Manufacturing Overhead Budget: A budget that includes the estimates about overheads required for manufacturing is called manufacturing overhead budget. It reports both fixed and variable overheads. Responsibility Report: The outcome of responsibility accounting is called responsibility report. This includes data about costs incurred and revenues generated by the different level of function of an organization. To prepare: The manufacturing overhead flexible budget.

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Answer 1

Question

Chapter 24, Problem 24.2AP

(a)

To determine

Manufacturing Overhead Budget: A budget that includes the estimates about overheads required for manufacturing is called manufacturing overhead budget. It reports both fixed and variable overheads.

Responsibility Report: The outcome of responsibility accounting is called responsibility report. This includes data about costs incurred and revenues generated by the different level of function of an organization.

To prepare: The manufacturing overhead flexible budget.

(b)

To determine

To prepare: A budget report.

(c)

To determine

To explain: Whether the cost is effectively controlled or not.

(d)

To determine

To identify: The formula for the calculation to compute the total budgeted cost.

(e)

To determine

To prepare: A flexible graph of flexible budget.

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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume another customer has returned a pair of duck boots (original cost $109) to L.L. Bean. What journal entry would L.L. Bean make to process the return and refund the original purchase price to the customer?

Answer 2

Question

Chapter 24, Problem 24.2AP

(a)

To determine

Manufacturing Overhead Budget: A budget that includes the estimates about overheads required for manufacturing is called manufacturing overhead budget. It reports both fixed and variable overheads.

Responsibility Report: The outcome of responsibility accounting is called responsibility report. This includes data about costs incurred and revenues generated by the different level of function of an organization.

To prepare: The manufacturing overhead flexible budget.

(b)

To determine

To prepare: A budget report.

(c)

To determine

To explain: Whether the cost is effectively controlled or not.

(d)

To determine

To identify: The formula for the calculation to compute the total budgeted cost.

(e)

To determine

To prepare: A flexible graph of flexible budget.

Expert Solution & Answer

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Answer 3

Question

Chapter 24, Problem 24.2AP

(a)

To determine

Manufacturing Overhead Budget: A budget that includes the estimates about overheads required for manufacturing is called manufacturing overhead budget. It reports both fixed and variable overheads.

Responsibility Report: The outcome of responsibility accounting is called responsibility report. This includes data about costs incurred and revenues generated by the different level of function of an organization.

To prepare: The manufacturing overhead flexible budget.

(b)

To determine

To prepare: A budget report.

(c)

To determine

To explain: Whether the cost is effectively controlled or not.

(d)

To determine

To identify: The formula for the calculation to compute the total budgeted cost.

(e)

To determine

To prepare: A flexible graph of flexible budget.

Expert Solution & Answer

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Answer 4

Question

Chapter 24, Problem 24.2AP

(a)

To determine

Manufacturing Overhead Budget: A budget that includes the estimates about overheads required for manufacturing is called manufacturing overhead budget. It reports both fixed and variable overheads.

Responsibility Report: The outcome of responsibility accounting is called responsibility report. This includes data about costs incurred and revenues generated by the different level of function of an organization.

To prepare: The manufacturing overhead flexible budget.

(b)

To determine

To prepare: A budget report.

(c)

To determine

To explain: Whether the cost is effectively controlled or not.

(d)

To determine

To identify: The formula for the calculation to compute the total budgeted cost.

(e)

To determine

To prepare: A flexible graph of flexible budget.

Expert Solution & Answer

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Answer 5

Chapter 24, Problem 24.2AP

(a)

To determine

Manufacturing Overhead Budget: A budget that includes the estimates about overheads required for manufacturing is called manufacturing overhead budget. It reports both fixed and variable overheads.

Responsibility Report: The outcome of responsibility accounting is called responsibility report. This includes data about costs incurred and revenues generated by the different level of function of an organization.

To prepare: The manufacturing overhead flexible budget.

(b)

To determine

To prepare: A budget report.

(c)

To determine

To explain: Whether the cost is effectively controlled or not.

(d)

To determine

To identify: The formula for the calculation to compute the total budgeted cost.

(e)

To determine

To prepare: A flexible graph of flexible budget.

Answer 6

Chapter 24, Problem 24.2AP

(a)

To determine

Manufacturing Overhead Budget: A budget that includes the estimates about overheads required for manufacturing is called manufacturing overhead budget. It reports both fixed and variable overheads.

Responsibility Report: The outcome of responsibility accounting is called responsibility report. This includes data about costs incurred and revenues generated by the different level of function of an organization.

To prepare: The manufacturing overhead flexible budget.

Answer 7

Chapter 24, Problem 24.2AP

(a)

To determine

Manufacturing Overhead Budget: A budget that includes the estimates about overheads required for manufacturing is called manufacturing overhead budget. It reports both fixed and variable overheads.

Responsibility Report: The outcome of responsibility accounting is called responsibility report. This includes data about costs incurred and revenues generated by the different level of function of an organization.

To prepare: The manufacturing overhead flexible budget.

Answer 8

(b)

To determine

To prepare: A budget report.

Answer 9

(b)

To determine

To prepare: A budget report.

Answer 10

(c)

To determine

To explain: Whether the cost is effectively controlled or not.

Answer 11

(c)

To determine

To explain: Whether the cost is effectively controlled or not.

Answer 12

(d)

To determine

To identify: The formula for the calculation to compute the total budgeted cost.

Answer 13

(d)

To determine

To identify: The formula for the calculation to compute the total budgeted cost.

Answer 14

(e)

To determine

To prepare: A flexible graph of flexible budget.

Answer 15

(e)

To determine

To prepare: A flexible graph of flexible budget.

Answer 16

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Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 24 - Prob. 1Q Ch. 24 - Prob. 2Q Ch. 24 - Prob. 3Q Ch. 24 - 4. Ken Bay questions the usefulness of a master...Ch. 24 - Prob. 5Q Ch. 24 - Prob. 6Q Ch. 24 - Prob. 7Q Ch. 24 - Prob. 8Q Ch. 24 - Prob. 9Q Ch. 24 - Prob. 10Q

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To prepare: A budget report.

To explain: Whether the cost is effectively controlled or not.

To identify: The formula for the calculation to compute the total budgeted cost.

To prepare: A flexible graph of flexible budget.

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Chapter 24 Solutions