Nottingham Forest Products reports the following information concerning operations for the most recent month:Actual (basedMaster Budget(based onon actual sales budgeted salesof 4,800 units)$ 228,700of 4,000units)$ 188,000Sales revenueLessManufacturing costs.Direct labor50,30239,00031,52027,20016,60813,1007,8056,2006,500MaterialsVariable overheadMarketingAdministrativeTotal variable costs$ 113,450Contribution margin$ 115,250Fixed costsManufacturingMarketingAdministrative7,21538,93014,8609,510$ 92,000$ 96,00037,40012,20010,400$ 60,000Total fixed costs$ 63,300$ 51,950$ 36,000Operating profitsThere are no inventories.

Solution :-1.Que :-Nottingham Forest ProductsFlexible BudgetParticularsWorkingsAmount Sales…

Answered: Nottingham Forest Products reports the…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

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Factory overhead cost budget Anderson Candy Company budgeted the following costs for anticipated production for October: Advertising expenses $246,000 Manufacturing supplies 13,480 Power and light 40,210 Sales commissions 265,770 Factory insurance 23,420 Production supervisor wages 118,270 Production control wages Executive officer salaries Materials management wages Factory depreciation Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs. Line Item Description Variable factory overhead costs: Manufacturing supplies Power and light Anderson Candy Company Factory Overhead Cost Budget For the Month Ending October 31 Production supervisor wages Production control wages Materials management wages ✓ Total variable factory overhead costs Fixed factory overhead costs: Factory insurance Factory depreciation 30,750 250,730 33,830 19,160 Total fixed factory overhead costs Total factory…
The following information relates to Steele Manufacturing's overhead costs for the month: Static budget variable overhead $35,900 Static budget fixed overhead $15,600 Static budget direct labor hours 15,400 hours Static budget number of units 5,500 units Steele allocates variable manufacturing overhead to production based on standard direct labor hours. Steele reported the following actual results for last month: actual variable overhead, $35,400;actual fixed overhead, $15,400; actual production of 5,400 units at 2.4 direct labor hours per unit. The standard direct labor time is 2.8 direct labor hours per unit. Compute the variable overhead efficiency variance. (Round the answer to the nearest dollar.) A. $4,474 U B. $5,033 U C. $4,474 F D. $5,033 F
A report for a company's Assembly Department for the month of March follows: Assembly Department Cost Report For the Month Ended March 31 Machine-hours Variable costs: Supplies Scrap Indirect materials Fixed costs: Actual Master Budget Results 15,000 Variances 20,000 $ 10,800 39,200 111,800 $ 11,400 42,000 133,500 $ 600 F 2,800 F 21,700 F 83,500 108,000 78,000 108,000 5,500 U e $ 353,300 $ 372,900 $ 19,600 F Wages and salaries Equipment depreciation Total cost Required: Prepare a flexible budget performance report for the month of March.
Hansaben
Performance Report Based on Budgeted and Actual Levelsof ProductionBowling Company budgeted the following amounts:Variable costs of production:Direct materials 3 pounds @ $0.60 per poundDirect labor 0.5 hr. @ $16.00 per hourVOH 0.5 hr. @ $2.20FOH:Materials handling $6,200Depreciation $2,600 At the end of the year, Bowling had the following actual costs for production of 3,800 units:Direct materials $ 6,800Direct labor 30,500VOH 4,200FOH:Materials handling 6,300Depreciation 2,600Required:1. Calculate the budgeted amounts for each cost category listed above for the 4,000budgeted units.2. Prepare a performance report using a budget based on expected production of 4,000units.3. Prepare a performance report using a budget based on the actual level of production of3,800 units.
The following information was drawn from the accounting records of Smith Company Static Budget Flexible Budget Actual Results Sales $ 10,000 $ 12,000 $ 12,700 Cost of Goods Sold (6,000 ) (7,200 ) (6,900 ) Gross Margin 4,000 4,800 5,800 Variable Cost (2,000 ) (2,400 ) (2,600 ) Fixed Cost (1,000 ) (1,000 ) (1,300 ) Net Income $ 1,000 $ 1,400 $ 1,900 Based on this information the Multiple Choice sales price flexible budget variance is a $2,700 unfavorable variance. sales price flexible budget variance is a $700 favorable variance. sales price flexible budget variance is a $2,700 favorable variance.Incorrect sales price flexible budget variance is a $2,000 favorable variance.
None
Harlow Parts produces a single product at its Superior Plant. The master budget for July follows: Harlow Parts Superior Plant Master Budget (For July) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit 8,200 $ 1,558,000 590,400 98,400 $ 869,200 212,000 370,000 $ 287,200 The following operating income statement shows the actual results for July: Harlow Parts Superior Plant Operating Results (For July) Quantity (units) Revenue Variable manufacturing cost Variable Selling, General and Administrative cost Contribution margin Fixed manufacturing cost Fixed Selling, General and Administrative cost Operating profit Required: 9,600 $ 1,760,800 780,394 111,040 $ 869,366 223,040 380,000 $ 266,326 Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each variance by…
8. Sweet Tooth Company budgeted the following costs for anticipated production for August: Advertising expenses $273,290 Manufacturing supplies 14,980 Power and light 44,670 Sales commissions 302,050 Factory insurance 26,010 Production supervisor wages 131,390 Production control wages 34,160 Executive officer salaries 278,550 Materials management wages 37,580 Factory depreciation 21,290 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs.
Partially completed budget performance reports for Delmar Company, a manufacturer of light duty motors, follow: Delmar Company Plant Eastern Region Central Region Western Region Department Chip Fabrication Electronic Assembly Final Assembly Budget Performance Report-Vice President, Production For the Month Ended June 30 Cost Factory wages Materials Power and light a. S b. Maintenance c. S d. s e. S f. S Actual $402,500 286,900 (g) $(1) Actual $(a) 86,710 135,860 $(d) Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 Over Budget Budget $402,500 289,800 Actual $25,680 73,390 4,460 8,050 (h) $(k) Budget $(b) 85,600 136,960 $(e) i. $ (1) $(1) 9. $ h. $ Over Budget s(c) 1,110 Delmar Company Budget Performance Report-Supervisor, Chip Fabrication For the Month Ended June 30 Over Budget Budget $24,000 $1,680 73,910 3,750 7,350 j. s k. $ 1. S $(f) (Under) Budget $0 (2,900) 710 700 $111,580 $109,010 $3,090 $(520) a. Complete the budget performance…
The following data are available for the most recent year of operations for Slacker & Sons. The revenue portion of the sales activity variance is $288,000 F. Master budget based on actual sales of 161,000 units: Revenue $ 3,600,000 Materials 861,000 Labor 636,000 Variable manufacturing overhead and administrative costs 136,000 Fixed manufacturing overhead and administrative costs 410,000 Required: a. How many units were actually sold in the most recent period? b. Prepare a sales activity variance for the most recent year for Slacker & Sons.

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