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. Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances Flexible Budget Planning Activity Variances Budget tes Labor-hours (q) 9,480 9,000 Direct labor (a) $ 134,730 $ 132,720 Indirect labor + $ 1.50 (q) Utilities $ 6,500 + (q) 1,780 F 1,450 U 21,640 336 U 12.800 Supplies + (q) 4,940 4,444 4,300 Equipment depreciation $ 78,400 0 None 0 None Factory administration $ 18,700 + $ 1.90 (q) Total expenses $ 288,088

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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.
Ray Company
Production Department Flexible Budget Performance Report
For the Month Ended August 31
Actual
Results
Spending Variances
Flexible
Budget
Planning
Activity Variances
Budget
tes
Labor-hours (q)
9,480
9,000
Direct labor
(a)
$
134,730
$ 132,720
Indirect labor
+
$ 1.50 (q)
Utilities
$
6,500 +
(q)
1,780 F
1,450 U
21,640
336 U
12.800
Supplies
+
(q)
4,940
4,444
4,300
Equipment depreciation
$
78,400
0 None
0 None
Factory administration
$
18,700
+
$ 1.90 (q)
Total expenses
$
288,088
Transcribed Image Text: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. Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Results Spending Variances Flexible Budget Planning Activity Variances Budget tes Labor-hours (q) 9,480 9,000 Direct labor (a) $ 134,730 $ 132,720 Indirect labor + $ 1.50 (q) Utilities $ 6,500 + (q) 1,780 F 1,450 U 21,640 336 U 12.800 Supplies + (q) 4,940 4,444 4,300 Equipment depreciation $ 78,400 0 None 0 None Factory administration $ 18,700 + $ 1.90 (q) Total expenses $ 288,088
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