Static BudgetNumber of jacket lots (1 lot = 1 dozen)450Per Lot of Jackets:Direct materials12 yards at $4.65 per yard = $55.80Direct manufacturing labor1.7 hours at $8.40 per hour = $14.28Actual ResultsNumber of jacket lots sold475Total Direct Inputs:Direct materials6,650 yards at $4.85 per yard = $32,252.50Direct manufacturing labor713 hours at $8.50 per hour = $6,060.50 ActualPriceActual Input Qty ×May 2020ResultsVariance Budgeted PriceUnits Direct materials Direct labor Total variance

Flexible Budget:It is a budget that adjusts for changes in the level of output.It is adaptable to…

Answered: Static Budget Number of jacket lots (1…

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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Static Budget
Number of jacket lots (1 lot = 1 dozen)	450
Per Lot of Jackets:
Direct materials	12 yards at $4.65 per yard = $55.80
Direct manufacturing labor	1.7 hours at $8.40 per hour = $14.28
Actual Results
Number of jacket lots sold	475
Total Direct Inputs:
Direct materials	6,650 yards at $4.85 per yard = $32,252.50
Direct manufacturing labor	713 hours at $8.50 per hour = $6,060.50

Actual

Price

Actual Input Qty ×

May 2020

Results

Variance

Budgeted Price

Units

Direct materials

Direct labor

Total variance

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