SOLVE BOTH QUESTIONS , DO NOT GIVE SOLUTION IN IMAGE Chubbs Inc.'s manufacturing overhead budget for the first quarter of 2020 contained the following data.VariableCostsIndirectmaterialsIndirect laborUtilitiesFixedCosts$11,30010,0007,200Maintenance 5,500SupervisorysalariesDepreciationProperty taxesand insuranceMaintenance$37,0006,1007,3004,200Actual variable costs were indirect materials $14,600, indirect labor $9,400, utilities $9,200, and maintenance $4,800. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,200. The actual activity levelequaled the budgeted level.All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance.(a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.)(b) Prepare a responsibility report for the first quarter.

Variable Cost :— It is the cost that changes with a change in the activity of cost driver. Variable…

Chubbs Inc.'s manufacturing overhead budget for the first quarter of 2020 contained the following data. Variable Costs Indirect materials Indirect labor Utilities Maintenance Fixed Costs $11.300 10,000 7,200 5,500 Supervisory salaries Depreciation Property taxes and Insurance Maintenance $37,000 6,100 7,300 4,200 Actual variable costs were indirect materials $14,600, Indirect labor $9,400, utilities 59,200, and maintenance $4,800. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,200. The actual activity level. equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. (a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.) (b) Prepare a responsibility report for the first quarter.

Chubbs Inc.'s manufacturing overhead budget for the first quarter of 2020 contained the following data. Variable Costs Indirect materials Indirect labor Utilities Maintenance Fixed Costs $11.300 10,000 7,200 5,500 Supervisory salaries Depreciation Property taxes and Insurance Maintenance $37,000 6,100 7,300 4,200 Actual variable costs were indirect materials $14,600, Indirect labor $9,400, utilities 59,200, and maintenance $4,800. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,200. The actual activity level. equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. (a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.) (b) Prepare a responsibility report for the first quarter.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 8P: Preparing a performance report Use the flexible budget prepared in P7-6 for the 29,000-unit level of...

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