Please do not give solution in image format thanku (a) Prepare a flexible budget performance report, assuming that the company worked 7,500 direct labor hours during the month. (Listvariable costs before fixed costs)<>BudgetMYERS COMPANYManufacturing Overhead Flexible Budget ReportFor the Month Ended July 31, 2020Actual CostsDifferenceFavorableUnfavorableNeither Favorable.nor Unfavorable Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overheadcosts per direct labor hour are as follows.Indirect laborIndirect materialsUtilities$1.20Variable Costs0.800.40Fixed overhead costs per month are Supervision $3,500, Depreciation $1,300, and Property Taxes $700. The company believes it willnormally operate in a range of 5,500-8,500 direct labor hours per month.Assume that in July 2020, Myers Company incurs the following manufacturing overhead costs.Indirect labor$8,720Indirect materials 5,830UtilitiesFixed CostsSupervisionDepreciation2,590 Property taxes$3,5001,300700(a) Prepare a flexible budget performance report, assuming that the company worked 7,500 direct labor hours during the month. (Listvariable costs before fixed costs)

Name: Please do not give solution in image format thanku (a) Prepare a flexi
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Description: Please do not give solution in image format thanku (a) Prepare a flexible budget performance report, assuming that the company worked 7,500 direct labor hours during the month. (Listvariable costs before fixed costs)<>BudgetMYERS COMPANYManufacturing

The budget is prepared based on standard costs applied to the actual level of production. The…

Business

Accounting

Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. Indirect labor Indirect materials Utilities $1.20 0.80 0.40 4 Fixed overhead costs per month are Supervision $3,500, Depreciation $1,300, and Property Taxes $700. The company believes it will normally operate in a range of 5,500-8,500 direct labor hours per month. Assume that in July 2020, Myers Company incurs the following manufacturing overhead costs. Fixed Costs Variable Costs Indirect labor $8,720 Indirect materials 5,830 Utilities 2.590 Supervision Depreciation Property tave $3,500 1.300 700

Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. Indirect labor Indirect materials Utilities $1.20 0.80 0.40 4 Fixed overhead costs per month are Supervision $3,500, Depreciation $1,300, and Property Taxes $700. The company believes it will normally operate in a range of 5,500-8,500 direct labor hours per month. Assume that in July 2020, Myers Company incurs the following manufacturing overhead costs. Fixed Costs Variable Costs Indirect labor $8,720 Indirect materials 5,830 Utilities 2.590 Supervision Depreciation Property tave $3,500 1.300 700

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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