The budget for Department 6 of Cardinal Company for the current month ending March 31 is as follows: Materials Factory wages Supervisory salaries Depreciation of plant and equipment Power and light Insurance and property taxes Maintenance $208,000 265,000 67,800 During March, the costs incurred in Department 6 of Cardinal Company were materials, $204,000; factory wages, $285,000; supervisory salaries, $63,600; depreciation of plant and equipment, $35,000; power and light, $21,360; insurance and property taxes, $14,400; and maintenance, $9,456. a. Prepare a budget performance report for the supervisor of Department 6 of Cardinal Company for the month of March. If an amount box does not require an entry, leave it blank. Use the minus sign to indicate under budget answers. Budget Performance Report Materials Factory wages Supervisory salaries Depreciation of plant and equipment Power and light Insurance and property taxes Maintenance 35,000 22,500 15,500 9,700 Supervisor, Department 6-Cardinal Company For the Month Ended March 31 (Under) Over Actual Budget Budget Budget 208.000 204.000 265,000 285.000 67,800 63.300 35.000 35,000 22.500 15.500 9,700 21.360 14.400 9,456 20.000 ▬▬▬▬▬ $20.000 000000 4.000 4.500 1.140 1.100 244 b. Are there any significant variances (5% or greater) of the budgeted amounts that should be examined by the supervisor?

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It…

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future…