Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland COMPANY Budget Performance Report—Vice President, Production For the Month Ended November 30 Plant Actual Budget Over Budget Under Budget Eastern Region $926,750 $929,000 $(2,250) Central Region 664,400 668,000 (3,600) Western Region (G) (H) $(I) $(J) $(K) $(L) $(5,850) Garland COMPANY Budget Performance Report—Manager, Western Region Plant For the Month Ended November 30 Department Actual Budget Over Budget Under Budget Chip Fabrication (A) (B) (C) Electronic Assembly $193,190 $190,500 $2,690 Final Assembly 306,250 307,000 $(750) $(D) $(E) $(F) $(750) Garland COMPANY Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended November 30 Cost Actual Budget Over Budget Under Budget Factory wages $60,220 $58,720 $1,500 Materials 156,940 158,000 $(1,060) Power and light 10,060 8,500 1,560 Maintenance 16,610 15,110 1,500 $243,830 $240,330 $4,560 $(1,060) Required: A. Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed.
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland COMPANY Budget Performance Report—Vice President, Production For the Month Ended November 30 Plant Actual Budget Over Budget Under Budget Eastern Region $926,750 $929,000 $(2,250) Central Region 664,400 668,000 (3,600) Western Region (G) (H) $(I) $(J) $(K) $(L) $(5,850) Garland COMPANY Budget Performance Report—Manager, Western Region Plant For the Month Ended November 30 Department Actual Budget Over Budget Under Budget Chip Fabrication (A) (B) (C) Electronic Assembly $193,190 $190,500 $2,690 Final Assembly 306,250 307,000 $(750) $(D) $(E) $(F) $(750) Garland COMPANY Budget Performance Report—Supervisor, Chip Fabrication For the Month Ended November 30 Cost Actual Budget Over Budget Under Budget Factory wages $60,220 $58,720 $1,500 Materials 156,940 158,000 $(1,060) Power and light 10,060 8,500 1,560 Maintenance 16,610 15,110 1,500 $243,830 $240,330 $4,560 $(1,060) Required: A. Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow:
| Garland COMPANY | ||||
| Budget Performance Report—Vice President, Production | ||||
| For the Month Ended November 30 | ||||
| Plant | Actual | Budget | Over Budget | Under Budget |
| Eastern Region | $926,750 | $929,000 | $(2,250) | |
| Central Region | 664,400 | 668,000 | (3,600) | |
| Western Region | (G) | (H) | $(I) | |
| $(J) | $(K) | $(L) | $(5,850) |
| Garland COMPANY | ||||
| Budget Performance Report—Manager, Western Region Plant | ||||
| For the Month Ended November 30 | ||||
| Department | Actual | Budget | Over Budget | Under Budget |
| Chip Fabrication | (A) | (B) | (C) | |
| Electronic Assembly | $193,190 | $190,500 | $2,690 | |
| Final Assembly | 306,250 | 307,000 | $(750) | |
| $(D) | $(E) | $(F) | $(750) |
| Garland COMPANY | ||||
| Budget Performance Report—Supervisor, Chip Fabrication | ||||
| For the Month Ended November 30 | ||||
| Cost | Actual | Budget | Over Budget | Under Budget |
| Factory wages | $60,220 | $58,720 | $1,500 | |
| Materials | 156,940 | 158,000 | $(1,060) | |
| Power and light | 10,060 | 8,500 | 1,560 | |
| Maintenance | 16,610 | 15,110 | 1,500 | |
| $243,830 | $240,330 | $4,560 | $(1,060) |
| Required: | |
| A. | Complete the budget performance reports by determining the correct amounts for the lettered spaces. Enter all amounts as positive numbers. No decimal places are needed. |
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