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E9-3 (Static) Preparing a Flexible Budget Performance Report [LO 9-2] Gleason Guitars produces acoustic guitars. The...
E9-3 (Static) Preparing a Flexible Budget Performance Report [LO 9-2]
Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance).)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
P11.51B Prepare a flexible budget, budget report, and graph for manufacturing overhead. (LO 2, 3) Finesse...
P11.51B
Prepare a flexible budget, budget report, and graph for
manufacturing overhead.
(LO 2, 3) Finesse Company manufactures tablecloths. Sales have
grown rapidly over the past two years. As a result, the president
has installed a budgetary control system for 2020. The following
data were used in developing the master manufacturing overhead
budget for the ironing department. The budget is based on an
activity index of direct labour hours.
Variable Costs
Rate per Direct Labour Hour
Annual Fixed Costs
Indirect...
Performance Report Year Ended December 31, 2017 Actual Flexible-Budget Flexible Sales-Volume Static Results Variances Budget Variances...
Performance Report
Year Ended December 31, 2017
Actual
Flexible-Budget
Flexible
Sales-Volume
Static
Results
Variances
Budget
Variances
Budget
Units sold
108,000
99,000
Revenues (sales)
$702,000
$420,750
Variable costs
430,000
237,600
Contribution margin
272,000
183,150
Fixed costs
193,850
105,000
Operating income
$78,150
$78,150
The Beekman Company produces engine parts for car manufacturers.
A new accountant intern at Beekman has accidentally deleted the
calculations on the company's variance analysis calculations for
the year ended December 31, 2017.
Requirement 1. Calculate all the required...
Exercise 23-6 Preparing a flexible budget report LO P1 Lewis Co. reports the following results for...
Exercise 23-6 Preparing a flexible budget report LO P1
Lewis Co. reports the following results for May. Prepare a
flexible budget report showing variances between budgeted and
actual results.
Budgeted
Actual
Sales
$
1,050
per unit
$
1,678,000
Variable expenses
$
420
per unit
$
652,000
Fixed expenses (total)
$
147,500
$
137,000
Units produced and sold
1,350
1,550
List variable and fixed expenses separately. (Indicate the
effect of each variance by selecting for favorable, unfavorable,
and no variance)
LEWIS...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table...
E9-13 Determining Actual Costs, Standard Costs, and Variances
[LO 9-3, 9-4]
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 2.40
per lb.
Actual direct labor rate
$ 7.60
per hour
Standard purchase price
$ 2.20
per lb.
Standard quantity for sets
produced
980,000
lbs.
Standard direct labor hours
allowed
12,000
Actual quantity purchased in
October
1,125,000
lbs.
Actual direct labor hours
11,000
Actual quantity used in
October
1,010,000
lbs....
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table...
E9-13 Determining Actual Costs, Standard Costs, and Variances
[LO 9-3, 9-4]
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 2.40
per lb.
Actual direct labor rate
$ 7.60
per hour
Standard purchase price
$ 2.20
per lb.
Standard quantity for sets
produced
980,000
lbs.
Standard direct labor hours
allowed
12,000
Actual quantity purchased in
October
1,125,000
lbs.
Actual direct labor hours
11,000
Actual quantity used in
October
1,010,000
lbs....
5. E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron...
5.
E9-13 Determining Actual Costs, Standard Costs, and Variances
[LO 9-3, 9-4]
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 2.80
per lb.
Actual direct labor rate
$ 8.00
per hour
Standard purchase price
$ 2.60
per lb.
Standard quantity for sets
produced
1,020,000
lbs.
Standard direct labor hours
allowed
21,000
Actual quantity purchased in
October
1,265,000
lbs.
Actual direct labor hours
15,000
Actual quantity used in
October
1,050,000...
Problem 23-2A Preparation and analysis of a flexible budget performance report LO P1, P2, A1 Phoenix...
Problem 23-2A Preparation and analysis of a flexible budget
performance report LO P1, P2, A1 Phoenix Company’s 2017 master
budget included the following fixed budget report. It is based on
an expected production and sales volume of 18,000 units. PHOENIX
COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales
$ 4,050,000 Cost of goods sold Direct materials $ 990,000 Direct
labor 270,000 Machinery repairs (variable cost) 72,000
Depreciation—Plant equipment (straight-line) 315,000 Utilities
($54,000 is variable) 214,000 Plant management...
Problem 23-2A Preparation and analysis of a flexible budget performance report LO P1, P2, A1 Phoenix...
Problem 23-2A Preparation and analysis of a flexible budget
performance report LO P1, P2, A1
Phoenix Company’s 2017 master budget included the following
fixed budget report. It is based on an expected production and
sales volume of 16,000 units.
PHOENIX COMPANY
Fixed Budget Report
For Year Ended December 31, 2017
Sales
$
3,200,000
Cost of goods sold
Direct materials
$
960,000
Direct labor
240,000
Machinery repairs (variable
cost)
48,000
Depreciation—Plant equipment
(straight-line)
315,000
Utilities ($32,000 is
variable)
182,000
Plant management...
HammerTime is preparing their 2019 budget. They want to look at static budgets and flexible budgets...
HammerTime is preparing their 2019 budget. They want to look at
static budgets and flexible budgets to determine which is best for
them. They estimate sales/production will be between 2,000,000 and
4,000,000 boxes of nails per month. They want to be able to
understand their budget variances as well.
Question 1: Prepare some budgets in Excel for HammerTime.
a) Show the static budget based on 3,000,000 units (boxes)
produced.
b) Show the flexible budget based on 2,000,000 units (boxes)
produced....
Exercise 9-17 Flexible Budget Performance Report [LO9-1, LO9-2, LO9-3, LO9-4] AirQual Test Corporation provides on-site air...
Exercise 9-17 Flexible Budget Performance Report [LO9-1, LO9-2,
LO9-3, LO9-4]
AirQual Test Corporation provides on-site air quality testing
services. The company has provided the following cost formulas and
actual results for the month of February:
Fixed Component
per Month
Variable
Component per Job
Actual Total
for February
Revenue
$
275
$
38,500
Technician wages
$
8,100
$
7,950
Mobile lab operating
expenses
$
4,800
$
33
$
9,590
Office expenses
$
2,400
$
2
$
2,550
Advertising expenses
$
1,590...
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