StaticActualBudgetBudgetVarianceMachine-hours39,92036,600Direct labour wages$ 86,100$ 84,180$1,920 USuppliesMaintenance24,22021,9602,260 U145,300142,1603,140 UUtilities17.62016,960660 USupervisionDepreciationTotal41,20041,20083,20083,200$397,640$389,660$ 7,980 U

You have provided a table with budgeted and actual figures for various expenses related to a…

Answered: Static Actual Budget Budget Variance…

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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Help Save & Exit AA company provided the following information from its flexible budget performance report: Actual Results 52 Flexible Budget Master Budget Trips (q) 2. Expenses: Maintenance expense ($4,000 + $88.00g) $8,440 $8,400 What is the spending variance for maintenance expense? Multiple Choice $136 F $136 U $176 U Nex 11 of 23 < Prev
Budgeted variable factory overhead costs: $354,000 Budgeted production in units: 60,000 units Budgeted time: 2 direct labor hours per unit Allocation base: direct labor hours Actual production in units: 58,600 units Actual variable factory overhead costs incurred: $338,500 Actual direct labor hours used: 119,000 hours CALCULATE VARIABLE FACTORY OVERHEAD ALLOCATED: Allocated: $__________ CALCULATE VARIABLE FACTORY OVERHEAD SPENDING (PRICE) VARIANCE :…
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Question Content Area Given the following information, determine the activity rate (rounded to the nearest cent) for setups. Activity Total Activity-Base Usage Budgeted Activity Cost Setups 10,000 $57,200 Inspections 23,400 $149,700 Assembly (dlh) 73,800 $394,500 a. $5.61 b. $5.35 c. $6.40 d. $5.72
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EXERCISES Exercise 1 Jenner Company developed its annual manufacturing overhead budget for its master budget for 2008 as follows: Expected annual operating capacity Variable overhead costs 120,000 Direct Labor Hours Indirect labon Indirect materials $420,000 90,000 30,000 _540,000 Factory supplies Total variable Fixed overhead costs Depreciation Supervision Property taxes Total fixed 180,000 120,000 96,000 396,000 $936,000 Total costs The relevant range for monthly activity is expected to be between 8,000 and 12,000 direct labor hours . Instructions Prepare a flexible budget for a monthly activity level of 8,000 and 9,000 direct labor hours. Exercise 2 Fagan Company uses a flexible budget for manufacturing overhead based on machine hours. Variable manufacturing overhead costs per machine hour are as follows: Indirect labor $5.00 Indirect materials Maintenance Utilities 2.50 50 30 Fixed overhead costs per month are: Supervision Insurance $600 200 Property taxes Depreciation 300 900 The…
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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Static Actual Budget Budget Variance Machine-hours 39,920 36,600 Direct labour wages $ 86,100 $ 84,180 $1,920 U Supplies Maintenance 24,220 21,960 2,260 U 145,300 142,160 3,140 U Utilities 17.620 16,960 660 U Supervision Depreciation Total 41,200 41,200 83,200 83,200 $397,640 $389,660 $ 7,980 U