Valotic Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer Products Division for the month ended January 31 is as follows (in thousands): 1 Customer service salaries $546,840.00 2 Insurance and property taxes 114,660.00 3 Distribution salaries 872,340.00 4 Marketing salaries 1,028,370.00 5 Engineer salaries 836,850.00 6 Warehouse wages 586,110.00 7 Equipment depreciation 183,792.00 8 Total $4,168,962.00 During January, the costs incurred in the Consumer Products Division were as follows: 1 Customer service salaries $602,350.00 2 Insurance and property taxes 110,240.00 3 Distribution salaries 861,200.00 4 Marketing salaries 1,085,230.00 5 Engineer salaries 820,008.00 6 Warehouse wages 562,632.00 7 Equipment depreciation 183,610.00 8 Total $4,225,270.00 Required: 1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. For those boxes in which you must enter subtractive or negative numbers use a minus sign. 2. For which costs might the director be expected to request supplemental reports? 1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Question not attempted. Score: 0/107 Valotic Tech Inc. Budget Performance Report—Director, Consumer Products Division For the Month Ended January 31 (in thousands) 1 Actual Budget Over Budget Under Budget 2 Customer service salaries 3 Insurance and property taxes 4 Distribution salaries 5 Marketing salaries 6 Engineer salaries 7 Warehouse wages 8 Equipment depreciation 9
Valotic Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer Products Division for the month ended January 31 is as follows (in thousands): 1 Customer service salaries $546,840.00 2 Insurance and property taxes 114,660.00 3 Distribution salaries 872,340.00 4 Marketing salaries 1,028,370.00 5 Engineer salaries 836,850.00 6 Warehouse wages 586,110.00 7 Equipment depreciation 183,792.00 8 Total $4,168,962.00 During January, the costs incurred in the Consumer Products Division were as follows: 1 Customer service salaries $602,350.00 2 Insurance and property taxes 110,240.00 3 Distribution salaries 861,200.00 4 Marketing salaries 1,085,230.00 5 Engineer salaries 820,008.00 6 Warehouse wages 562,632.00 7 Equipment depreciation 183,610.00 8 Total $4,225,270.00 Required: 1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. For those boxes in which you must enter subtractive or negative numbers use a minus sign. 2. For which costs might the director be expected to request supplemental reports? 1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Question not attempted. Score: 0/107 Valotic Tech Inc. Budget Performance Report—Director, Consumer Products Division For the Month Ended January 31 (in thousands) 1 Actual Budget Over Budget Under Budget 2 Customer service salaries 3 Insurance and property taxes 4 Distribution salaries 5 Marketing salaries 6 Engineer salaries 7 Warehouse wages 8 Equipment depreciation 9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Question
Valotic Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer Products Division for the month ended January 31 is as follows (in thousands):
|
1
|
Customer service salaries
|
$546,840.00
|
|
2
|
Insurance and property taxes
|
114,660.00
|
|
3
|
Distribution salaries
|
872,340.00
|
|
4
|
Marketing salaries
|
1,028,370.00
|
|
5
|
Engineer salaries
|
836,850.00
|
|
6
|
Warehouse wages
|
586,110.00
|
|
7
|
Equipment
|
183,792.00
|
|
8
|
Total
|
$4,168,962.00
|
During January, the costs incurred in the Consumer Products Division were as follows:
|
1
|
Customer service salaries
|
$602,350.00
|
|
2
|
Insurance and property taxes
|
110,240.00
|
|
3
|
Distribution salaries
|
861,200.00
|
|
4
|
Marketing salaries
|
1,085,230.00
|
|
5
|
Engineer salaries
|
820,008.00
|
|
6
|
Warehouse wages
|
562,632.00
|
|
7
|
Equipment depreciation
|
183,610.00
|
|
8
|
Total
|
$4,225,270.00
|
| Required: | |
| 1. | Prepare a budget performance report for the director of the Consumer Products Division for the month of January. For those boxes in which you must enter subtractive or negative numbers use a minus sign. |
| 2. | For which costs might the director be expected to request supplemental reports? |
1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. For those boxes in which you must enter subtractive or negative numbers use a minus sign.
Question not attempted.
Score: 0/107
|
Valotic Tech Inc.
|
|
Budget Performance Report—Director, Consumer Products Division
|
|
For the Month Ended January 31 (in thousands)
|
|
1
|
|
Actual
|
Budget
|
Over Budget
|
Under Budget
|
|
2
|
Customer service salaries
|
|
|
|
|
|
3
|
Insurance and property taxes
|
|
|
|
|
|
4
|
Distribution salaries
|
|
|
|
|
|
5
|
Marketing salaries
|
|
|
|
|
|
6
|
Engineer salaries
|
|
|
|
|
|
7
|
Warehouse wages
|
|
|
|
|
|
8
|
Equipment depreciation
|
|
|
|
|
|
9
|
|
|
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education