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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Spending Variances Results Flexible Budget Activity Variances Planning Budget Labor-hours (q) 9,480 9,000 Direct labor (q) $ 134,730 $ 132,720 Indirect labor + $ 1.50 (q) Utilities $ 6,500 + (a) 1,780 F 1,450 U 21,640 336 U 12,800 Supplies + (a) 4,940 4,444 4,300 Equipment depreciation $ 78,400 0 None 0 None

Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Spending Variances Results Flexible Budget Activity Variances Planning Budget Labor-hours (q) 9,480 9,000 Direct labor (q) $ 134,730 $ 132,720 Indirect labor + $ 1.50 (q) Utilities $ 6,500 + (a) 1,780 F 1,450 U 21,640 336 U 12,800 Supplies + (a) 4,940 4,444 4,300 Equipment depreciation $ 78,400 0 None 0 None

FINANCIAL ACCOUNTING
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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Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Spending Variances Results Flexible Budget Activity Variances Planning Budget Labor-hours (q) 9,480 9,000 Direct labor (q) $ 134,730 $ 132,720 Indirect labor + $ 1.50 (q) Utilities $ 6,500 + (a) 1,780 F 1,450 U 21,640 336 U 12,800 Supplies + (q) 4,940 4,444 4,300 Equipment depreciation $ 78,400 0 None 0 None Factory administration $ 18,700 + $ 1.90 (q) Total expenses $ 288,088
Transcribed Image Text:Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round "rate per hour" answers to 2 decimal places. Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Actual Spending Variances Results Flexible Budget Activity Variances Planning Budget Labor-hours (q) 9,480 9,000 Direct labor (q) $ 134,730 $ 132,720 Indirect labor + $ 1.50 (q) Utilities $ 6,500 + (a) 1,780 F 1,450 U 21,640 336 U 12,800 Supplies + (q) 4,940 4,444 4,300 Equipment depreciation $ 78,400 0 None 0 None Factory administration $ 18,700 + $ 1.90 (q) Total expenses $ 288,088
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