Question
In: Accounting
Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts:...
Performance Report Based on Budgeted and Actual Levels of Production
Bowling Company budgeted the following amounts:
| Variable costs of production: | |
| Direct materials | 3 pounds @ $0.60 per pound |
| Direct labor | 0.5 hr. @ $16.00 per hour |
| VOH | 0.5 hr. @ $2.20 |
| FOH: | |
| Materials handling | $6,200 |
| Depreciation | $2,600 |
At the end of the year, Bowling had the following actual costs for production of 3,800 units:
| Direct materials | $6,800 |
| Direct labor | 30,500 |
| VOH | 4,200 |
| FOH: | |
| Materials handling | 6,300 |
| Depreciation | $2,600 |
Required:
1. Calculate the budgeted amounts for each cost category listed
above for the 4,000 budgeted units.
$
2. Prepare a performance report using a budget based on expected production of 4,000 units. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number and if there is no entries enter "0" then select for "Not applicable".
| Bowling Company | ||||
| Performance Report | ||||
| Actual | Budgeted | Variance | ||
| Units produced | ||||
| Direct materials | $ | $ | $ | |
| Direct labor | ||||
| Variable overhead | ||||
| Fixed overhead: | ||||
| Materials handling | ||||
| Depreciation | ||||
| Total | $ | $ | $ | |
3. Prepare a performance report using a budget based on the actual level of production of 3,800 units. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number and if there is no entries enter "0" then select for "Not applicable".
| Bowling Company | ||||
| Performance Report | ||||
| Actual | Budgeted | Variance | ||
| Units produced | ||||
| Direct materials | $ | $ | $ | |
| Direct labor | ||||
| Variable overhead | ||||
| Fixed overhead: | ||||
| Materials handling | ||||
| Depreciation | ||||
| Total | $ | $ | $ | |
Solutions
ekkarill92 answered 3 years agoRelated Solutions
Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts:...
Performance Report Based on Budgeted and Actual Levels of
Production
Bowling Company budgeted the following amounts:
Variable costs of production:
Direct materials
3 pounds @ $0.60 per pound
Direct labor
0.5 hr. @ $16.00 per hour
VOH
0.5 hr. @ $2.20
FOH:
Materials handling
$6,200
Depreciation
$2,600
At the end of the year, Bowling had the following actual costs
for production of 3,800 units:
Direct materials
$6,800
Direct labor
30,500
VOH
4,200
FOH:
Materials handling
6,300
Depreciation
$2,600
Required:
1....
Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts:...
Performance Report Based on Budgeted and Actual Levels of
Production
Bowling Company budgeted the following amounts:
Variable costs of production:
Direct materials
3 pounds @ $0.60 per pound
Direct labor
0.5 hr. @ $16.00 per hour
VOH
0.5 hr. @ $2.20
FOH:
Materials handling
$6,200
Depreciation
$2,600
At the end of the year, Bowling had the following actual costs
for production of 3,800 units:
Direct materials
$6,800
Direct labor
30,500
VOH
4,200
FOH:
Materials handling
6,300
Depreciation
$2,600
Required:
1....
Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts:...
Performance Report Based on Budgeted and Actual Levels of
Production
Bowling Company budgeted the following amounts:
Variable costs of production:
Direct materials
3 pounds @ $0.60 per pound
Direct labor
0.5 hr. @ $16.00 per hour
VOH
0.5 hr. @ $2.20
FOH:
Materials handling
$6,200
Depreciation
$2,600
At the end of the year, Bowling had the following actual costs
for production of 3,800 units:
Direct materials
$6,800
Direct labor
30,500
VOH
4,200
FOH:
Materials handling
6,300
Depreciation
$2,600
Required:
1....
Performance Report Based on Budgeted and Actual Levels of Production Bowling Company budgeted the following amounts:...
Performance Report Based on Budgeted and Actual Levels of
Production
Bowling Company budgeted the following amounts:
Variable costs of production:
Direct materials
3 pounds @ $0.60 per pound
Direct labor
0.5 hr. @ $16.00 per hour
VOH
0.5 hr. @ $2.20
FOH:
Materials handling
$6,200
Depreciation
$2,600
At the end of the year, Bowling had the following actual costs
for production of 3,800 units:
Direct materials
$6,800
Direct labor
30,500
VOH
4,200
FOH:
Materials handling
6,300
Depreciation
$2,600
Required:
1....
