Question
In: Accounting
The actual information pertains to the month of June. As a part of the budgeting process,...
The actual information pertains to the month of June. As a part of the budgeting process, Great Cabinets Company developed the following static budget for June. Great Cabinets is in the process of preparing the flexible budget and understanding the results.
Actual Flexible Static
Results Budget Budget
Sales volume (in units) 18,000 23,000
Sales revenues $900,000 $ $1,150,000
Variable costs 360,000 $ ________ 463,910
Contribution margin 540,000 $ 686,090
Fixed costs 275,300 $ ________ 269,500
Operating profit $264,700 $ $416,590
The flexible budget will report ________ for variable costs.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The actual information pertains to the third quarter. As part of the budgeting process, the controller...
The actual information pertains to the third quarter. As part of
the budgeting process, the controller for Foley Manufacturing had
developed the following static budget for the third quarter. The
primary reason for high actual operating profits was ________.
Actual Flexible Static
Results Budget Budget
Sales volume (in
units) 11,000 10,000
Sales
revenues $238,000 $ $230,000
Variable
costs 150,000 $
________ 180,000
Contribution
margin 88,000 $ 50,000
Fixed
costs 36,000 $
________ 35,000
Operating
profit $
52,000 $ $
15,000
Select one:
a. increased fixed costs
b. lower sales volume than planned
c. the variable-cost variance
d. flexible budget variance for...
The following information pertains to Amigo Corporation: Month Sales &
The following information pertains to Amigo Corporation:
Month Sales Purchases
July $30,000 $10,000
August 34,000 12,000
September 38,000 14,000
October 42,000 16,000
November 48,000 18,000
December 60,000 20,000
? Cash
is collected from customers in the following manner:
Month
of sale (2% cash discount) 30%
Month
following
sale 50%
Two
months following
sale 15%
Amount
uncollectible 5%
? 40% of purchases are paid for in
cash in the month of purchase, and the balance is paid the
following month.
Required:
a. Prepare a summary of cash collections for
the 4th quarter.
b. Prepare a summary of cash disbursements for
the 4th quarter.
The following information is available for the Savvy Company for the month of June. On June...
The following information is available for the Savvy Company for
the month of June. On June 30, after all transactions have been
recorded, the balance in the company's Cash account has a balance
of $17,202. The company's bank statement shows a balance on June 30
of $19,279. Outstanding checks at June 30 total $2,984. The bank
collected $770 on a note receivable that is not yet recorded by
Savvy Company. A $67 NSF check from a customer, J. Maroon is...
The following information pertains to the standard costs and actual activity for Repine Company for September:...
The following information pertains to the standard costs and
actual activity for Repine Company for September:
Standard cost per unit:
Direct materials. . . .. 4 units of material A x $6.00 per unit,
1 unit of material B x $8.00 per unit
Direct labor. . . . . . . 3 hours x $18.00 per hour
Activity for September
Materials purchased:
Material A . . . . . . . . . 6,750 units x $6.20 per unit
Material...
. Below is information about actual sales of a product for June and July and the...
. Below is information about actual sales of a product for June
and July and the expected sales of August, September and October.
Selling price for the product is $100.
June $230,000, July $240,000, August $220,000, September
$280,000 and October $310,000. November $340,000
Costs of Goods Sold equals to 70% of Sales. The end of inventory
policy is 40% of the next month of quantity sales.
Inventory is purchased on continuous basis during the month. 60%
of inventory costs are...
Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity...
Computation of Variable Cost Variances
The following information pertains to the standard costs and actual
activity for Tyler Company for September:
Standard cost per unit
Direct materials
4 units of material A × $2.00 per
unit
1 unit of material B × $3.00 per
unit
Direct labor
3 hours × $8.00 per hour
Activity for September
Materials purchased
Material A
2,600 units × $2.05 per unit
Material B
700 units × $3.10 per unit
Materials used
Material A
2,250 units...
Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity...
Computation of Variable Cost Variances
The following information pertains to the standard costs and actual
activity for Repine Company for September:
Standard cost per unit
Direct materials
3 units of material A x $8.00 per unit
2 units of material B x $4.00 per unit
Direct labor
2 hours x $15.00 per hour
Activity for September
Materials purchased
Material A
7,000 units x $7.80 per unit
Material B
4,800 units x $4.50 per unit
Materials used
Material A
6,430 units...
Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity...
Computation of Variable Cost Variances The following information
pertains to the standard costs and actual activity for Repine
Company for September: Standard cost per unit Direct materials 4
units of material A x $ 6.00 per unit
1 unit of material B x $ 8.00 per unit
Direct labor 3 hours x $ 18.00 per hour
Activity for September
Materials purchased
Material A 6,750 units x $ 6.20 per unit
Material B 1,650 units x $ 8.50 per unit
Materials...
The following information pertains to the Moline Facility for the month of May (all materials are...
The following information pertains to the Moline Facility for
the month of May (all materials are added at the beginning of the
process):
Units
Material Costs
Beginning work
in process
110,000
$
31,000
Started in
May
260,000
108,200
Units
completed
235,000
Ending work in
process
135,000
Required:
Compute the cost per equivalent unit for materials using the
weighted-average method.
1. Total costs to be accounted for?______
2. Cost per equilavent unit?______
The following information pertains to the Moline Facility for the month of May (all materials are...
The following information pertains to the Moline Facility for
the month of May (all materials are added at the beginning of the
process):
Units
Material Costs
Beginning work in process
90,000
$
38,000
Started in May
270,000
104,000
Units completed
250,000
Ending work in process
110,000
Required:
Compute the cost per equivalent unit for materials using the
weighted-average method. (Round "Cost per equivalent unit"
answer to 2 decimal places.)
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