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H Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration $13,400 The Production Department planned to work 4,000 labor-hours in March; however, It actually worked 3,800 labor-hours during the month. Its actual costs incurred in March are listed below: Cost Formulas Direct labor Indirect labor Utities $4,200 $5,400 + $0.400 $1,500 $0.30q $18,400 $2.480 $8,600 Supplies Equipment depreciation $16.400 $2.10q Factory rent Property taxes Factory administration Total expense $ $2,900 $0.800 Actual Cost Incurred in March Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, Including both the spending and activity variances. Required 1 Required 2 Required 3 $ 63,928 $ 11,788 Complete this question by entering your answers in the tabs below. $7,500 * $ 2,918 $ 27,528 $ 9,000 $ 2,988 $ 15,830 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 0 Paquinia 1 Required 2 >

H Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration $13,400 The Production Department planned to work 4,000 labor-hours in March; however, It actually worked 3,800 labor-hours during the month. Its actual costs incurred in March are listed below: Cost Formulas Direct labor Indirect labor Utities $4,200 $5,400 + $0.400 $1,500 $0.30q $18,400 $2.480 $8,600 Supplies Equipment depreciation $16.400 $2.10q Factory rent Property taxes Factory administration Total expense $ $2,900 $0.800 Actual Cost Incurred in March Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, Including both the spending and activity variances. Required 1 Required 2 Required 3 $ 63,928 $ 11,788 Complete this question by entering your answers in the tabs below. $7,500 * $ 2,918 $ 27,528 $ 9,000 $ 2,988 $ 15,830 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 0 Paquinia 1 Required 2 >

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter22: Budgeting
Section: Chapter Questions
Problem 3PB: Budgeted income statement and supporting budgets The budget director of Gold Medal Athletic Co.,...
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Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q Is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor utilities Supplies Equipment depreciation The Production Department planned to work 4,000 labor-hours in March; however, it actually worked 3,800 labor-hours during the month. Its actual costs incurred In March are listed below: Factory rent Property taxes Factory administration Cost Formulas $16.400 $4,200 $2.100 $5,400+ $0.40q $1,500 $0.300 $18,400 $2.40 $8,600 $2,900 $13,400+ $0.800 Direct Inbor Indirect labor Utilities Supplies Equipment depreciation Actual Cost Incurved in March Factory rent Property taxes Factory administration Total expense $ 63,928 $ 11,788 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, Including both the spending and activity variances. $ $ 2,910 $ 27,528 Complete this question by entering your answers in the tabs below. $ 2,900 $ 15,838 Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 0 4 Requliniu 1 Required 2 >
Transcribed Image Text:Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q Is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor utilities Supplies Equipment depreciation The Production Department planned to work 4,000 labor-hours in March; however, it actually worked 3,800 labor-hours during the month. Its actual costs incurred In March are listed below: Factory rent Property taxes Factory administration Cost Formulas $16.400 $4,200 $2.100 $5,400+ $0.40q $1,500 $0.300 $18,400 $2.40 $8,600 $2,900 $13,400+ $0.800 Direct Inbor Indirect labor Utilities Supplies Equipment depreciation Actual Cost Incurved in March Factory rent Property taxes Factory administration Total expense $ 63,928 $ 11,788 Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March, Including both the spending and activity variances. $ $ 2,910 $ 27,528 Complete this question by entering your answers in the tabs below. $ 2,900 $ 15,838 Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 0 4 Requliniu 1 Required 2 >
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