Tumwater Manufacturing provided you with the following information pertaining to their assembly department for the month of March. Please complete the flexible budget, determine the variances, and label them as favorable (F) or unfavorable (U) **Tumwater Manufacturing****Flexible Budget Report***For the month ended March 31, 2023*| | Flexible ||----------------------------------------|------------------------------|| Units Produced | Budget Actual Variance F/U|| 1,000 | 1,000 1,000 - -|**Variable Costs:**- Direct materials ($10.00 per unit) | 10,000 9,800 (200) F |- Direct labor ($5.00 per unit) | 5,000 5,300 300 U |- Variable factory overhead ($1.00 per unit) | 1,000 1,030 30 U |**Total variable costs:** | 16,000 16,130 130 U |**Fixed Costs:**- Electricity | 1,000 980 (20) F |- Supervisor Salary | 12,000 12,200 200 U |**Total fixed costs:** | 13,000 13,180 180 U |**Total Department Costs:** | 29,000 29,310 310 U |**Explanation:**This flexible budget report for Tumwater Manufacturing for the month ended March 31, 2023, compares the budgeted figures with the actual figures for both variable and fixed costs, identifying any variances between the two.- **Units Produced:** The actual production matched the budgeted production of 1,000 units.- **Variable Costs:** This section includes: - **Direct materials**: The budget was $10,000, but the actual cost was $9,800, resulting in a favorable variance of $200. - **Direct labor**: The budget was $5,000, but the actual cost was $5,300, resulting in an unfavorable variance of $300. - **Variable factory overhead**: The budget was $1,000, but the actual cost was $1,030, resulting in an unfavorable variance of $30. The total variable costs were slightly higher than budgeted, resulting in an unfavorable variance of $130 for this category.- **Fixed Costs:** This section includes: - **Electricity**: The budget was $1,000, but the actual cost

Flexible budget is prepared for the actual units produced which helps in evaluating the performance.…

Tumwater Manufacturing provided you with the following information pertaining to their assembly department for the month of March. Please complete the flexible budget, determine the variances, and label them as favorable (F) or unfavorable (U)

Tumwater Manufacturing provided you with the following information pertaining to their assembly department for the month of March. Please complete the flexible budget, determine the variances, and label them as favorable (F) or unfavorable (U)

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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