Answered: The amount shown for "Employee salaries…

The amount shown for "Employee salaries and wages" in the planning budget for March would have been closest to: O $91,200 $94,800 $92,600 $102,889

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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At the beginning of the period, the Cutting Department budgeted direct labor of $129,000, direct materials of $167,000 and fixed factory overhead of $11,900 for 8,000 hours of production. The department actually completed 10,500 hours of production. The appropriate total budget for the department, assuming it uses flexible budgeting, is Round your final answer to the nearest dollar. Do not round interim calculations. a $404,119 Ob. $307,900 Oc $400,400 d. 3311,619
The budgeted units for sales in January, February and March are 25,000, 55,000 and 35,000 andselling price is $ 12, 15 and 20 per unit respectively. Please determine the total budgeted sales in unitsand dollars for the quarter ended March 31, 2021.
Sweet Acacia Company is preparing its manufacturing overhead budget for 2022. Relevant data are as follows: 1. Units to be produced (by quarters): 9,700, 12,000, 15,100,17,600 2. Direct labour: 1.4 hours per unit 3. Variable overhead costs per direct labour hour: indirect materials $0.70; indirect labour $1.10; and maintenance $0.50 4. Fixed overhead costs per quarter: supervisory salaries $34,900; depreciation $16,400; and maintenance $15,500 Prepare the manufacturing overhead budget for the year, showing quarterly data. (Round variable cost per unit to 2 decimal places, e.g. 15.25.) SWEET ACACIA COMPANY Manufacturing Overhead Budget For the Year Ending December 31, 2022 1 2 Quarter $ $ $ $ $ $ $ $ $ $ Year
At the beginning of the period, the Cutting Department budgeted direct labor of $138,000, direct materials of $154,000 and fixed factory overhead of $14,000 for 7,300 hours of production. The department actually completed 11,700 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round your final answer to the nearest dollar. Do not round interim calculations. a. $490,438 b. $482,000 c. $306,000 d. $314,438
Sheffield Company is preparing its direct labor budget for 2022 from the following production budget based on a calendar year: Quarter 1 2 3 4 Units 57,000 27,000 49,000 75.000 Each unit requires 2 hours of direct labor. The union contract provides for a 10% increase in wage rate to $22 per hour on October 1. Prepare a direct labor budget for 2022. $ First Quarter $ SHEFFIELD COMPANY Direct Labor Budget Second Quarter $ Third Quarter $ Fourth Quarter $ Total
At the beginning of the period, the Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fixed factory overhead of $28,000 for 8,000 hours of production. The department actually completed 10,000 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round hourly rates to two decimal places. a.$288,000 b.$350,000 c.$305,000 d.$378,000
Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,100,000 Costs Direct materials 992,000 Direct labor 232,500 Sales staff commissions 62,000 Depreciation—Machinery 295,000 Supervisory salaries 198,000 Shipping 217,000 Sales staff salaries (fixed annual amount) 251,000 Administrative salaries 498,500 Depreciation—Office equipment 199,000 Income $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) $ 3,746,250 Costs Direct materials $ 1,198,800 Direct labor 284,900 Sales staff commissions 64,750…
Consider Derk's budget information: materials to be used totals $62,100; direct labor totals $199,900; factory overhead totals $402,700; work in process inventory January 1, $188,800; and work in progress inventory on December 31, $194,100. What is the budgeted cost of goods manufactured for the year? a.$853,500 b.$664,700 c.$659,400 d.$194,100
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Required information [The following information applies to the questions displayed below] Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. Sales Cost of goods sold Direct materials Direct labor PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Machinery repairs (variable cost) Depreciation Plant equipment (straight-line) Utilities ($30, 000 is variable) Plant management salaries Gross profit $3,150,000 $ 915,000 225,000 45,000 300,000 195,000 200,000 1,880,000 1,270,000 Selling expenses 75,000 Shipping 90,000 Sales salary (fixed annual amount) 236,000 400,000 General and administrative expenses Advertising expense 150,000 Salaries 241,000 Entertainment expense Income from operations 75,000 466,000 $ 404, 000 Packaging 3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. The company president is confident that…
Required Information [The following information applies to the questions displayed below.] Phoenix Company's 2019 master budget Included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. Sales Cost of goods sold Direct materials Direct labor Gross profit Selling expenses Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management salaries Packaging Shipping PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations Sales Variable costs Utilities PHOENIX COMPANY Flexible Budgets For Year Ended December 31, 2019 Flexible Budget Direct materials Direct labor Machinery repairs Depreciation-Plant equipment (straight-line) $ 960,000 240,000 Variable Amount per Unit 60,000 315,000 195,000 200,000 1,970,000 1,180,000…
At the beginning of the period, the Cutting Department budgeted direct labor of $128,000, direct materials of $163,000 and fixed factory overhead of $14,000 for 8,000 hours of production. The department actually completed 10,200 hours of production. The appropriate total budget for the department, assuming it uses flexible budgeting, is Round your final answer to the nearest dollar. Do not round interim calculations. Oa. $385,025 Ob. $308,850 Oc. $388,875 Od. $305,000 ......