Question

In: Accounting

1. Flexible budgeting Obj. 2 At the beginning of the period, the Assembly Department budgeted direct...

1. Flexible budgeting Obj. 2 At the beginning of the period, the Assembly Department budgeted direct labor of $112,000 and a property tax of $12,000 for 7,000 hours of production. The department actually completed 7,500 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.

2. Production budget Obj. 4 MyLife Chronicles Inc. projected sales of 240,000 diaries for the year. The estimated January 1 inventory is 19,900 units, and the desired December 31 inventory is 18,800 units. What is the budgeted production (in units) for the year?

3. Direct materials purchase budget Obj. 4 MyLife Chronicles Inc. budgeted production of 238,900 diaries for the year. Paper is required to produce a diary. Assume five square yards of paper is required for each diary. The estimated January 1 paper inventory is 32,400 square yards. The desired December 31 paper inventory is 30,800 square yards. If paper costs $0.30 per square yard, determine the direct materials purchases budget for the year

Solutions

Expert Solution


Related Solutions

At the beginning of the period, the Assembly Department budgeted direct labor of $110,000, direct materials...
At the beginning of the period, the Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fixed factory overhead of $28,000 for 8,000 hours of production. The department actually completed 10,000 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? a. $288,000 b. $305,000 c. $350,000 d. $378,000 Budgeted sales for the month are a. $3,180,000 b. $5,820,000 c. $1,800,000 d. $8,500,000 The dollar amount of  Material C used in...
1. At the beginning of the period, the Fabricating Department budgeted direct labor of $85,100 and...
1. At the beginning of the period, the Fabricating Department budgeted direct labor of $85,100 and equipment depreciation of $27,000 for 3,700 hours of production. The department actually completed 4,900 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting. $ 2. Pasadena Candle Inc. projected sales of 53,000 candles for January. The estimated January 1 inventory is 3,700 units, and the desired January 31 inventory is 6,000 units. Prepare a production budget report in...
At the beginning of the period, the Cutting Department budgeted direct labor of $132,000, direct materials...
At the beginning of the period, the Cutting Department budgeted direct labor of $132,000, direct materials of $152,000 and fixed factory overhead of $10,300 for 7,400 hours of production. The department actually completed 10,700 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round hourly rates to two decimal places. Round interim calculations to two decimal places. Round your final answer to the nearest dollar. a.$298,893 b.$294,300 c.$420,966 d.$425,542 If $501,000 of...
Determine the budget for the department, assuming that it uses flexible budgeting.
At the beginning of the period, the Assembly Department budgeted direct labor of $120,000 and property tax of $16,000 for 5,000 hours of production. The department actually completed 5,600 hours of production. Determine the budget for the department, assuming that it uses flexible budgeting.
In the Assembly Department, all materials are added at the beginning of the process. Labor and...
In the Assembly Department, all materials are added at the beginning of the process. Labor and overhead (conversion resources) are added evenly throughout the process. The following information pertains to the Assembly Department for the month of August. Physical Units    Materials Conversion Beg work in process Inventory 1,000 units (90%) complete $4,600 $2,340 Units started in August 6,000 units Ending work in process inventory 800 unit (30% complete) Costs added in August $40,200 $49,800 a. How many units were...
Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgeted 15,000...
Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgeted 15,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $15,750 Direct labor 12,600 Total $28,350 The standard materials price is $0.7 per pound. The standard direct labor rate is $14 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $14,600 Actual...
Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 22,000...
Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 22,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $46,200 Direct labor 23,100 Total $69,300 The standard materials price is $0.60 per pound. The standard direct labor rate is $15.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $43,300 Actual...
Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 11,000...
Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 11,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $11,550 Direct labor 6,600 Total $18,150 The standard materials price is $0.70 per pound. The standard direct labor rate is $10.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $10,700 Actual...
Flexible Budget for Assembly Department Steelcase Inc. (SCS) is one of the largest manufacturers of office...
Flexible Budget for Assembly Department Steelcase Inc. (SCS) is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it assembles filing cabinets in an Assembly Department. Assume the following information for the Assembly Department: Direct labor per filing cabinet 18 minutes Supervisor salaries $250,000 per month Depreciation $18,500 per month Direct labor rate $28 per hour Prepare a flexible budget for 70,000, 80,000, and 90,000 filing cabinets for the month ending February 28...
The following data relate to a manufacturing department for a period: Budgeted data for the coming...
The following data relate to a manufacturing department for a period: Budgeted data for the coming year are as follows: Direct labour hours 60,000 hours Direct labour cost $110,000 Direct material cost $125,000 Production overhead $70,400 Actual data for the period are as follows: Direct labour hours 55,500 hours Direct labour cost $125,000 Direct material cost $150,000 Production overhead $67,800 Required: (7A) Calculate the production overhead absorption rate predetermined for the period based on : Percentage of direct material cost;...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT