[The following information applies to the questions displayed below.jAntuan Company set the following standard costs per unit for its product.Direct materials (6 pounds @ $5 per pound)Direct labor (2 hours @ $17 per hour)Overhead (2 hours @ $18.50 per hour)Standard cost per unitThe standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory'scapacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacitylevel.Overhead Budget (75% Capacity)Variable overhead costsIndirect materialsIndirect laborPowerMaintenanceTotal variable overhead costsFixed overhead costsDepreciation-BuildingDepreciation-MachineryTaxes and insuranceSupervisory salariesTotal fixed overhead costsTotal overhead costsIndirect materialsIndirect laborPowerMaintenance$ 45,000180,00045,00090,000360,000Depreciation-BuildingDepreciation-MachineryTaxes and insuranceSupervisory salaries.Total costs$ 303437$ 10124,00080,00012,00079,000195,000$ 555,000The company incurred the following actual costs when it operated at 75% of capacity in October.Direct materials (91,000 pounds @ $5.10 per pound)Direct labor (30,500 hours @ $17.25 per hour)$ 464,100526, 125Overhead costs$ 44,250177,75043,00096,00024,00075,00011,50089,000560,500$ 1,550,725 Required:1. Prepare flexible overhead budgets for October showing amounts of each variable and fixed cost at the 65%, 75%, and 85% capacitylevels.ANTUAN COMPANYFlexible Overhead BudgetsFor Month Ended October 31 Variable Amount Total Fixedper UnitCostProduction (in units)Variable overhead costsFixed overhead costsTotal overhead costs$0$Flexible Budget at Capacity Level of65%75%85%$0 $0 $0 $0 $0 $

Flexible budgets are budget that is adjusted as per the changes in the levels of activity or levels…

Required: 1. Prepare flexible overhead budgets for October showing amounts of each variable and fixed cost at the 65%, 75%, and 85% capacity levels. ANTUAN COMPANY Flexible Overhead Budgets For Month Ended October 31 Variable Amount Total Fixed per Unit Cost Production (in units) Variable overhead costs Fixed overhead costs Total overhead costs $ 0 $ Flexible Budget at Capacity Level of 65% 75% 85% $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0

Required: 1. Prepare flexible overhead budgets for October showing amounts of each variable and fixed cost at the 65%, 75%, and 85% capacity levels. ANTUAN COMPANY Flexible Overhead Budgets For Month Ended October 31 Variable Amount Total Fixed per Unit Cost Production (in units) Variable overhead costs Fixed overhead costs Total overhead costs $ 0 $ Flexible Budget at Capacity Level of 65% 75% 85% $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0

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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Hrd.13
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View Policies Current Attempt in Progress The predetermined overhead rate for Crane Company is $4, comprised of a variable overhead rate of $2 and a fixed rate of $2. The amount of budgeted overhead costs at normal capacity of $120000 was divided by normal capacity of 30000 direct labor hours, to arrive at the predetermined overhead rate of $4. Actual overhead for June was $8600 variable and $5900 fixed, and 2000 units were produced. The direct labor standard is 2 hours per unit produced. The total overhead variance is $2000 F. $1500 F. $1500 U. $2000 U.
Shawke Company's partially completed flexible overhead budget for the current period follows. This budget is based on its predicted activity of 50% of productive capacity. Complete its flexible overhead budgets for the current period using 1,950, 3,900, and 5,850 units of productive capacity. For Year Ended December 31 Production (in units) Overhead costs Total variable overhead Total fixed overhead Total overhead costs Flexible Overhead Budgets Total Fixed Cost Variable Amount per Unit $ 12 $ 17,900 Flexible Budget at Capacity Level of 25% 50% 75% 1,950 3,900 5,850
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Question 1 Not complete Direct material Direct labor Variable overhead Fixed overhead Total Using Flexible Budgets The following summary data are from a performance report for Sterling Company for May, during which 9,600 units were produced. The budget reflects the company's normal capacity of 10,000 units. Actual Cost Budget 9,600 10,000 units units $ $136,800 $140,000 $(3,200) Favorable Type Marked out of 6.25 Direct material $ Direct labor Variable overhead Fixed overhead Totals PFlag question $ Variances a. Prepare a new performance report using flexible budgeting. Round all amounts to the nearest dollar. Variance Actual Costs 277,200 280,000 (2,800) Favorable 98,400 96,000 2,400 Unfavorable 72,400 72,000 400 Unfavorable $584,800 $588,000 $(3,200) $ 0 $ Flexible Budget $ 0 $ $ b. Which of the two performance reports should Sterling Company management use to measure the company's operating efficiency in May? ◆ 0 Type ♦ + + ◆
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