Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units Direct materials $75,000 87,000 36,000 Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor 1 Fixed overhead Total costs Budget $75,000 78,000 34,500 POINT, INC. Manufacturing Performance Budget Report For the Year Ended December 31, 2019 111 Actual Differences F/U

Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units Direct materials $75,000 87,000 36,000 Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor 1 Fixed overhead Total costs Budget $75,000 78,000 34,500 POINT, INC. Manufacturing Performance Budget Report For the Year Ended December 31, 2019 111 Actual Differences F/U

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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Howard Temple, Inc., expects to sell 20,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct man $4.00, and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 2020: Beginning Inventory Ending Inventory Direct materials 24,000 units 24,000 units Work-in-Process Inventory 0 units O units Finished Goods Inventory 2,000 units 2,500 units What are the 2020 budgeted costs for direct materials, direct manufacturing labor, and manufacturing overhead. O $48,000; S96,000; $19.200 O $44,000; $88,000, $17.600 O $41.000, $82.000; $16,400 O $40,000, S80,000: $16,000 - Previous
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On the basis of the projected proceeding data and projections prepare the following for Year ended ended 31 December 2020: 1. Sales budget.2. Production budget.3. Labour cost budget.
Consider Derek's budget information: materials to be used, $63,300; direct labor, $199,200; factory overhead, $397,400; work in process inventory on January 1, $189,300; and work in progress inventory on December 31, $194,100. What is the budgeted cost of goods manufactured for the year? a.$655,100 b.$849,200 c.$659,900 d.$194,100
The production budget for Manner Company shows units to produce as follows: July, 700; August, 760; and September, 620. Each unit produced requires one hour of direct labor. The direct labor rate is budgeted at $17 per hour in July and August, but is budgeted to be $17.75 per hour in September. Prepare a direct labor budget for the months July, August, and September. Units to produce Direct labor hours needed Cost of direct labor MANNER COMPANY Direct Labor Budget July 700 August 760 September 620 units
Consider Derek's budget information: materials to be used totals $63,300; direct labor totals $202,000; factory overhead totals $393,900; work in process inventory January 1, $187,200; and work in progress inventory on December 31, $193,400. What is the budgeted cost of goods manufactured for the year?
National company has two support departments A&B and two operating departments X&Y. for the first quarter 2021, Budgeted overhead costs before any interdepartmental costs allocations were: A $800,000, B $1,500,000, X $5,000,000 and Y $11,000,000. Support work supplied by A to B 20%, to X 50% and to Y 30%. Support work supplied by B to A 25%, to X 35% and to Y 40%. Using direct method, out of department :A cost, amount allocated to department Y is .a .$0 .b $500,000 .C .$800,000 .d .$300,000
Shrek & Fiona Company, manufacturer of a single product, is preparing their annual budget for 2021:Requirements:Estimate manufacturing costs and operating expensesa. Purchases (material) budgetb. Personnel budgetc. Overhead budgetd. Selling and administrative budget
Esquire Clothing is a manufacturer of designer suits For June 2020, each suit is budgeted to take 3 labor-hours. The budgeted number of suits to be manufactured in June 2020 is 1,120, Esquire Clothing allocates fixed manufacturing overhead to each suit using budgeted direct manufacturing labor-hours per suit. Data pertaining to fixed manufacturing overhead costs for June 2020 are budgeted, $57,120, and actual, $63,900. In June 2020 there were 1,140 suits started and completed. There were no beginning or ending inventories of suits Requirements 1. Compute the spending variance for fixed manufacturing overhead. Comment on the results. 2. Compute the production-volume variance for June 2020. What inferences can Esquire Clothing draw from this variance? + Requirement 1. Compute the spending variance for fixed manufacturing overhead. Comment on the results Begin by computing the following amounts for the fixed manufacturing overhead Actual Costs Incurred Same Budgeted Lump Sum Regardless of…
Gary Ltd. manufactures a product for which the budgeted capacity is 392,000 units per month. The following data is available for August 2019: Details Units Sales 320,000 Opening stock 60,000 Closing stock 160,000 Production 420,000 Cost Data Details $ Direct materials 55 Direct labour 22 Variable Production Overheads 41 Fixed administrative overheads were estimated at $ 600,000 while fixed selling overheads were estimated at $840,000. During the periods, the selling price per unit was $180 and Total Fixed Production Overheads were $5,880,000. Required: (a) Show the profit situation using Marginal costing principles (b) Show the profit situation using Absorption costing principles