Our initial plan was to make and sell 5 0 0 wrenches. We budgeted 2 lbs .
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Our initial plan was to make and sell wrenches. We budgeted lbs of steel for each wrench,and expected to pay $ per pound for the steel. We budgeted $ per hour for labor, and expected it to take hours to make each tool. Our initial plan was to sell the wrenches for $ each.We budgeted $ for insurance fixed overhead and we decided to use labor hours as the driver forallocating utilities costs variable overhead We expected to have $ in utilities costs.FLEXIBLE BUDGETPrepared afterthefact, using actual quantity of sales, and the Variable OH Application rate determined with Master Budget.ACTUAL RESULTS We receive an order for units at $ each We purchase lbs of materials., paying or $ per lb We drawdown lbs materials to produce wrenches We drawdown pay $ hr for hours of labor to produce the wrenches. We incur variable overhead expenses ex utilities of $ Fixed overhead insurancecosts are $ Fixed overhead is deemed to be a period expense. We sell all units at $ each.
submit using the formatted statements shown on Sheet of this EXCEL filePrepare in good order in the space provided a Master Budget Income Statement.Prepare in good order in the space provided a Flexible Budget Income Statement, based on actual production.Prepare in good order in the space providedan Actual Results Income Statement.
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0133428704
15th edition
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
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