You are in charge of the following costBudgeted production in units:10,000Budgeted Cost:Indirect MaterialsIndirect LaborUtilitiesDepreciationProperty TaxesSupervision5 250,000$ 260,000$ 190,000$ 280,00070,00050,000S 1,100,000Demand has increased12,000Actual CostIndirect Materials$ 295,000$ 312,0005 225,000S 280,00070,00050,0005 1,232,000Indirect LaborUtilitiesDepreciationProperty TaxesSupervisionYour manager put the following table together:BudgetActualVarianceproduction in units:10,00012,000FrfavorableU-UnfavcrableBudgeted Cost:Indirect MaterialsIndirect Labor$ 295,000S 312,000S 225,000S 280,000S 70,0005 50.000$1,232.000$ 45,000$ 52,000$ 35,000UtilitiesDepreciationProperty TaxesSupervision250,000S 260,000S 190,000S 280,00070,000%2450,000S 1,100,000S 132,000Requirement: Looking at the table, he is very dissatisfied with yourperformance. Should he fire you today? Please explain. Show calculationswhere necessary.

Name: You are in charge of the following costBudgeted production in units:1
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Description: You are in charge of the following costBudgeted production in units:10,000Budgeted Cost:Indirect MaterialsIndirect LaborUtilitiesDepreciationProperty TaxesSupervision5 250,000$ 260,000$ 190,000$ 280,00070,00050,000S 1,100,000Demand has increased12,0

Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is…

Business

Accounting

You are in charge of the following cost Budgeted production in units: 10,000 Budgeted Cost: Indirect Materials Indirect Labor Utilities Depreciation Property Taxes Supervision S 250,000 $ 260,000 $ 190,000 $ 280,000 70,000 50,000 S 1,100,000 Demand has increased 12,000 Actual Cost Indirect Materials Indirect Labor Utilities Depreciation Property Taxes Supervision $ 295,000 $ 312,000 5 225,000 S 280,000 70,000 50,000 $ 1,232,000 Your manager put the following table together: Budget 10,000 Actual Variance production in units: 12,000 Frfavorable U-Unfavcrable Budgeted Cost: Indirect Materials Indirect Labor $ 45.000 $ 52,000 $ 35,000 $4 250,000 S 260,000 S 190,000 S 280,000 70,000 50,000 S 1,100,000 $ 295,000 S 312,000 S 225,000 S 280,000 S 70,000 5 S0.000 $1,232,000 Utilities Depreciation Property Taxes Supervision $ 132,000 Requirement: Looking at the table, he is very dissatisfied with your performance. Should he fire you today? Please explain. Show calculations where necessary.

You are in charge of the following cost Budgeted production in units: 10,000 Budgeted Cost: Indirect Materials Indirect Labor Utilities Depreciation Property Taxes Supervision S 250,000 $ 260,000 $ 190,000 $ 280,000 70,000 50,000 S 1,100,000 Demand has increased 12,000 Actual Cost Indirect Materials Indirect Labor Utilities Depreciation Property Taxes Supervision $ 295,000 $ 312,000 5 225,000 S 280,000 70,000 50,000 $ 1,232,000 Your manager put the following table together: Budget 10,000 Actual Variance production in units: 12,000 Frfavorable U-Unfavcrable Budgeted Cost: Indirect Materials Indirect Labor $ 45.000 $ 52,000 $ 35,000 $4 250,000 S 260,000 S 190,000 S 280,000 70,000 50,000 S 1,100,000 $ 295,000 S 312,000 S 225,000 S 280,000 S 70,000 5 S0.000 $1,232,000 Utilities Depreciation Property Taxes Supervision $ 132,000 Requirement: Looking at the table, he is very dissatisfied with your performance. Should he fire you today? Please explain. Show calculations where necessary.

