Sales Direct Materials Direct Labor Variable Overhead Fixed Overhead Felski has the following actual information for 2022. Sales Direct Materials Direct Labor Variable Overhead Fixed Overhead Direct Materials Direct Labor Variable Overhead 2,000 units $10,000 $ 8,000 $ 4,000 $3,500 Fixed Overhead Complete the following performance report. Include the flexible budget variance and volume variances for each cost and indicate if they are favorable or unfavorable. Total 2,200 units $15,000 $9,000 $4,600 $4,200 Actual Flexible Budget Master/Static Budget

Sales Direct Materials Direct Labor Variable Overhead Fixed Overhead Felski has the following actual information for 2022. Sales Direct Materials Direct Labor Variable Overhead Fixed Overhead Direct Materials Direct Labor Variable Overhead 2,000 units $10,000 $ 8,000 $ 4,000 $3,500 Fixed Overhead Complete the following performance report. Include the flexible budget variance and volume variances for each cost and indicate if they are favorable or unfavorable. Total 2,200 units $15,000 $9,000 $4,600 $4,200 Actual Flexible Budget Master/Static Budget

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Information relating to actual costs and variances for year 2019 is shown below. The budgeted production for year 2019 was 42,000 products. Actual data Actual production 43,200 products Direct materials costs:32,400 kg RM162,000 Direct labour costs: 17,280 hours RM217,728 Variable production overhead costs RM108,000 Fixed production overhead costs RM170,400 Variances Direct material price variance RM8,100 (F) Direct material usage variance RM11,340 (F) Direct labour rate variance RM1,724 (F) Direct labour efficiency variance RM54,864 (F) Variable production overhead expenditure variance RM864 (A) Variable production overhead efficiency variance RM26,784 (F) Fixed production overhead variance RM7,550 (A) The company operates a standard variable costing system. REQUIRED Using the information provided above, prepare: (a) The standard cost card for one product. (b) A…
Required Information [The following information applies to the questions displayed below.] The fixed budget for 21,300 units of production shows sales of $489,900; variable costs of $63,900; and fixed costs of $144,000. The company's actual sales were 27,300 units at $580,900. Actual variable costs were $113,400 and actual fixed costs were $138,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no variance.) Contribution margin Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable/ Unfavorable
Using a flexible budgeting approach how do I prepare a performance report for the current department for September 2016, comparing actual overhead cost with budgeted overhead cost for 5700 hours. Separate overhead costs into variable and fix components and show the amounts of any variances between actual and budget in amounts.
Please help me with all answers thanku
None
Please do not give solution in image format ?
Strategic Cost
please dont give solution in imsge thnku
Crystal Glassware Company has the following standards and flexible-budget data. 6.00 per direct-labor hour 3 hours per unit of output Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $150,000 25,000 units Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor 16,000 units $384,000 $141,000 55,000 hours Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) 1. Variable-overhead spending variance 2. Variable-overhead efficiency variance 3. Fixed-overhead budget variance 4. Fixed-overhead volume variance
The Current Designs staff has prepared the annual manufacturing budget for the rotomolded line based on an estimated annual production of 4,640 kayaks during 2022. Each kayak will require 56 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The polyethylene powder used in these kayaks costs $1.20 per pound, and the finishing kits cost $210 each. Each kayak will use two kinds of labor-2 hours of type I labor from people who run the oven and trim the plastic, and 3 hours of work from type II workers who attach the hatches and seat and other hardware. The type I employees are paid $17 per hour, and the type II are paid $14 per hour. Manufacturing overhead is budgeted at $414,840 for 2022, broken down as follows. Variable costs Indirect materials $46,400 Manufacturing supplies 64,960 Maintenance and utilities 102,080 213,440 Fixed costs Supervision 78,000 Insurance 13,200 Depreciation 110,200 201,400 Total $414,840 During the first quarter, ended March 31,…
Overhead costs are applied using direct labour hours. The following were budgeted for the year: Planned production (units) 50,000 Direct labour hours 200,000 Variable overhead 1,000,000 Fixed overhead 600,000 The following were the actual results: Actual production (units) 48,000 Direct labour hours 195,000 Variable overhead 950,000 Fixed overhead 610,000 Calculate the variable overhead efficiency variance. Select one: a. $15,000 U b. $25,000 U c. $25,000 F d. $15,000 F
Required information [The following information applies to the questions displayed below.] The fixed budget for 20,600 units of production shows sales of $597,400; variable costs of $61,800; and fixed costs of $143,000. The company's actual sales were 26,500 units at $720,500. Actual variable costs were $113,100 and actual fixed costs were $133,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Contribution margin Flexible Budget Performance Report Flexible Budget Actual Results Variances Favorable/ Unfavorable