Static Budget Number of jacket lots (1 lot = 1 dozen) 450 Per Lot of Jackets: Direct materials 12 yards at $4.65 per yard = $55.80 Direct manufacturing labor 1.7 hours at $8.40 per hour = $14.28 Actual Results Number of jacket lots sold 475 Total Direct Inputs: Direct materials 6,650 yards at $4.85 per yard = $32,252.50 Direct manufacturing labor 713 hours at $8.50 per hour = $6,060.50   Actual Price Actual Input Qty × May 2020 Results Variance   Budgeted Price Units   Direct materials         Direct labor         Total variance

Budgeted variable factory overhead costs:                            $354,000 Budgeted production in units:                                                    60,000 units Budgeted time:                                                                                 2 direct labor hours per unit Allocation base: direct labor hours     Actual production in units:                                                           58,600 units Actual variable factory overhead costs incurred:                       $338,500 Actual direct labor hours used:                                                  119,000 hours   CALCULATE VARIABLE FACTORY OVERHEAD ALLOCATED:                                                                                                                                                               Allocated: $__________ CALCULATE VARIABLE FACTORY OVERHEAD SPENDING (PRICE) VARIANCE :…

Baxter Company sold 9,200 units at $145 per unit. Normal production is 9,600 units. Standard: 5 yards per unit at $6.30 per yard Standard: 2.75 hours per unit at $16.00 Standard: Variable overhead at $1.05 per unit Standard: Fixed overhead $216,000 (budgeted and actual amount) Actual yards used: 47,020 yards at $6.25 per yard Actual hours worked: 25,050 hours at $15.90 per hour Actual total factory overhead: $236,500 Prepare an income statement that includes variances for the year ending December 31 through gross profit for Baxter Company using the above information. Enter favorable variances as negative numbers. Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance. Line Item Description Sales Baxter Company Income Statement Through Gross Profit For the Year Ending December 31 Cost of goods sold-at standard Gross profit-at standard Less variances from standard cost Direct materials price Direct materials quantity Direct labor rate Direct…

Direct Method Eilers Company has two producing departments and two support departments. The following budgeted data pertain to these four departments: Support Departments Producing Departments General Factory Receiving Assembly Finishing Direct overhead $430,000 $170,000 $45,000 $76,000 Square footage 2,500 5,000 5,000 Number of receiving orders 320 1,900 1,200 Direct labor hours 28,000 45,000 The company has decided to simplify its method of allocating support service costs by switching to the direct method. Required: 1. Allocate the costs of the support departments to the producing departments using the direct method. Round allocation ratios to four significant digits. Round allocated costs to the nearest dollar. Use the rounded values for subsequent calculations. Allocation ratios: Assembly Finishing Square footage Number of receiving orders

Multiple production department factory overhead rates The total factory overhead for Cypress Marine Company is budgeted for the year at $567,500, divided into two Fabrication, $311,250, and Assembly, $256,250. Cypress Marine manufactures two types of boats: speedboats speedboats require two direct labor hours in Fabrication and three direct labor hours in Assembly. The bass boa labor hour in Fabrication and two direct labor hours in Assembly. Each product is budgeted for 5,000 units of pri If required, round all per unit answers to the nearest cent.

Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $10.75 per hour Overhead allocated at $5.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.20 per yard Employees worked 1,700 hours and were paid $10.25 per hour Actual variable overhead was $1,600 Actual fixed overhead was $6,700   Direct materials cost variance $115 U Direct materials efficiency variance 805 F Direct labor cost variance 850 F Direct labor efficiency variance 3,225 F Variable overhead cost variance 1,600 U Variable overhead efficiency variance 1,600 F Fixed overhead cost variance 700 U Fixed overhead volume variance 2,400 F     Begin by journalizing the purchase of direct materials on​ account, including the related variance. ​(Prepare a single compound journal​ entry.)   Date Accounts and Explanation Debit Credit

Green Garden Supply budgeted three hours of direct labour per unit at $20.00 per hour to produce 500 units of product. The 500 units were completed using 1,600 hours of direct labour at $20.50 per hour. What is the direct labour price variance at Green Garden Supply? A. $800 favourable B. $750 unfavourable OC. $800 unfavourable D. $750 favourable

Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Costper 100 Two-LiterBottles Direct labor   $1.12       Direct materials   5.12       Factory overhead   0.36         Total   $6.6       At the beginning of July, GBC management planned to produce 450,000 bottles. The actual number of bottles produced for July was 486,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for theMonth Ended July 31 Direct labor         $5,334         Direct materials         24,286         Factory overhead         1,767           Total         $31,387         Enter all amounts as positive numbers. a.  Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle…

Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard Costper 100 Two-LiterBottles Direct labor   $1.14       Direct materials   6.38       Factory overhead   0.38         Total   $7.9       At the beginning of July, GBC management planned to produce 500,000 bottles. The actual number of bottles produced for July was 540,000 bottles. The actual costs for July of the current year were as follows: Cost Category Actual Cost for theMonth Ended July 31 Direct labor         $6,033         Direct materials         33,625         Factory overhead         2,073           Total         $41,731         Enter all amounts as positive numbers. a.  Prepare the July manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production. Genie in a Bottle…

Sales (7,000 units x $400 per unit) Costs Direct materials Direct labor Indirect materials Supervisor salary Sales commissions Shipping Administrative salaries Depreciation-office equipment Insurance Office rent Income 1. Compute total variable cost per unit. 2 Compute total fixed costs. $ 2,800,000 280,000 490,000 175,000 65,000 140,000 154,000 210,000 35,000 20,000 36,000 1,195,000 3. Prepare a flexible budget at activity levels of 6,000 units and 8,000 units. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a flexible budget at activity levels of 6,000 units and 8,000 units. Sales Variable costs Direct materials Direct labor Sales commissions Indirect materials Shipping Total variable costs Contribution margin Fixed costs Supervisor salary Administration salaries Depreciation-Office equipment Insurance Office rent Income TEMPO COMPANY Flexible Budget Variable Amount Total Fixed per Unit Cost S 400.00 Flexible Budget for.…