Frank Weston, supervisor of the Freemont Corporation's Machining Department, was visibly upset after being reprimanded for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Frank Weston, supervisor of the Freemont Corporation's Machining Department, was visibly upset after being reprimanded for his department's poor performance over the prior month. The department's cost control report is given below: Machine-hours. Direct labour wages Supplies Maintenance Utilities Supervision Depreciation Total FREEMONT CORPORATION-MACHINING DEPARTMENT Cost Control Report For the Month Ended June 30 Actual 37,900 $ 86,100 23,300 Machine-hours Direct labor wages Supplies Maintenance Utilities Supervision Depreciation Total 112,000 16,800 39,600 80,300 $358,100 Static Budget 34,900 $ 78,000 18,800 114,000 14,200 39,600 80,300 $344,900 "I just can't understand all of these unfavourable variances," Weston complained to the supervisor of another department. "When the boss called me in, I thought he was going to give me a pat on the back because I know for a fact that my department worked more efficiently last month than it has ever worked before. Instead, he tore me apart. I thought for a minute that it might be over the supplies that were stolen out of our warehouse last month. But they amounted to only a couple of hundred dollars, and just look at this report. Everything is unfavourable." Required: 1. This part of the question is not part of your Connect assignment. Actual Results. Direct labour wages and supplies are variable costs; supervision and depreciation are fixed costs; and maintenance and utilities are mixed costs. The fixed component of the budgeted maintenance cost is $82,000; the fixed component of the budgeted utilities cost is $10,600. 37,900 $ 86.100 23,300 112,000 16,800 39,600 80,300 Static Budget Variance $ 8,100 U 4,500 U -2,000 U 2,600 U 2. Complete the performance report that will help Mr. Weston's superiors assess how well costs were controlled in the machining department. (Round your intermediate calculations to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 0 0 $ 13,200 U Flexible Budget Variance Freemont Corporation-Machining Department Comprehensive Performance Report For the Month Ended June 30 Flexible Budget Volume Variance Planning Budget 34,900 $ 78,000 18,800 114,000 14,200 39,600 80,300 Frank Weston, supervisor of the Freemont Corporation's Machining Department, was visibly upset after being reprimanded for his department's poor performance over the prior month. The department's cost control report is given below: Machine-hours. Direct labour wages Supplies Maintenance Utilities Supervision Depreciation Total FREEMONT CORPORATION-MACHINING DEPARTMENT Cost Control Report For the Month Ended June 30 Actual 37,900 $ 86,100 23,300 Machine-hours Direct labor wages Supplies Maintenance Utilities Supervision Depreciation Total 112,000 16,800 39,600 80,300 $358,100 Static Budget 34,900 $ 78,000 18,800 114,000 14,200 39,600 80,300 $344,900 "I just can't understand all of these unfavourable variances," Weston complained to the supervisor of another department. "When the boss called me in, I thought he was going to give me a pat on the back because I know for a fact that my department worked more efficiently last month than it has ever worked before. Instead, he tore me apart. I thought for a minute that it might be over the supplies that were stolen out of our warehouse last month. But they amounted to only a couple of hundred dollars, and just look at this report. Everything is unfavourable." Required: 1. This part of the question is not part of your Connect assignment. Actual Results. Direct labour wages and supplies are variable costs; supervision and depreciation are fixed costs; and maintenance and utilities are mixed costs. The fixed component of the budgeted maintenance cost is $82,000; the fixed component of the budgeted utilities cost is $10,600. 37,900 $ 86.100 23,300 112,000 16,800 39,600 80,300 Static Budget Variance $ 8,100 U 4,500 U -2,000 U 2,600 U 2. Complete the performance report that will help Mr. Weston's superiors assess how well costs were controlled in the machining department. (Round your intermediate calculations to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 0 0 $ 13,200 U Flexible Budget Variance Freemont Corporation-Machining Department Comprehensive Performance Report For the Month Ended June 30 Flexible Budget Volume Variance Planning Budget 34,900 $ 78,000 18,800 114,000 14,200 39,600 80,300
Expert Answer:
Answer rating: 100% (QA)
a 1 gram of gold will contain 90 100 Number of moles of g... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these accounting questions
-
The following information was reported by Cutters Air Cargo Service for 2012: Net fixed assets (beginning of year) ..........$ 1,900,000 Net fixed assets (end of year) ............. 2,300,000 Net...