Flexible Budget with Different Levels of Production Bowling Company budgeted the following amounts: Variable costs of...
Flexible Budget with Different Levels of Production
Bowling Company budgeted the following amounts:
Variable costs of production:
Direct materials
3 pounds @ $0.60 per pound
Direct labor
0.5 hr. @ $16.00 per hour
VOH
0.5 hr. @ $2.20
FOH:
Materials handling
$6,200
Depreciation
$2,600
Required:
Prepare a flexible budget for 2,500 units, 3,000 units, and
3,500 units.
Bowling Company
Flexible Budget
2,500
units
3,000
units
3,500
units
Direct materials
$
$
$
Direct labor
Variable overhead
Fixed overhead:
Materials handling...
The following amounts were selected from the production report of Chandelier Limited: Actual units in production...
The following amounts were selected from the production report
of Chandelier Limited: Actual units in production 42 000 Equivalent
units (materials) 42 000 Equivalent units (conversion cost) 39 000
Cost per equivalent unit (materials) R1.10 Cost per equivalent unit
(conversion cost) R0.90
Chandelier Limited uses the weighted average method in preparing
its production reports. Chandelier Limited's total production cost
to be accounted for is: (2) a. R81 300 b. R84 000 c. R89 100 d. R72
900
The following data is given for the Stringer Company: Budgeted production 954 units Actual production 1,030...
The following data is given for the Stringer Company: Budgeted
production 954 units Actual production 1,030 units Materials:
Standard price per ounce $1.92 Standard ounces per completed unit
12 Actual ounces purchased and used in production 12,731 Actual
price paid for materials $26,099 Labor: Standard hourly labor rate
$14.49 per hour Standard hours allowed per completed unit 4.8
Actual labor hours worked 5,304.5 Actual total labor costs $80,894
Overhead: Actual and budgeted fixed overhead $1,031,000 Standard
variable overhead rate $25.00...
Flexible Budget for Various Levels of Production Budgeted amounts for the year: Materials 2 leather strips...
Flexible Budget for Various Levels of Production
Budgeted amounts for the year:
Materials
2 leather strips @ $7.00
Labor
1.5 hr. @ $18.00
VOH
1.5 hr. @ $1.20
FOH
$6,800
Required:
1. Prepare a flexible budget for 3,500, 4,000,
and 4,500 units.
Flexible Budget
Variable Cost
per Unit
3,500 units
4,000 units
4,500 units
Direct materials
$
$
$
$
Direct labor
Variable overhead
Fixed overhead
Total
$
$
$
2. CONCEPTUAL CONNECTION Calculate the unit
cost at 3,500, 4,000,...
The following data are given for Harry Company: Budgeted production 1,056 units Actual production 900 units...
The following data are given for Harry Company:
Budgeted production
1,056 units
Actual production
900 units
Materials:
Standard price per ounce
$1.758
Standard ounces per completed unit
11
Actual ounces purchased and used in
production
10,197
Actual price paid for materials
$20,904
Labor:
Standard hourly labor rate
$14.09 per hour
Standard hours allowed per completed
unit
4.4
Actual labor hours worked
4,635
Actual total labor costs
$75,319
Overhead:
Actual and budgeted fixed overhead
$1,054,000
Standard variable overhead rate
$24.00 per...
The following data are given for Stringer Company: Budgeted production 959 units Actual production 1,063 units...
The following data are given for Stringer Company:
Budgeted production
959 units
Actual production
1,063 units
Materials:
Standard price per ounce
$1.9
Standard ounces per completed unit
10
Actual ounces purchased and used in
production
10,949
Actual price paid for materials
$22,445
Labor:
Standard hourly labor rate
$14.96 per hour
Standard hours allowed per completed
unit
4.6
Actual labor hours worked
5,474.45
Actual total labor costs
$83,485
Overhead:
Actual and budgeted fixed overhead
$1,186,000
Standard variable overhead rate
$27.00 per...
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