Prepare a flexible budget report for Ivanhoe Clothing for the year.
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Ivanhoe Clothing produces men’s athletic socks. The following budgeted and actual amounts are for 2022:
|
Cost
|
Budget at 6,500 Units
|
Actual Amounts at 7,300 Units
|
|||||||
|---|---|---|---|---|---|---|---|---|---|
|
Direct materials
|
$78,000 | $89,360 | |||||||
|
Direct labor
|
97,500 | 108,870 | |||||||
|
Equipment
|
6,500 | 6,500 | |||||||
|
Indirect labor
|
9,750 | 10,820 | |||||||
|
Indirect materials
|
11,700 | 12,080 | |||||||
|
Rent and insurance
|
13,500 | 14,650 |
Prepare a flexible budget report for Ivanhoe Clothing for the year.
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- Gibco Service has budgeted the following time-and-material for 2019: Budgeted Costs For 2019 Time Material Charges Charges Painters' wages and benefits $54,000 Service manager's salary and benefits $44,000 Office employee's salary and benefits 7,400 6,000 Cost of paint 50,000 Overhead (supplies, utilities, etc.) 14,000 22,000 Gibco budgets 2,000 hours of paint time in 2019 and will charge a profit of $8 per hour on the labour rate, in addition to a 12% mark-up on the cost of paint. On February 15, 2019, Gibco is asked to prepare a price estimate to paint a building. Gibco estimates that this job will take 25 labour hours and $900 in paint. 1.Calculate the material loading charge rate % for 2019 2. What is the planned profit for the year? Do not enter $ or commas.Helen is working on her department's budgeted annual income statement. In the process, she needs to determine the budgeted amount for selling, general, and administrative (SG&A) expenses in order to complete her budget. Sales Variable SG&A cost 11500 units $0.20 per unit Advertising expense $6200 per year Depreciation on office equipment $8600 per year Other fixed SG&A costs $24800 On the basis of the given data, what are total budgeted selling, general, and administrative (SG&A) expenses of the department? ○ $35700 O $33300 O $17100 O $41900Sheridan Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2027. Estimated unit sales Unit selling price Direct labor hours per unit Direct labor cost per hour Beginning Materials Inventory Cost per Pound Desired Ending Inventory Direct Labor Cost per Hour Direct Labor Hours per Unit January 10,560 $60.00 $ 2.00 $ $6.00 id Media Show Transcribed Text February March April 12,320 11,440 9,680 $57.50 $57.50 $57.50 $57.50 Sheridan has a labor contract that calls for a wage increase to $7.00 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Jan 2.00 J Sheridan expects to begin the year with 15,488 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month's sales, plus 40% of the second following month's sales. 1.50 $6.00 $6.00 $7.00 $7.00 Direct Materials per Unit Direct…
- Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year 680 $ 2,060 $ 1,680 $50 $ 200,000 $22,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement < Prev 9 of 9 Next ........answer in text form please (without image)The SK Industries, Ine. manufactures and sells two products, Accel Active and Accel Regular. In September 2018, SK Industries Budget Department gathered the following data in order to prepare budgets for 2019: 2019 Projected Sales Product Units Price Accel Active 45,000 s225 Accel Regular 75,000 s1s5 Expected Target Inventories Product January 1, 2019 December 31, 2019 Accel Active 9,000 12,000 Accel Regular 17,000 25,000 The following direct materials are expeceted to be used in the two products: |Material Used per Unit Direcet Material Unit Accel Active Accel Regular pound One 6 Two pound 4 2 Three pound 2 Projected data for 2019 with respect to direct materials are as follows: Direct Material Expected Purchase PriceExpected Inventories Target Inventories (January 1, 2019) December 31, 2019) One SIS 27,000 Ib 35,000 lb Two S7 30,000 lb 35,000 lb Three $4 4,000 lb 7,000 lb Projected direct labor requirements and rates for 2019 are as follows: Hours Per Unit Rate Per Hour Product Accel…
