**BUAD 205: Extra Credit Opportunity**You are in charge of the following cost:**Budgeted production in units:** 10,000**Budgeted Cost:**- Indirect Materials: 250,000- Indirect Labor: 260,000- Utilities: 190,000- Depreciation: 280,000- Property Taxes: 70,000- Supervision: 50,000- **Total Budgeted Cost:** 1,100,000**Demand has increased:** Sell 12,000**Actual Cost:**- Indirect Materials: 295,000- Indirect Labor: 312,000- Utilities: 225,000- Depreciation: 280,000- Property Taxes: 70,000- Supervision: 50,000- **Total Actual Cost:** 1,232,000**Your manager put the following table together:**| | Budget | Actual | Variance | ||----------------------------|--------|--------|----------|-------|| production in units: | 10,000 | 12,000 | | || **Budgeted Cost:** | | | | || Indirect Materials | 250,000| 295,000| 45,000 | U || Indirect Labor | 260,000| 312,000| 52,000 | U || Utilities | 190,000| 225,000| 35,000 | U || Depreciation | 280,000| 280,000| 0 | || Property Taxes | 70,000 | 70,000 | 0 | || Supervision | 50,000 | 50,000 | 0 | || | | | | || **Total** | 1,100,000 | 1,232,000 | 132,000 | U |- **F = favorable**- **U = unfavourable****Requirement:** Looking at the table, the manager is very dissatisfied with your performance. Should he fire you today? Please explain. Show calculations where necessary.**Graphical Elements:**- **Blue star shape**: Aesthetic element

Overheads are the indirect costs incurred in the manufacturing of a product. Overheads are added to…

Answered: Requirement: Looking at the table, he…

Requirement: Looking at the table, he is very dissatisfied with your performance. Should he fire you today? Please explain. Show calculations where necessary.

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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