FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Its Production Department's planning
budget and flexible budget are based on the following formulas, where a is the number of labor-hours worked in a month:
Direct labor
Indirect labor
Utilities
Supplies
Equipment depreciation
Factory rent
Property taxes
Factory administration
Cost Formulas
$16.509
$4,200+ $1.40q
$5,200+ $0.409
$1,500+ $0.30q
$18,200+ $2.909
Direct labor
Indirect labor
Utilities
Supplies
Equipment depreciation
$8,200
$2,900
$13,500 + $0.509
The Production Department planned to work 4.,200 labor-hours in March; however, it actually worked 4,000 labor-hours during the
month. Its actual costs incurred in March are listed below:
Actual Cost
Incurred in
March
$ 67,620
$9,260
$ 7,270
$ 2,976
$ 29,800
$8,600
Factory rent
Property taxes
Factory administration
Required:
1. Prepare the Production Department's planning budget for the month.
2. Prepare the Production Department's flexible budget for the month.
3. Prepare the Production Department's flexible budget performance report for March.
$ 2,900
$ 14,830
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
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Transcribed Image Text:Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Its Production Department's planning budget and flexible budget are based on the following formulas, where a is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.509 $4,200+ $1.40q $5,200+ $0.409 $1,500+ $0.30q $18,200+ $2.909 Direct labor Indirect labor Utilities Supplies Equipment depreciation $8,200 $2,900 $13,500 + $0.509 The Production Department planned to work 4.,200 labor-hours in March; however, it actually worked 4,000 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March $ 67,620 $9,260 $ 7,270 $ 2,976 $ 29,800 $8,600 Factory rent Property taxes Factory administration Required: 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March. $ 2,900 $ 14,830 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3
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