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Problem 9-25 Critiquing a Variance Report: Preparing a Performance Report L09-1, LO9-2, LO9-3, LO9- 4, LO9-6] Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and control purposes. While departmental supervisors have been happy with the system, the factory manager has expressecd considerable dissatisfaction with the information being generated by the system. A report for the company's Assembly Department for the month of March follows Assembly Department Cost Report For the Month Ended March 31 Actual Planning Results Budget Variances Machine-hours Variable costs Supplies Scrap Indirect materials Fixed costs: Wages and salaries Equipment depreciation Total cost 35,000 40,000 $ 29,700 32,000 $2,300F 500 F 19,500 20,000 51,800 56,000 4,200 F 800 F 79,200 80,000 60,000 60,000 $240,200 $248,000 $7,800 F After receiving a copy of this cost report, the supervisor of the Assembly Department stated, "These reports are super. It makes me feel really good to see how well things are going in my department. I can't understand why those people upstairs complain so much about the reports." For the last several years, the company's marketing department has chronically failed to meet the sales goals expressed in the company's monthly budgets Required: 1. The company's president is uneasy about the cost reports, identify at least two reasons 2. What kind of reports should be used to give better insight into how well departmental supervisors are controlling costs? 3. Complete the new performance report for the quarter, based on Flexible Budget Performance approach. 4. Were costs well controlled in March? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required Required Required 2 4 Complete the new performance report for the quarter, based on Flexible Budget Performance approach. (Do not round your intermediate calculations. 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.) Show less estmont Corporation Assembly Department Flexible Budget Performance Report For the Month Ended March 31 Revenue and Actual Planning Budget Flexible Budget Activity Variances Spending Variances Results Machine-hours 35,000 35,000 40,000 28,000 S 4 2 $29,700 $1,700U Supplies Scrap Indirect materials Wages and salaries Equipment depreciation 17,50 19,5002,000U 51,800 | 2,800 J O| 49,0000| 7,000DF 79,200 60,000 20,000 56,000 80,000 60,000 $ 248,000 F e 79,20800>F 60,000 6,500U 233,700 14.3 Total 240,200 K Required 2 Required 4