Homework Answers
The flexible budget
is a series of static budgets at different level of activity.
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Question 7 (1 point) The flexible budget O is prepared before the master budget is relevant...
QUESTION 10 Which of the following types of budgeting procedures is the most effective for measuring...
QUESTION 10 Which of the following types of budgeting procedures is the most effective for measuring performance? Static budgeting Capital budgeting Flexible budgeting Strategic budgeting QUESTION 11 The flexible budget: Is not constrained to the relevant range Eliminates the need for a master budget Is prepared before the master budget Is a series of static budgets at different levels of activity QUESTION 12 Responsiblity accounting is the concept: A firm is responsible for reporting to the public all activities that...
The following information is available for Brownstone Products Company for the month of July: Master Budget...
The following information is available for Brownstone Products Company for the month of July: Master Budget 3,800 4,000 $53,200 $60,000 19,000 16,000 16,000 15,000 7,700 8,000 10,000 9,000 Actual Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Required 1. What was the total operating income variance for July? (Note: this variance is also called the master (static) budget variance for the period.) Was this variance favorable (F) or unfavorable...
The following information is available for Brownstone Products Company for the month of July: Master Budget...
The following information is available for Brownstone Products Company for the month of July: Master Budget Actual Units 4,000 $60, 200 $60,000 16,000 13,900 3,900 Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses 20,000 14,900 8,700 8,000 10,100 10,000 Required: 1. What was the total operating income variance for July? (Note: this variance is also called the master (static) budget variance for the period.) Was this variance favorable (F) or...
1a) 1b) 2) begin using a flexible budgeting system, rather than use only the current master...
1a)
1b)
2)
begin using a flexible budgeting system, rather than use only the current master budget. The Appliance Possible Inc. (AP) is a manufacturer of toaster ovens. To improve control over operations, the president of AP wants following data are available for AP's expected costs at production levels of 89,000, 103,000, and 117,000 units Variable costs $7per unit $3 per unit Manufacturing Administrative Selling $2 per unit Fixed costs $134,000 Manufacturing Administrative $71,000 Part 1 Prepare a flexible budget...
Question 10 (1 point) A static budget report a) is appropriate in evaluating a manager's effectiveness...
Question 10 (1 point) A static budget report a) is appropriate in evaluating a manager's effectiveness in controlling variable costs. b) may be appropriate in evaluating a manager's effectiveness in controlling costs when the behavior of the costs in response to changes in activity is fixed. U shows costs at only 2 or 3 different levels of activity, d) should be used when the actual level of activity is materially different from the master budget activity level.
#4 only. 14-23 Flexible Budgets; Total Operating Income Variance; Breakdown of the Total Operating Income Variance;...
#4 only.
14-23 Flexible Budgets; Total Operating Income Variance; Breakdown of the Total Operating Income Variance; Spreadsheet Application The following information is available for Brownstone Products Company for the month of July Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual Master Budget 3.800 4,000 $53.200 $60,000 19.000 16,000 16.000 15,000 7.700 8,000 10,000 9,000 Required 1. What was the total operating income variance for July, rounded to the...
Question 2 (1 point) The master budget of Windy Co. shows that the planned activity level...
Question 2 (1 point) The master budget of Windy Co. shows that the planned activity level for next year is expected to be 50,000 machine hours. At this level of activity, the following manufacturing overhead costs are expected: Indirect labor $720,000 Machine supplies 180,000 Indirect materials 210,000 Depreciation on factory building 150,000 Total manufacturing overhead $1.260,000 A flexible budget for a level of activity of 60,000 machine hours would show total manufacturing overhead costs of $1,482,000 O $1.260,000 $1,512,000 51.362,000
15. A flexible budget is actually a series of budgets for varying levels of activity. A....
15. A flexible budget is actually a series of budgets for varying levels of activity. A. True. B. False. 16. Which of the following budgets is used most frequently for administrative functions. A. Zero-based budget. B. Flexible budget. C. Static budget. D. Capital expenditures budget. 17. The operating budget brings together the projection of all profit-making phases of a company A. True. B. False. 18. A method of budgeting which maintains a twelve-month projection into the future is called: A....
Question 3 1 pts Advantages of a flexible budget include all of these, EXCEPT: it is...