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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Wildhorse Corp. reported the following detail for its budgeted MOH costs, broken into three key activities. Activity Material handling Machining Inspections Total Plant-wide MOH rate Material handling Budgeted Cost $50,000 100,000 36,000 4,000 Machining Inspections $ (a) Calculate Wildhorse's plant-wide MOH rate if allocations are based on machine hours. (Round answer to 2 decimal places, e.g. 15.25.) (b) Calculate activity rates for each key activity. $ $186,000 $ SA Budgeted Quantity of Cost Driver $ 2,000 10,000 material moves Activity rate machine hours inspections /machine hour /material move /machine hour /inspection
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Given the following information, determine the activity rate (rounded to the nearest cent) for setups. Activity Total Activity-Base Usage Budgeted Activity Cost Setups 11,000 $58,100 Inspections 25,200 $147,200 Assembly (dlh) 72,000 $375,700 a. $5.22 O b. $5.28 c. $5.84 O d. $5.37
Selected information from the direct materials budget of Perry Incorporated is provided here: First Second Third Fourth Required production in units of finished goods 15,000 12,500 7,500 15,000 Units of raw materials needed per unit of finished goods 4 4 4 4 Units of raw materials needed to meet production 60,000 50,000 30,000 60,000 Desired units of ending raw materials inventory ? ? ? 24,000 Total units of raw materials needed Units of beginning raw materials inventory 16,000 ? ? ? Units of raw materials to be purchased ? ? ? ? Unit cost of raw materials $ 5 $ 5 $ 5 $ 5 Cost of raw materials to be purchased ? ? ? ? Perry, Incorporated desires to maintain the ending inventory of raw materials at 40 percent of the next quarter's raw material needs. What is the cost of raw materials to be purchased in the first quarter? multiple choice $300,000 $320,000 $380,000 $400,000
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WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further Product X 2,200 $ 20.00 $ 5.00 Product Y 2,700 $ 26.00 $ 7.00 Product Z 3,700 $ 22.00 $ 7.00 $ 28.00 $ 28.00 $ 33.00 The cost of the joint raw material input is $75,000. Which of the products should be processed beyond the split-off point? Product X yes Product Y yes Product Z A) no B) yes no yes C) no yes no D) no yes yes Multiple Choice о Choice B О Choice C Choice D О Choice A
At the beginning of the period, the Fabricating Department budgeted direct labor of $123,500 and equipment depreciation of $34,000 for 6,500 hours of production. The department actually completed 8,600 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.$fill in the blank 1
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 911 units Actual production 1,080 units Materials: Standard price per ounce $1.89 Standard ounces per completed unit 10 Actual ounces purchased and used in production 11,124 Actual price paid for materials $22,804 Labor: Standard hourly labor rate $14.32 per hour Standard hours allowed per completed unit 4.3 Actual labor hours worked 5,562 Actual total labor costs $84,821 Overhead: Actual and budgeted fixed overhead $1,082,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $155,736 Overhead is applied on standard labor hours. The direct materials quantity variance is a.$1,779.64 favorable b.$1,779.64 unfavorable c.$612.36 unfavorable d.$612.36 favorable
Explain the purpose, content, and preparation of the statement of cash flows.
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Sales (7,000 units x $400 per unit) Costs Direct materials Direct labor Indirect materials Supervisor salary Sales commissions Shipping Administrative salaries Depreciation-office equipment Insurance Office rent Income 1. Compute total variable cost per unit. 2 Compute total fixed costs. $ 2,800,000 280,000 490,000 175,000 65,000 140,000 154,000 210,000 35,000 20,000 36,000 1,195,000 3. Prepare a flexible budget at activity levels of 6,000 units and 8,000 units. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a flexible budget at activity levels of 6,000 units and 8,000 units. Sales Variable costs Direct materials Direct labor Sales commissions Indirect materials Shipping Total variable costs Contribution margin Fixed costs Supervisor salary Administration salaries Depreciation-Office equipment Insurance Office rent Income TEMPO COMPANY Flexible Budget Variable Amount Total Fixed per Unit Cost S 400.00 Flexible Budget for.…