Fogel Company expects to produce and sell 110,000 units for the period. The company's flexible budget for 110,000 units shows variable overhead costs of $154,000 and fixed overhead costs of $129,000. The company incurred actual total overhead costs of $253,800 while producing 104,000 units. a. Compute the total variable overhead costs for the flexible budget when producing 104,000 units. b. Compute the budgeted (flexible) total overhead when producing 104,000 units. c. Compute the controllable variance and identify it as favorable or unfavorable. (Round "Variable amount per unit" to 2 decimal places.) Variable Costs Fixed Costs Budgeted (flexible) overhead Controllable variance) Variable Amount per Unit Controllable Variance -Flexible Budget at Total Fixed Cost 110,000 units 104,000 units $ $ 154,000 129,000 283,000

Fogel Company expects to produce and sell 110,000 units for the period. The company's flexible budget for 110,000 units shows variable overhead costs of $154,000 and fixed overhead costs of $129,000. The company incurred actual total overhead costs of $253,800 while producing 104,000 units. a. Compute the total variable overhead costs for the flexible budget when producing 104,000 units. b. Compute the budgeted (flexible) total overhead when producing 104,000 units. c. Compute the controllable variance and identify it as favorable or unfavorable. (Round "Variable amount per unit" to 2 decimal places.) Variable Costs Fixed Costs Budgeted (flexible) overhead Controllable variance) Variable Amount per Unit Controllable Variance -Flexible Budget at Total Fixed Cost 110,000 units 104,000 units $ $ 154,000 129,000 283,000

Name: Fogel Company expects to produce and sell 110,000 units for the perio
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Fogel Company expects to produce and sell 110,000 units for the period. The company's flexible budget for 110,000 units showsvariable overhead costs of $154,000 and fixed overhead costs of $129,000. The company incurred actual total overhead costs o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

please need answer with complete and correct working thanks
Please Solve In 20mins
Geovanni Inc. uses standard costs to prepare its flexible budget. Standard and actual costs data for manufacturing overhead for producing 5,000 units of product are as follows: Standard and actual costs data for manufacturing overhead Costs Rate Allocation base per unit Variable overhead $8 per direct labor hour 2 hours Fixed overhead (based on 12,000 hours at 100% capacity) $3 per direct labor hour 2 hours Actual total overhead costs are as follows: Actual Total Overhead Costs Costs Amounts Total variable overhead costs $58,000 Total fixed overhead costs $20,000 Compute the fixed overhead cost variance. Group of answer choices -$7,000 favorable $10,000 unfavorable -$10,000 favorable $18,000 unfavorable
Top Dog Company has a budget with sales of 7,500 units and $3,400,000. Variable costs are budgeted at $1,850,000, and fixed overhead is budgeted at $970,000. What is the budgeted manufacturing cost per unit?
A company’s flexible budget for 19,000 units of production showed sales, $87,400; variable costs, $43,700; and fixed costs, $24,000. The variable costs expected if the company produces and sells 24,000 units is?
Dineshbhai
Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation base is DLH and its standard amount per allocation base is 0.5 DLH per unit. The company reports the following for this period. Flexible Budget at 80% Capacity Actual Results Production (in units) 54,750 51,600 Overhead Variable overhead $ 301,125 Fixed overhead 54,750 Total overhead $ 355,875 $ 367,700 1. Compute the standard overhead rate. Hint: Standard allocation base at 80% capacity is 27,375 DLH, computed as 54,750 units × 0.5 DLH per unit.2. Compute the standard overhead applied.3. Compute the total overhead variance. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)
Your answer is partially correct. Indigo Company uses a flexible budget for manufacturing overhead based on direct labor hours. Budgeted variable manufacturing overhead costs per direct labor hour are as follows. Indirect labor Indirect materials Utilities $1.10 0.80 0.50 Budgeted fixed overhead costs per month are Supervision $4,800, Depreciation $1,440, and Property Taxes $960. The company believes it will normally operate in a range of 8,400-12,000 direct labor hours per month. Prepare a monthly manufacturing overhead flexible budget for 2022 for the expected range of activity, using increments of 1,200 direct labor hours. (List variable costs before fixed costs.)
Blaster Corporation manufactures hiking boots. For the coming year, the company has budgeted the following costs for the production and sale of 30,000 pairs of boots. Direct materials. Direct labor Manufacturing overhead (fixed and variable) Selling and administrative expenses Totals Assume that the company decides to sell the boots at a unit price of $121 per pair. b-1. Compute the total fixed costs budgeted for the year. b-2. Compute the variable cost per unit. a. Sales price per unit b- Total fixed costs 1 Required: a. Compute the sales price per unit that would result in a budgeted operating income of $900,000, assuming that the company produces and sells 30,000 pairs. (Hint: First compute the budgeted sales revenue needed to produce this operating income.) ܩ ܗܩܩ 3. Budgeted Costs 630,000 $ 300,000 720,000 600,000 $ 2,250,000 b-3. Compute the contribution margin per pair of boots. b-4. Compute the number of pairs that must be produced and sold annually to break even at a sales…
The following data were gathered from the Pal Company's overhead costs for the January, 2020 production activity: Actual total overhead incurred - P112,500Budgeted fixed overhead - P40,500Standard direct-labor hours allowed for actual production - 15,000Standard fixed overhead rate per direct-labor hour - P2.25Standard variable overhead rate per direct-labor hour - P3.25 Pal Company has been maintaining a standard absorption and flexible budgeting system. It also uses the two-variance method (two-way) for overhead variances. What is Pal's volume (denominator) variance for January, 2020? P6,750F P8,250F P6,750U P8,250U
RTI Company's master budget calls for production and sale of 18,900 units for $98,280, variable costs of $43,470, and fixed costs of $18,400. During the most recent period, the company incurred $32,900 of variable costs to produce and sell 18,400 units for $85,900. During this same period, the company earned $25,900 of operating income. Required: 1. Determine the following for RTI Company: (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) a. Flexible budget operating income. b. Flexible budget variance, in terms of contribution margin. Was this variance favorable or unfavorable? c. Flexible budget variance, in terms of operating income. Was this variance favorable or unfavorable? d. Sales volume variance, in terms of contribution margin. Was this variance favorable or unfavorable? e. Sales volume variance, in terms of operating income. Was this variance favorable or unfavorable? a. Flexible budget operating income b. Flexible budget variance…
Vaughn Manufacturing produced 290000 units in 135000 direct labor hours. Production for the period was estimated at 300000 units and 150000 direct labor hours. A flexible budget would compare budgeted costs and actual costs, respectively, at O 145000 hours and 135000 hours O 135000 hours and 135000 hours O 145000 hours and 150000 hours O 150000 hours and 135000 hours