Question 3 1 pts Advantages of a flexible budget include all of these, EXCEPT: it is appropriate for fixed costs, but not variable costs. it is adaptable to changes in operating conditions it can be prepared for individual budgets in the Master Budget all of the above are advantages of a flexible budget Question 4 1pts An investment center manager would most likely have his/her performance evaluation based on: return on investment controllable margin. how well he/she was able to...
The following information is available for Brownstone Products Company for the month of July: Units Sales...
The following information is available for Brownstone Products Company for the month of July: Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Master Actual Budget 3,900 3,200 $55,800 $60,000 10,900 16,000 12,800 13,800 7,400 8,000 8,800 10,450 Required: 1. What was the total operating income variance for July? (Note: this variance is also called the master (static) budget variance for the period.) Was this variance favorable (F) or unfavorable...
The following information is available for Brownstone Products Company for the month of July: Master Budget 3,800 4,000 $53,200 $60,000 19,000 16,000 16,000 15,000 7,700 8,000 10,000 9,000 Actual Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Required 1. What was the total operating income variance for July? (Note: this variance is also called the master (static) budget variance for the period.) Was this variance favorable (F) or unfavorable...
The following information is available for Brownstone Products Company for the month of July: Master Budget Actual Units 4,000 $60, 200 $60,000 16,000 13,900 3,900 Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses 20,000 14,900 8,700 8,000 10,100 10,000 Required: 1. What was the total operating income variance for July? (Note: this variance is also called the master (static) budget variance for the period.) Was this variance favorable (F) or...
1a)
1b)
2)
begin using a flexible budgeting system, rather than use only the current master budget. The Appliance Possible Inc. (AP) is a manufacturer of toaster ovens. To improve control over operations, the president of AP wants following data are available for AP's expected costs at production levels of 89,000, 103,000, and 117,000 units Variable costs $7per unit $3 per unit Manufacturing Administrative Selling $2 per unit Fixed costs $134,000 Manufacturing Administrative $71,000 Part 1 Prepare a flexible budget...
Question 10 (1 point) A static budget report a) is appropriate in evaluating a manager's effectiveness in controlling variable costs. b) may be appropriate in evaluating a manager's effectiveness in controlling costs when the behavior of the costs in response to changes in activity is fixed. U shows costs at only 2 or 3 different levels of activity, d) should be used when the actual level of activity is materially different from the master budget activity level.
#4 only.
14-23 Flexible Budgets; Total Operating Income Variance; Breakdown of the Total Operating Income Variance; Spreadsheet Application The following information is available for Brownstone Products Company for the month of July Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Actual Master Budget 3.800 4,000 $53.200 $60,000 19.000 16,000 16.000 15,000 7.700 8,000 10,000 9,000 Required 1. What was the total operating income variance for July, rounded to the...
Question 2 (1 point) The master budget of Windy Co. shows that the planned activity level for next year is expected to be 50,000 machine hours. At this level of activity, the following manufacturing overhead costs are expected: Indirect labor $720,000 Machine supplies 180,000 Indirect materials 210,000 Depreciation on factory building 150,000 Total manufacturing overhead $1.260,000 A flexible budget for a level of activity of 60,000 machine hours would show total manufacturing overhead costs of $1,482,000 O $1.260,000 $1,512,000 51.362,000
15. A flexible budget is actually a series of budgets for varying levels of activity. A. True. B. False. 16. Which of the following budgets is used most frequently for administrative functions. A. Zero-based budget. B. Flexible budget. C. Static budget. D. Capital expenditures budget. 17. The operating budget brings together the projection of all profit-making phases of a company A. True. B. False. 18. A method of budgeting which maintains a twelve-month projection into the future is called: A....
Question 3 1 pts Advantages of a flexible budget include all of these, EXCEPT: it is appropriate for fixed costs, but not variable costs. it is adaptable to changes in operating conditions it can be prepared for individual budgets in the Master Budget all of the above are advantages of a flexible budget Question 4 1pts An investment center manager would most likely have his/her performance evaluation based on: return on investment controllable margin. how well he/she was able to...
The following information is available for Brownstone Products Company for the month of July: Units Sales revenue Variable manufacturing costs Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Master Actual Budget 3,900 3,200 $55,800 $60,000 10,900 16,000 12,800 13,800 7,400 8,000 8,800 10,450 Required: 1. What was the total operating income variance for July? (Note: this variance is also called the master (static) budget variance for the period.) Was this variance favorable (F) or unfavorable...
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