FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Flexible Budgeting At the beginning of the period, the Assembly Department budgeted direct labor of $145,200 and property tax of $58,000 for 6,600 hours of production. The department actually completed 8,300 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.$fill in the blank 1arrow_forwardDo not give image formatarrow_forwardAt the beginning of the period, the Cutting Department budgeted direct labor of $58,500 and supervisor salaries of $48,860 for 3,250 hours of production. The department actually completed 3,500 hours of production. Determine the budget for the department assuming that it uses flexible budgeting.$fill in the blank 1arrow_forward
- At the beginning of the period, the Cutting Department budgeted direct labor of $129,000, direct materials of $167,000 and fixed factory overhead of $11,900 for 8,000 hours of production. The department actually completed 10,500 hours of production. The appropriate total budget for the department, assuming it uses flexible budgeting, is Round your final answer to the nearest dollar. Do not round interim calculations. a $404,119 Ob. $307,900 Oc $400,400 d. 3311,619arrow_forwardPhoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,200 units. Check m PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales Costs Direct materials Direct labor Sales staff commissions Depreciation-Machinery $ 3,192,000 988,000 212,800 60,800 305,000 Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries 203,000 243,200 246,000 575,600 Depreciation-Office equipment 198,000 Income $ 159,600 Required: 1&2. Prepare flexible budgets at sales volumes of 14,200 and 16,200 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,200 units. Prepare a simple budgeted income statement if 18,200 units are sold.arrow_forwardThe production supervisor of the Machining Department for Hagerstown Company agreed to the following monthly static budget for the upcoming year: Hagerstown CompanyMachining DepartmentMonthly Production Budget Wages $2,250,000 Utilities 72,000 Depreciation 36,000 Total $2,358,000 The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Amount Spent Units Produced May $1,600,000 40,000 June 1,950,000 48,000 July 2,200,000 52,000 The Machining Department supervisor has been very pleased with this performance because actual expenditures for May–July have been significantly less than the monthly static budget of $2,358,000. However, the plant manager believes that the budget should not remain fixed for every month but should “flex” or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining Department is as follows:…arrow_forward
- answer in text form please (without image)arrow_forwardAt the beginning of the period, the Cutting Department budgeted direct labor of $138,000, direct materials of $154,000 and fixed factory overhead of $14,000 for 7,300 hours of production. The department actually completed 11,700 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round your final answer to the nearest dollar. Do not round interim calculations. a. $490,438 b. $482,000 c. $306,000 d. $314,438arrow_forward16. Kirnon Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 3,250 client-visits, but its actual level of activity was 3,160 client-visits. The clinic has provided the following data concerning the formulas to be used in its budgeting: Fixed element per month Variable element per client-visit Revenue $ 0 $ 39.10 Personnel expenses $ 35,100 $ 10.30 Medical supplies 1,100 7.10 Occupancy expenses 8,100 1.10 Administrative expenses 5,100 0.20 Total expenses $ 49,400 $ 18.70 The activity variance for net operating income in July would be closest to: Multiple Choice $1,086 F $1,836 F $1,836 U $1,086 Uarrow_forward
- Use the following information for the Problems below. (Algo) Skip to question [The following information applies to the questions displayed below.] Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,500 units. PHOENIX COMPANY Fixed Budget For Year Ended December 31 Sales $ 3,100,000 Costs Direct materials 992,000 Direct labor 232,500 Sales staff commissions 62,000 Depreciation—Machinery 295,000 Supervisory salaries 198,000 Shipping 217,000 Sales staff salaries (fixed annual amount) 251,000 Administrative salaries 498,500 Depreciation—Office equipment 199,000 Income $ 155,000 Problem 23-2A (Algo) Preparing a flexible budget performance report LO P1 Phoenix Company reports the following actual results. Actual sales were 18,500 units. Sales (18,500 units) $ 3,746,250 Costs Direct materials $ 1,198,800 Direct labor 284,900 Sales staff commissions 64,750…arrow_forwardThe production supervisor of the Machining Department for Hagerstown Company agreed to the following monthly static budget for the upcoming year: The actual amount spent and the actual units produced in the first three months in the Machining Department were as follows: Amount Spent Units Produced May $1,600,000 40,000 June 1,950,000 48,000 July 2,200,000 52,000 The Machining Department supervisor has been very pleased with this performance because actual expenditures for May-July have been significantly less than the monthly static budget of $2, 358,000. However, the plant manager believes that the budget should not remain fixed for every month but should" flex" or adjust to the volume of work that is produced in the Machining Department. Additional budget information for the Machining Department is as follows: Wages per hour $25.00 Utility cost per direct labor hour $0.80 Direct labor hours per unit 1.5 Planned monthly unit production 60,000 a. Prepare a flexible budget for the…arrow_forwardPlease don't give image based answer..thankuarrow_forward
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