Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Its Production Department's planning...
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Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Its Production Department's planning budget and flexible budget are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Cost Formulas $15.80q $8,200+ $1.60q $6,400 + $0.809 Supplies $1,100 + $0.40q Equipment depreciation Factory rent Property taxes Factory administration $23,000+ $3.70q $8,400 $2,100 $11,700 $1.90q The Production Department planned to work 8,000 labor-hours in March; however, it actually worked 8,400 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: Actual Cost Incurred in March $ 134,730 $ 19,860 $ 14,570 $ 4,980 $ 54,080 $ 8,700 $ 2,100 $ 26,470 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expenses $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget for the month. Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expenses 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March. Note: 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. Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Results Labor-hours 8,400 Direct labor $ 134,730 Indirect labor 19,860 Utilities 14,570 Supplies 4,980 Equipment depreciation 54,080 Factory rent 8,700 Property taxes 2,100 Factory administration 26,470 Total expenses 265,490 Flexible Budget Planning Budget Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Its Production Department's planning budget and flexible budget are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Cost Formulas $15.80q $8,200+ $1.60q $6,400 + $0.809 Supplies $1,100 + $0.40q Equipment depreciation Factory rent Property taxes Factory administration $23,000+ $3.70q $8,400 $2,100 $11,700 $1.90q The Production Department planned to work 8,000 labor-hours in March; however, it actually worked 8,400 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: Actual Cost Incurred in March $ 134,730 $ 19,860 $ 14,570 $ 4,980 $ 54,080 $ 8,700 $ 2,100 $ 26,470 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production Department's flexible budget for the month. 3. Prepare the Production Department's flexible budget performance report for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expenses $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget for the month. Packaging Solutions Corporation Production Department Flexible Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expenses 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget performance report for March. Note: 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. Packaging Solutions Corporation Production Department Flexible Budget Performance Report For the Month Ended March 31 Actual Results Labor-hours 8,400 Direct labor $ 134,730 Indirect labor 19,860 Utilities 14,570 Supplies 4,980 Equipment depreciation 54,080 Factory rent 8,700 Property taxes 2,100 Factory administration 26,470 Total expenses 265,490 Flexible Budget Planning Budget
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Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
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