Question
In: Accounting
The following information is for X Company for 2017: Master Actual Budget Results Production 10,900 units...
The following information is for X Company for 2017:
| Master | Actual | |
| Budget | Results | |
| Production | 10,900 units | 12,000 units |
| Total variable costs | $99,190 | $108,226 |
| Total fixed costs | $197,300 | $201,669 |
1. What was the 2017 master (static) budget for total costs?
2. What was the 2017 flexible budget for total costs?
Solutions
Formula sheet
ekkarill92 answered 2 years agoRelated Solutions
The budgeted and actual results for June 2020 are as follows: Budget Actual Production (units) 150,000...
The budgeted and actual results for June 2020 are as
follows:
Budget
Actual
Production (units)
150,000
150,500
Direct material A
300,000m2
£675,000
316,050m2
£695,310
Direct material B
900,000
£18,000
1,053,500
£21,070
Direct labour
37,500 hours
£318,750
37,625 hours
£323,575
Fixed overheads
£287,500
£300,623.75
You are required to:
Calculate all possible variances from the information provided
above for June and use the variances to reconcile the actual cost
of production with the standard cost of production.
Evaluate the variances calculated in...
Kite Company has the following report for August: Flexible Sales Actual budget Flexible activity Master Results...
Kite Company has the following report for August:
Flexible
Sales
Actual
budget
Flexible
activity
Master
Results
variances
budget
variances
budget
Units
?
12000
4000 U
?
Sales revenue
?
12000 F
168000
?
?
Variable mfg. costs
96000
?
?
?
120000
Variable mktg. costs
?
4800 U
21600
?
?
Contribution margin
57600
?
?
18800 U
75200
Fill in the missing amounts. For items in the variances columns,
indicate F or U.
The following information is from Franklin Industries master budget for 2008: Number of units...
The following information is
from Franklin Industries master budget for 2008:
Number of units
15,000
Sales revenue
$585,000
Direct materials
165,000
Direct labor
90,000
Variable factory overhead
120,000
Fixed factory overhead
75,000
Variable selling and administrative
expenses
60,000
Fixed selling and administrative expenses
20,000
Prepare flexible budgets for the production and sale of 14,000,
15,000 and 16,000 units, respectively.
The following information was compiled by Wildhorse Company: Expected volume of production 110,000 units Actual level...
The following information was compiled by Wildhorse Company:
Expected volume of production
110,000
units
Actual level of production
105,000
units
Budgeted fixed overhead
$220,000
Actual fixed overhead
$228,150
Variable overhead rate per direct-labour hour
$8
Actual variable overhead
$406,000
Standard direct-labour hours allowed per unit produced
0.5
hour
Standard direct-labour rate per hour
$8.05
Actual direct-labour hours of input
52,400
hours
Actual direct-labour rate per hour
$8.10
Compute the following variances:
Direct-labour flexible-budget variance $______
(Favourable/Unfavourable/neither)
A company has the following actual and standard production measures during the period: Actual units...
A company has the following actual and standard production
measures during the period:
Actual units produced 390
Actual materials purchased and used
2,583 lbs
Actual materials price $9 per lb
Actual labor
hours
1430
Actual labor
rate
$21.4 per hour
Actual variable
overhead
$ 7,950
Standard materials per
unit 6 lbs
Standard materials purchased and used $8.6 per lb
Standard labor hours per unit 3
Standard labor rate
$22.5 per...
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...
The following information is available for Brownstone Products Company for the month of July: Actual Master...
The following information is available for Brownstone Products
Company for the month of July:
Actual
Master Budget
Units
3,700
4,000
Sales revenue
$
57,600
$
60,000
Variable manufacturing costs
10,200
16,000
Fixed manufacturing costs
12,100
13,400
Variable selling and administrative expenses
6,700
8,000
Fixed selling and administrative expenses
8,200
9,500
Required:
1. What was the total operating income variance for July? (Note:
this variance is also called the master (static) budget variance
for the period.) Was this variance favorable (F)...
The following information is available for Brownstone Products Company for the month of July: Actual Master...
The following information is available for Brownstone Products
Company for the month of July:
Actual
Master Budget
Units
3,800
4,000
Sales revenue
$
53,200
$
60,000
Variable manufacturing costs
19,000
16,000
Fixed manufacturing costs
16,000
15,000
Variable selling and administrative expenses
7,700
8,000
Fixed selling and administrative expenses
10,000
9,000
Required:
1. What was the total operating income variance for July? (Note:
this variance is also called the master (static) budget variance
for the period.) Was this variance favorable (F)...
The following information is available for Brownstone Products Company for the month of July: Actual Master...
The following information is available for Brownstone Products
Company for the month of July:
Actual
Master Budget
Units
3,900
4,000
Sales revenue
$
60,400
$
60,000
Variable manufacturing costs
20,400
16,000
Fixed manufacturing costs
14,200
13,300
Variable selling and administrative expenses
9,100
8,000
Fixed selling and administrative expenses
10,500
10,200
Required:
1. What was the total operating income variance for July? (Note:
this variance is also called the master (static) budget variance
for the period.) Was this variance favorable (F)...
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