- PLEASE HELP MEWalkenhorst Company's machining department prepared its 2022 budget based on the following data: Practical capacity 40,000 units 2 Standard machine hours per unit Standard variable factory overhead Budgeted fixed factory overhead $ 3.00 per machine hour $ 336,000 The department uses machine hours to apply factory overhead to production. In 2022, the department used 86,800 machine hours and incurred $602,000 in total manufacturing overhead cost to manufacture 42,170 units. Actual fixed overhead cost for the year was $351,000. Required: Determine for the year: 1. The fixed, variable, and total factory overhead application rates (per machine hour). (Round your answers to 2 decimal places.) 2. The total flexible budget, for factory overhead cost based on output achieved in 2022. 3. The production volume variance. State whether this variance was favorable (F) or unfavorable (U). 4. The total overhead spending variance. State whether this variance was favorable (F) or unfavorable (U). 5. The…Makers Ltd. manufactures and sells two products, Abba and Baba. In July 2018 Makers’Budget Department gathered the following data in order to prepare the individual budgets inthe master budget for 2019:2019 Projected Sales:Product Unit PriceAbba 80,000 $ 190Baba 60,000 $ 2702019 Inventories in Units:Expected Target:Product January 1, 2019 December 31, 2019Abba 22,000 26,000Baba 9,000 10,000To produce 1 unit of Abba and Baba, the following direct materials are used:Direct Material Unit Abba BabaA Pounds 5 6B Pounds 3 4C Each 0 1 Projected data for 2019 with respect to direct materials are as follows:Direct Material Purchase Price:Target Inventories January 1, 2019 December 31, 2019A $14 33,000 pounds 37,000 poundsB $ 6 28,000 pounds 30,000 poundsC $ 4 6,000 units 7,000…
- The SK Industries, Inc. manufactures and sells two products, Accel Active and Accel Regular. In September 2018, SK Industries Budget Department gathered the following data in order to prepare budgets for 2019: 2019 Projected Sales Product Accel Active 45,000|s225 |Units Price Accel Regular 75,000 S1s5 Expected Target Inventories Product January 1, 2019 December 31, 2019 Accel Active 9,000 12,000 Accel Regular 17,000 25,000 The following direct materials are expected to be used in the two products: Material Used per Unit Direct Material Unit Accel Active Accel Regular pound One 6. Two pound 4 2 Three pound Projected data for 2019 with respect to direct materials are as follows: Direct Material Expected Purchase PriceExpected Inventories Target Inventories (January 1, 2019) (December 31, 2019) One $15 27,000 lb 35,000 lb Two S7 30,000 lb 35,000 lb Three $4 4,000 lb 7,000 lb Projected direct labor requirements and rates for 2019 are as follows: Product Hours Per Unit Rate Per Hour Accel…Makers Ltd. manufactures and sells two products, Abba and Baba. In July 2018 Makers’Budget Department gathered the following data in order to prepare the individual budgets inthe master budget for 2019:2019 Projected Sales:Product Unit PriceAbba 80,000 $ 190Baba 60,000 $ 2702019 Inventories in Units:Expected Target:Product January 1, 2019 December 31, 2019Abba 22,000 26,000Baba 9,000 10,000To produce 1 unit of Abba and Baba, the following direct materials are used:Direct Material Unit Abba BabaA Pounds 5 6B Pounds 3 4C Each 0 1 Projected data for 2019 with respect to direct materials are as follows:Direct Material Purchase Price:Target Inventories January 1, 2019 December 31, 2019A $14 33,000 pounds 37,000 poundsB $ 6 28,000 pounds 30,000 poundsC $ 4 6,000 units 7,000…Case Study for REX Company.Comprehensive operating budget. REX, Inc., manufactures and sells snowboards. REXmanufactures a single model, the Pipex. In the summer of 2018, REXS accountant gatheredthe following data to prepare budgets for 2019:Materials and labor requirementsDirect materials:Wood 5 board feet per snowboardFiberglass 6 yards per snowboardDirect manufacturing labor 5 hours per snowboardREX’ CEO expects to sell 1,000 snow boards during 2019 at an estimated retail price of$ 450 per board. Further, he expects 2019 beginning inventory of 100 boards, and would liketo end 2019 with 200 snowboards in stock.Direct materials inventories Beginning Inventory Ending Inventory1/1/2019 12/31/2019________________________________________________________Wood 2,000 1,500Fiberglass 1,000 2,000Variable manufacturing overhead is allocated is allocated at the rate $ 7 per directmanufacturing labor-hour. There are also $ 66,000 in fixed manufacturing overhead costsbudgeted for 2019.REX combines…
