Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets. Responsibility Report: The report which records the activity assigned to each department units is called as responsibility report. It includes budgeted, actual and difference values of costs, revenues and resources that are assigned and controlled by a responsibility manager. To explain: The items which will be controlled by the production manager.

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Answer 1

Question

Chapter 25, Problem 4EYCT

(a)

To determine

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

Responsibility Report: The report which records the activity assigned to each department units is called as responsibility report. It includes budgeted, actual and difference values of costs, revenues and resources that are assigned and controlled by a responsibility manager.

To explain: The items which will be controlled by the production manager.

(b)

To determine

The budgeted cost for the production of 1,500 units.

(c)

To determine

To prepare: A flexible manufacturing overhead budget.

(d)

To determine

To prepare: Responsibility report and a memo.

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The financial statements of Garner Manufacturing report net sales of $600,000 and accounts receivable of $120,000 and $80,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days?

Answer 2

Question

Chapter 25, Problem 4EYCT

(a)

To determine

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

Responsibility Report: The report which records the activity assigned to each department units is called as responsibility report. It includes budgeted, actual and difference values of costs, revenues and resources that are assigned and controlled by a responsibility manager.

To explain: The items which will be controlled by the production manager.

(b)

To determine

The budgeted cost for the production of 1,500 units.

(c)

To determine

To prepare: A flexible manufacturing overhead budget.

(d)

To determine

To prepare: Responsibility report and a memo.

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Answer 3

Question

Chapter 25, Problem 4EYCT

(a)

To determine

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

Responsibility Report: The report which records the activity assigned to each department units is called as responsibility report. It includes budgeted, actual and difference values of costs, revenues and resources that are assigned and controlled by a responsibility manager.

To explain: The items which will be controlled by the production manager.

(b)

To determine

The budgeted cost for the production of 1,500 units.

(c)

To determine

To prepare: A flexible manufacturing overhead budget.

(d)

To determine

To prepare: Responsibility report and a memo.

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Answer 4

Question

Chapter 25, Problem 4EYCT

(a)

To determine

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

Responsibility Report: The report which records the activity assigned to each department units is called as responsibility report. It includes budgeted, actual and difference values of costs, revenues and resources that are assigned and controlled by a responsibility manager.

To explain: The items which will be controlled by the production manager.

(b)

To determine

The budgeted cost for the production of 1,500 units.

(c)

To determine

To prepare: A flexible manufacturing overhead budget.

(d)

To determine

To prepare: Responsibility report and a memo.

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Answer 5

Chapter 25, Problem 4EYCT

(a)

To determine

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

Responsibility Report: The report which records the activity assigned to each department units is called as responsibility report. It includes budgeted, actual and difference values of costs, revenues and resources that are assigned and controlled by a responsibility manager.

To explain: The items which will be controlled by the production manager.

(b)

To determine

The budgeted cost for the production of 1,500 units.

(c)

To determine

To prepare: A flexible manufacturing overhead budget.

(d)

To determine

To prepare: Responsibility report and a memo.

Answer 6

Chapter 25, Problem 4EYCT

(a)

To determine

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

Responsibility Report: The report which records the activity assigned to each department units is called as responsibility report. It includes budgeted, actual and difference values of costs, revenues and resources that are assigned and controlled by a responsibility manager.

To explain: The items which will be controlled by the production manager.

Answer 7

Chapter 25, Problem 4EYCT

(a)

To determine

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending o the volume of activity. Flexible budget is considered more useful than other budgets.

Responsibility Report: The report which records the activity assigned to each department units is called as responsibility report. It includes budgeted, actual and difference values of costs, revenues and resources that are assigned and controlled by a responsibility manager.

To explain: The items which will be controlled by the production manager.

Answer 8

(b)

To determine

The budgeted cost for the production of 1,500 units.

Answer 9

(b)

To determine

The budgeted cost for the production of 1,500 units.

Answer 10

(c)

To determine

To prepare: A flexible manufacturing overhead budget.

Answer 11

(c)

To determine

To prepare: A flexible manufacturing overhead budget.

Answer 12

(d)

To determine

To prepare: Responsibility report and a memo.

Answer 13

(d)

To determine

To prepare: Responsibility report and a memo.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 25 - Prob. 1Q Ch. 25 - Prob. 2Q Ch. 25 - Prob. 3Q Ch. 25 - 4. Ken Bay questions the usefulness of a master...Ch. 25 - Prob. 5Q Ch. 25 - Prob. 6Q Ch. 25 - Prob. 7Q Ch. 25 - Prob. 8Q Ch. 25 - Prob. 9Q Ch. 25 - Prob. 10Q

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The budgeted cost for the production of 1,500 units.

To prepare: A flexible manufacturing overhead budget.

To prepare: Responsibility report and a memo.

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