-
The following information was reported in Nenshi Company's general ledger at September 30: All sales were made on account. Uncollectible accounts are estimated to be 9% of accounts receivable....
-
The following information was reported in Beckford Company's general ledger at August 31: All sales were made on account. At the beginning of the year, uncollectible accounts were estimated to be 6%...
-
Learning by doing is an integral part of the course experience albeit online. The intent of this assignment is for you to demonstrate your ability to apply course content. Thus in the Marketing...
-
The mean and the standard deviation of the sample of 65 customer satisfaction ratings are and = 42.95 and s = 2.6424. a. What does the histogram in Figure 2.15 say about whether the Empirical Rule...
-
Finding implicit interest rates constructing amortization schedules. Herman Company purchased a plot of land for possible future development. The land had fair value of $86,000. Berman Company gave a...
-
Defendant Kenneth Blake was married to Charlene Hinton-Blake, who died in 2012. Three of Hinton-Blakes sisters, including Yvonne Hinton, assisted her with day-to-day care during a four-year period of...
-
Presented below is information related to Dino Radja Company. Instructions Compute the ending inventory for Dino Radja Company for 2005 through 2010 using the dollar-value LIFOmethod. Ending...
-
On the 1 January 2023, Garak's Goods Ltd sold some plant to Kleen Ltd for $82,000. Garak's Goods Ltd had originally paid $120,000 for this asset, and by the time of sale had charged accumulated...
-
PART-4 PART-5 PART-6 Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts...
-
The AMS technical services department has embarked on a quality improvement effort. Its first project relates to maintaining the target upload speed for its Internet service subscribers. Upload...
-
The reaction of H2 and O2 to produce water vapor releases 285.4 kJ of energy to the surroundings. Write four different ways that can be used to communicate this information.
-
The sales forecast for Hudson Limited for the month of January 2023 was 33,000 units. If the company intends on having 8,000 units as of the end of December 2022 and has a desired inventory of 9,000...
-
Discussions with Client: ASA 230 also requires the documentation of significant matters discussed with the client. This includes the nature of the significant matters, when and with whom the...
-
our team of supervisors is preparing to conduct performance appraisals, as the HR Manager: (a) Outline FIVE actions you will take to help reduce errors and biases in the performance appraisal...
-
Forensic accountants usually come in after an alleged financial crime has been discovered. They use a wide variety of skills like investigative skills within the financial data to find the...
-
For this task, you need to use the provided pcapanalysis.py and TCP.reflection.pcap files to create three functions. The snippet below shows where you need to code the functions and the expected...
-
Feller Company purchased a site for a limestone quarry for $100,000 on January 2, 2019. It estimate that the quarry will yield 400,000 tons of limestone. It estimates that its retirement obligation...
-
Home Comfort Furniture Company completed four transactions with the dollar effects indicated in the following schedule: Required: 1. Write a brief explanation of transactions (1) through (4). Explain...
-
Refer to the financial statements of The Home Depot in Appendix A and Lowes in Appendix B at the end of this book, or download the annual reports from the Cases section in the Connect library. 1....
-
Complete the following table. Round the inventory turnover ratio to one decimal place before computing days to sell. Round days to sell to one decimal place. inventory turnover ratio to"> Case BI...
-
Draw Bode plots for a sixth-order Pade approximation to a pure delay of 1 second.
-
A rejection network that can be utilised instead of the twin-T network is the bridged-T network shown below. The transfer function of this network is given by \[...
-
Sketch the polar plot of the frequency response for the following transfer functions: 1 (a) KG(s): = (1+0.5s) (1+2s) (1+0.5s) (b) KG(s) = $2 s+10 (c) KG(s) = s2+6s+10 30(s+8) (d) KG(s) = s(s+2)(s+4)
Study smarter with the SolutionInn App