The following information is available for Brownstone Products Company for the month of July:| | Actual | Master Budget ||----------------------|--------|---------------|| Units | 3,800 | 4,000 || Sales revenue | $60,600| $60,000 || Variable manufacturing costs | 21,000 | 16,000 || Fixed manufacturing costs | 14,000 | 13,900 || Variable selling and administrative expenses | 9,700 | 8,000 || Fixed selling and administrative expenses | 11,100 | 10,500 |**Required:**1. What was the master budget variance for July? Was this variance favorable or unfavorable?2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income.3. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budget for each of the following two output levels: a. 3,950 units. b. 4,350 units.

Budgets are often created and updated on a regular basis and provide an estimation of income and…

The following information is available for Brownstone Products Company for the month of July: Master Budget 4,000 $ 60,000 16,000 13,900 8,000 10,500 Units Actual 3,800 Sales revenue $ 60,600 Variable manufacturing costs 21,000 Fixed manufacturing costs 14,000 Wariable selling and administrative expenses 9,700 Fixed selling and administrative expenses 11,100 Required:

The following information is available for Brownstone Products Company for the month of July: Master Budget 4,000 $ 60,000 16,000 13,900 8,000 10,500 Units Actual 3,800 Sales revenue $ 60,600 Variable manufacturing costs 21,000 Fixed manufacturing costs 14,000 Wariable selling and administrative expenses 9,700 Fixed selling and administrative expenses 11,100 Required:

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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Nottingham Forest Products reports the following information concerning operations for the most recent month: Actual (based Master Budget (based on on actual sales budgeted sales of 4,800 units) $ 228,700 of 4,000 units) $ 188,000 Sales revenue Less Manufacturing costs. Direct labor 50,302 39,000 31,520 27,200 16,608 13,100 7,805 6,200 6,500 Materials Variable overhead Marketing Administrative Total variable costs $ 113,450 Contribution margin $ 115,250 Fixed costs Manufacturing Marketing Administrative 7,215 38,930 14,860 9,510 $ 92,000 $ 96,000 37,400 12,200 10,400 $ 60,000 Total fixed costs $ 63,300 $ 51,950 $ 36,000 Operating profits There are no inventories.
Amanda Corporation has the following information: Expected units to produce in March 5,300 units Expected units to produce in April 7,300units Budgeted direct labor cost per hour 24 Direct labor hours per unit 2 hours Calculate the total budgeted cost of direct labor for March and April combined. Part 1 A.$ 604 comma 800 B.$ 254 comma 400 C.$ 350 comma 400
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The following information is available for Brownstone Products Company for the month of July: Master Actual Budget 4, eee $ 60,000 16, e00 Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses 3,8ee $ 53,600 19,400 14,300 8,100 9,see 13, 30e 8, e00 9,400 Required: 1. What was the master budget varidnce for July? Was this variance favorable or unfavorable? 2. Compute the July sales volume variance and the flexible-budget variance for the month, both in terms of contribution margin and in terms of operating income. 4. Prepare pro-forma budgets for activities within its relevant range of operations. Prepare a flexible budiget for each of the following two output levels: a. 3,790 units. b. 4,190 units. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 .. Next
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Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 8,200 $ 1,558,000 590,400 98,400 $ 869,200 212,000 370,000 $ 287,200 The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Required: 9,600 $ 1,760,800 780,394 111,040 $ 869,366 223,040 380,000 $ 266,326 Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each variance by…
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CHAPTER: COMPLETING ACCOUNTING CYCLE Exercise 4-9 Preparing closing entries and a post-closing trial balance Check (2) T. Cruz, Capital (ending), $51,500; Total debits, $59,000 P2 P3 The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2015, the end of its fiscal year. (1) Prepare the December 31, 2015, closing entries for Cruz Company. Assume the account number for Income Summary is 901. (2) Prepare the December 31, 2015, post- closing trial balance for Cruz Company. No. Account Title Debit Credit 101 Cash $19,000 126 Supplies . 13,000 128 Prepaid insurance 3,000 167 Equipment . 24,000 Accumulated depreciation-Equipment T. Cruz, Capital ... 168 $ 7,500 301 47,600 302 T. Cruz, Withdrawals 7,000 404 Services revenue 44,000 612 Depreciation expense-Equipment. 3,000 622 Salaries expense 22,000 637 Insurance expense 2,500 640 Rent expense 3,400 652 Supplies expense 2,200 Totals $99,100 $99,100
Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Costper 100 Two-LiterBottles Direct labor $1.12 Direct materials 5.12 Factory overhead 0.36 Total $6.6 At the beginning of July, GBC management planned to produce 450,000 bottles. The actual number of bottles produced for July was 486,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for theMonth Ended July 31 Direct labor $5,334 Direct materials 24,286 Factory overhead 1,767 Total $31,387 Enter all amounts as positive numbers. a. Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle…