At the beginning of the period, the Cutting Department budgeted direct labor of $128,000, direct materials of $163,000 and fixed factory overhead of $14,000 for 8,000 hours of production. The department actuallycompleted 10,200 hours of production. The appropriate total budget for the department, assuming it uses flexible budgeting, isRound your final answer to the nearest dollar. Do not round interim calculations.Oa. $385,025Ob. $308,850Oc. $388,875Od. $305,000......

First, we need to calculate the budgeted cost per hour for each cost item. This is done by dividing…

Answered: At the beginning of the period, the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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. 3311,619
Phoenix 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.
At 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. $314,438
16. 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 U
The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted direct labor-hours 12,000 10,200 10,500 11,300 The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $7.00 per direct labor-hour and its total fixed manufacturing overhead is $88,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation, which is $22,000 per quarter. 1. Prepare the company’s manufacturing overhead budget for the upcoming fiscal year. 2. Compute the company’s predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.
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The 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…
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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 $ 3,255,000 Costs Direct materials 1,007,500 Direct labor 232,500 Sales staff commissions 77,500 Depreciation—Machinery 300,000 Supervisory salaries 199,000 Shipping 217,000 Sales staff salaries (fixed annual amount) 251,000 Administrative salaries 611,750 Depreciation—Office equipment 196,000 Income $ 162,750 Required:1&2. Prepare flexible budgets at sales volumes of 14,500 and 16,500 units.3. The company’s business conditions are improving. One possible result is a sales volume of 18,500 units. Prepare a simple budgeted income statement if 18,500 units are sold.
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,400 units. Sales Costa PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-office equipment Income $ 3,234,000 1,001,000 246,400 46,200 295,000 198,000 231,000 251,000 610,700 193,000 $ 161,700
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Yuvwell Corporation's direct labor budget for next year contained the following information: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 8,600 8,500 8,200 8,800 Budgeted direct labor-hours The company uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $2.75 per direct labor-hour and its total fixed manufacturing overhead is $54,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation of $13,500 per quarter. Required: 1. Prepare the company's manufacturing overhead budget for next year. 2. Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for next year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the company's manufacturing overhead budget for next year. Note: Round "Variable manufacturing overhead rate" answers to 2 decimal places. Variable manufacturing…

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