You are in charge of the following costBudgeted production in units:10,000Budgeted Cost:Indirect MaterialsIndirect LaborUtilitiesDepreciationProperty TaxesSupervision5 250,000$ 260,000$ 190,000$ 280,00070,00050,000S 1,100,000Demand has increased12,000Actual CostIndirect Materials$ 295,000$ 312,0005 225,000S 280,00070,00050,0005 1,232,000Indirect LaborUtilitiesDepreciationProperty TaxesSupervisionYour manager put the following table together:BudgetActualVarianceproduction in units:10,00012,000FrfavorableU-UnfavcrableBudgeted Cost:Indirect MaterialsIndirect Labor$ 295,000S 312,000S 225,000S 280,000S 70,0005 50.000$1,232.000$ 45,000$ 52,000$ 35,000UtilitiesDepreciationProperty TaxesSupervision250,000S 260,000S 190,000S 280,00070,000%2450,000S 1,100,000S 132,000Requirement: Looking at the table, he is very dissatisfied with yourperformance. Should he fire you today? Please explain. Show calculationswhere necessary.

Name: You are in charge of the following costBudgeted production in units:1
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Description: You are in charge of the following costBudgeted production in units:10,000Budgeted Cost:Indirect MaterialsIndirect LaborUtilitiesDepreciationProperty TaxesSupervision5 250,000$ 260,000$ 190,000$ 280,00070,00050,000S 1,100,000Demand has increased12,0

Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is…

Business

Accounting

You are in charge of the following cost Budgeted production in units: 10,000 Budgeted Cost: Indirect Materials Indirect Labor Utilities Depreciation Property Taxes Supervision S 250,000 $ 260,000 $ 190,000 $ 280,000 70,000 50,000 S 1,100,000 Demand has increased 12,000 Actual Cost Indirect Materials Indirect Labor Utilities Depreciation Property Taxes Supervision $ 295,000 $ 312,000 5 225,000 S 280,000 70,000 50,000 $ 1,232,000 Your manager put the following table together: Budget 10,000 Actual Variance production in units: 12,000 Frfavorable U-Unfavcrable Budgeted Cost: Indirect Materials Indirect Labor $ 45.000 $ 52,000 $ 35,000 $4 250,000 S 260,000 S 190,000 S 280,000 70,000 50,000 S 1,100,000 $ 295,000 S 312,000 S 225,000 S 280,000 S 70,000 5 S0.000 $1,232,000 Utilities Depreciation Property Taxes Supervision $ 132,000 Requirement: Looking at the table, he is very dissatisfied with your performance. Should he fire you today? Please explain. Show calculations where necessary.

You are in charge of the following cost Budgeted production in units: 10,000 Budgeted Cost: Indirect Materials Indirect Labor Utilities Depreciation Property Taxes Supervision S 250,000 $ 260,000 $ 190,000 $ 280,000 70,000 50,000 S 1,100,000 Demand has increased 12,000 Actual Cost Indirect Materials Indirect Labor Utilities Depreciation Property Taxes Supervision $ 295,000 $ 312,000 5 225,000 S 280,000 70,000 50,000 $ 1,232,000 Your manager put the following table together: Budget 10,000 Actual Variance production in units: 12,000 Frfavorable U-Unfavcrable Budgeted Cost: Indirect Materials Indirect Labor $ 45.000 $ 52,000 $ 35,000 $4 250,000 S 260,000 S 190,000 S 280,000 70,000 50,000 S 1,100,000 $ 295,000 S 312,000 S 225,000 S 280,000 S 70,000 5 S0.000 $1,232,000 Utilities Depreciation Property Taxes Supervision $ 132,000 Requirement: Looking at the table, he is very dissatisfied with your performance. Should he fire you today? Please explain. Show calculations where necessary.

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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At the beginning of the period, the Fabricating Department budgeted direct labor of $123,500 and equipment depreciation of $34,000 for 6,500 hours of production. The department actually completed 8,600 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.$fill in the blank 1
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