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.
$fill in the blank 04a5390a9febfc0_1
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 | fill in the blank b05439fbb020fd8_1 | fill in the blank b05439fbb020fd8_2 | fill in the blank b05439fbb020fd8_3 | Unfavorable |
| Direct materials | $fill in the blank b05439fbb020fd8_5 | $fill in the blank b05439fbb020fd8_6 | $fill in the blank b05439fbb020fd8_7 | Favorable |
| Direct labor | fill in the blank b05439fbb020fd8_9 | fill in the blank b05439fbb020fd8_10 | fill in the blank b05439fbb020fd8_11 | Favorable |
| Variable overhead | fill in the blank b05439fbb020fd8_13 | fill in the blank b05439fbb020fd8_14 | fill in the blank b05439fbb020fd8_15 | Favorable |
| Fixed overhead: | ||||
| Materials handling | fill in the blank b05439fbb020fd8_17 | fill in the blank b05439fbb020fd8_18 | fill in the blank b05439fbb020fd8_19 | Unfavorable |
| Depreciation | fill in the blank b05439fbb020fd8_21 | fill in the blank b05439fbb020fd8_22 | fill in the blank b05439fbb020fd8_23 | Not applicable |
| Total | $fill in the blank b05439fbb020fd8_25 | $fill in the blank b05439fbb020fd8_26 | $fill in the blank b05439fbb020fd8_27 | Favorable |
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 | fill in the blank 35bc4cfe1ff6f94_1 | fill in the blank 35bc4cfe1ff6f94_2 | fill in the blank 35bc4cfe1ff6f94_3 | Not applicable |
| Direct materials | $fill in the blank 35bc4cfe1ff6f94_5 | $fill in the blank 35bc4cfe1ff6f94_6 | $fill in the blank 35bc4cfe1ff6f94_7 | Favorable |
| Direct labor | fill in the blank 35bc4cfe1ff6f94_9 | fill in the blank 35bc4cfe1ff6f94_10 | fill in the blank 35bc4cfe1ff6f94_11 | Unfavorable |
| Variable overhead | fill in the blank 35bc4cfe1ff6f94_13 | fill in the blank 35bc4cfe1ff6f94_14 | fill in the blank 35bc4cfe1ff6f94_15 | Unfavorable |
| Fixed overhead: | ||||
| Materials handling | fill in the blank 35bc4cfe1ff6f94_17 | fill in the blank 35bc4cfe1ff6f94_18 | fill in the blank 35bc4cfe1ff6f94_19 | Unfavorable |
| Depreciation | fill in the blank 35bc4cfe1ff6f94_21 | fill in the blank 35bc4cfe1ff6f94_22 | fill in the blank 35bc4cfe1ff6f94_23 | Not applicable |
| Total | $fill in the blank 35bc4cfe1ff6f94_25 | $fill in the blank 35bc4cfe1ff6f94_26 | $fill in the blank 35bc4cfe1ff6f94_27 | Unfavorable |
Solutions
Expert Solution
1.
| Direct material (4,000*3*$0.60) | $7,200 |
| Direct labor (4,000*0.5*$16) | 32,000 |
| Variable overhead (4,000*0.5*$2.20) | 4,400 |
| Fixed overhead: | |
| Materials handling | 6,200 |
| Depreciation | 2,600 |
| Total | $52,400 |
2.
| Bowling Company Performance Report | ||||
| Actual | Budgeted | Variance | ||
| Units produced | 3,800 | 4,000 | 200 | Unfavorable |
| Direct material | $6,800 | $7,200 | $400 | Favorable |
| Direct labor | 30,500 | 32,000 | 1,500 | Favorable |
| Variable overhead | 4,200 | 4,400 | 200 | Favorable |
| Fixed overhead: | ||||
| Materials handling | 6,300 | 6,200 | 100 | Unfavorable |
| Depreciation | 2,600 | 2,600 | 0 | Not applicable |
| Total | $50,400 | $52,400 | $2,000 | Favorable |
3.
| Bowling Company Performance Report | ||||
| Actual | Budgeted | Variance | ||
| Units produced | 3,800 | 3,800 | 0 | Not applicable |
| Direct material | $6,800 | $6,840 (3,800*3*$0.60) | $40 | Favorable |
| Direct labor | 30,500 | 30,400 (3,800*0.5*$16) | 100 | Unfavorable |
| Variable overhead | 4,200 | 4,180 (3,800*0.5*$2.20) | 20 | Unfavorable |
| Fixed overhead: | ||||
| Materials handling | 6,300 | 6,200 | 100 | Unavorable |
| Depreciation | 2,600 | 2,600 | 0 | Not applicable |
| Total | $50,400 | $50,220 | $180 | Unfavorable |
ekkarill92 answered 1 year 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...
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1,056 units
Actual production
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Materials:
Standard price per ounce
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Standard ounces per completed unit
11
Actual ounces purchased and used in
production
10,197
Actual price paid for materials
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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
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Overhead:
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Standard variable overhead rate
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The following data are given for Stringer Company: Budgeted production 959 units Actual production 1,063 units...
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Actual production
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Materials:
Standard price per ounce
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Standard ounces per completed unit
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Actual ounces purchased and used in
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Actual price paid for materials
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Labor:
Standard hourly labor rate
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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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