Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs $308.700 73,500 29.400 $411,600 $81,120 20,400 76.140 5177660
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000Sandhill Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Sandhill: Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Your answer is correct. Time Charges Material Loading Charges Rate charged $192.240 $ 56,960 28,480 $277,680 The company wants a $40 profit margin per hour of labour and a 20% profit margin on parts. It has budgeted for 7.120 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $366,000. Calculate the rate charged per hour of labour. $40,260 11,895 79 per hour 18,300 $70,455Vaughn Manufacturing has the following budgeted costs for the next year: Shop employees' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Invoice cost of parts and materials Total budgeted costs Time Charges O. $42. O $47. O $54. O $44. $125000 25000 15000 $165000 Material Charges $ 50000 20000 55000 450000 $575000 The labor rate to be used next year assuming 7500 hours of repair time and a profit margin of $25 per labor hour is >
- An electrical repair service company has produced the following budget for the year ahead: Office repairs House repairs Total £ £ Received from customers Variable costs Fixed costs (apportioned) Profit (loss) 45,000 (24,000) (7,000) 14,000 24,000 (18,000) (8,000) (2,000) 69,000 (42,000) (15,000) 12,000 The fixed costs, which relate to rent and insurance, will be incurred irrespective of the type of activity carried out. Which of the following decisions is supported by the information in the table? A) If the company ceases to carry out house repairs, it will increase total profit from 12,000 to 14,000 B) If the company ceases to carry out house repairs, it will increase total profit from 12,000 to 18,000 C) If the company ceases to carry out house repairs, it will reduce total profit from 12,000 to 6,000 D) If the company ceases to carry out house repairs, it will reduce total profit from 12,000 to 4,000Carla Vista Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Carla Vista: Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Rate charged $ Time Charges Material Loading Charges $245,830 Calculate the rate charged per hour of labour. eTextbook and Media Save for Later 47,580 31,720 $325,130 The company wants a $30 profit margin per hour of labour and a 25% profit margin on parts. It has budgeted for 7,930 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $388,000. $36,860 16,490 per hour 25,220 $78,570 Attempts: 0 of 2 used Submit AnswerThe controller at Speedy Delivery wants to break-out the cost of deliveries into fixed and variable components so that it will be better able to predict costs for next year. Below are the delivery costs incurred each month and the number of deliveries. Delivery Cost January $2,176.00 February 2,272.00 March 1,926.40 April 1,696.00 May 1,600.00 75 [] June 2,752.00 135 July 3,616.00 180 August 1,849.60 88 September 1,676.80 79 October 3,808.00 November 3,961.60 4,000.00 Month December Required: 2. Calculate the fixed cost of overhead. $ = = Deliveries 105 110 92 Using the high-low method: 1. Calculate the variable cost rate per deliveries. Round the answer to two decimal places. $ + 80 + 190 3. Construct the cost formula for total overhead cost. If required, round your answer to two decimal places. Total cost Fixed cost Variable cost ($ per unit x Number of deliveries) 4. The company is estimating that in January the number of deliveries will be 125. How much should it estimate to have…
- Indigo Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2025 is available for Indigo tab Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs caps lock (a) Your answer is correct. Labor rate esc Compute the rate charged per hour of labor. ! 1 Q The company desires a $40 profit margin per hour of labor and a 28% profit margin on parts. It has budgeted for 7,400 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2025 will be $416,000. A $ 22 N Ne @ 2 * W $251,600 S Time Charges $318,200 83 @ * # 3 59,200 X 7,400 26 per hour 80 E D A GA $ 4 Material Loading Charges $40,700 20,800 $73,320 11,820 888 C R ar do % 5 F T V 6 G Y & VI A 7 B H U 8 J N ( MCurrent Attempt in Progress The controller of Oriole Industries has collected the following monthly cost data for use in analyzing the behavior of maintenance costs. Month January February March April May June Total Maintenance Costs $2,860 3,160 3,760 4,660 3,360 5,260 Total Machine Hours 320 370 520 670 520 720Blue Spruce Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 is available for Blue Spruce. Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead (a) Total budgeted costs Compute the rate charged per hour of labor. Time Charges $202,800 Labor rate $ 39,000 7,800 $249,600 The company desires a $39 profit margin per hour of labor and a 28% profit margin on parts. It has budgeted for 7,800 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2022 will be $416,000. Material Loading Charges per hour $39,300 14,780 29,120 $83,200
- Waterway Industries has the following budgeted costs for the next year: Time Charges Material Charges Shop employees’ wages and benefits $120000 $ - Parts manager’s salary and benefits - 50000 Office employee’s salary and benefits 45000 15000 Other overhead 15000 40000 Invoice cost of parts and materials - 454000 Total budgeted costs $180000 $559000 Next year’s material loading charge, assuming a 30% markup on material cost is 48.78%. 53.00%. 30.00%. 18.78%. do not give solution in imageIvanhoe Remanufacturing rebuilds spot welders for manufacturers. The following budgeted cost data for 2022 are available for Ivanhoe: Technicians' wages and benefits Parts manager's salary and benefits Office employee's salary and benefits Other overhead Total budgeted costs (a) Rate charged Time Charges $175,000 The company wants a $30 profit margin per hour of labour and a 20% profit margin on parts. It has budgeted for 7,000 hours of repair time in the coming year and estimates that the total invoice cost of parts and materials in 2022 will be $350,000. Calculate the rate charged per hour of labour. tA 35,000 14,000 $224,000 $ Material Loading Charges per hour $33,250 8,750 17,500 $59,500an be repaid as planned? Explain. pd. 20,000 to start each Problem 6 (Flexible Budget) Factory Overhead Flexible Budget Preparation Summary flexible overhead budgets are to be prepared for two departments of Summer Machine Company. Budget data follows: Department 1 Manufacturing overhead varies at the rate of P6.50 for each machine hour. and the fixed manufacturing overhead is budgeted for the year at P300,000. At normal capacity, the department should operate at 200,000 machine hours. Department 2 Manufacturing overhead varies at the rate of P7.00 for each direct labor hour, and the fixed manufacturing overhead is budgeted for the year at P500,000. At normal capacity, the department should operate at 400,000 machine hours. One direct labor is equal to two machine hours. Required: Prepare in summary form a flexible budget for each department showing costs at normal capacity, at 90, 80, 70, and 60 percent of normal capacity.