
Actual
Results
$
9,490
140,625
4,954
$ 280,191
Spending Variances
3,670 F
1,460 U
0 None
Flexible
Budget
$
137,605
16,920
4,454
Activity Variances
384 U
0 None
Planning
Budget
9,010
13,808
4,310
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education