Question: Performance Report Master Budget Actual Data Budgeted production: 2,500 .... Actual production: 2,600 units Materials: 2 leather strips @ $3.00 ..... Materials cost: $15,250 Labor:

Performance Report

Master Budget                                   Actual Data

Budgeted production: 2,500 ...…….   Actual production: 2,600 units

Materials:

2 leather strips @ $3.00 ………...….. Materials cost: $15,250

Labor:

0.5 hr. @ $12.00 …………………......... Labor cost: $16,000


Required:

1. Prepare a performance report using a budget based on expected production.

2. Comment on the limitations of this report.


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