The goal sought in the preparation of a flexible budget is to indicate the costs expected...
The goal sought in the preparation of a flexible budget is to indicate the costs expected to be incurred at varying levels of output.
Homework Answers
Flexible budget are prepared to indicate cost expected or budgeted to be incurred at various level of output so as to compare it with actual results to estimate whether the results are favorable or unfavorable and if unfavorable to adopt correct measures to control in future.
Hence the statement is correct
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The goal sought in the preparation of a flexible budget is to
indicate the costs expected...
The goal sought in the preparation of a flexible budget is to indicate the costs expected...
The goal sought in the preparation of a flexible budget is to indicate the costs expected to be incurred at varying levels of output. select from -True -False
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget b...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget because they do not change when the level of activity 10 Which of the following statements is true? A. If activity is higher than expected, total fixed cos expected, total fixed costs should be lower than expected B Fixed costs should not be included in a flexible bu changes. A revenue variance is favorable if the actual revenue is greater...
Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c....
Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c. Sales volume variance d Static budget e. Variance - Definitions 1. A summarized budget for several levels of volume that separates variable costs from foxed costs 2. A budget prepared for only one level of sales 3. The difference between an actual amount and the budgeted amount 4. The difference arising because the company actually earned more or less revenue, or incurred more or...
Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead varian...
Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 [The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product. Direct materials (3.0 Ibs. @ $5.00 per Ib.) Direct labor (1.7 hrs. @ $14.00 per hr.) Overhead (1.7 hrs. @ $18.50 per hr.) Total standard cost $15.00 23.80 31.45 $70.25 The predetermined overhead rate ($18.50 per direct...
Required information Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead...
Required information Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 [The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @ $5.00 per Ib.) Direct labor (1.6 hrs. $11.00 per hr.) Overhead (1.6 hrs. @ $18.50 per hr.) Total standard cost $20.00 17.60 29.60 567.20 The predetermined overhead rate ($18.50 per...
Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report...
Problem 21-3A Flexible budget preparation; computation of
materials, labor, and overhead variances; and overhead variance
report LO P1, P2, P3, C2 [The following information applies to the
questions displayed below.]
Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 [The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product. Direct materials (3.0 Ibs. @ $6.00 per...
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....
Need help with the following accounting problem. Problem 23-3A Flexible budget preparation; computation of materials, labor,...
Need help with the following accounting problem.
Problem 23-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @ $5.00 per Ib.) Direct labor (1.9 hrs. @ $12.00 per hr.) Overhead (1.9 hrs. @ $18.50 per hr.) Total standard cost $20.00 22.80 35.15 $77.95...
Flexible Budget for Varying Levels of Activity Nashler Company has the following budgeted variable costs per...
Flexible Budget for Varying Levels of Activity
Nashler Company has the following budgeted variable costs per
unit produced:
Direct materials
$7.10
Direct labor
1.54
Variable overhead:
Supplies
0.23
Maintenance
0.19
Power
0.17
Budgeted fixed overhead costs per month include supervision of
$98,000, depreciation of $77,000, and other overhead of
$248,000.
Required:
1. Prepare a flexible budget for all costs of
production for the following levels of production: 160,000 units,
170,000 units, and 175,000 units. Round your answers to the nearest...
Required information Problem 21-1A Preparation and analysis of a flexible budget LO P1 [The following information...
Required information Problem 21-1A Preparation and analysis of a flexible budget LO P1 [The following information applies to the questions displayed below.) Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,150,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management...
eted, total fixed costs should be higher than expected. If activity is lower than o included in a flexible budget because they do not change when the level of activity 10 Which of the following statements is true? A. If activity is higher than expected, total fixed cos expected, total fixed costs should be lower than expected B Fixed costs should not be included in a flexible bu changes. A revenue variance is favorable if the actual revenue is greater...
Match each form to the correct definition Terms a. Flexible budget b. Flexible budget variance c. Sales volume variance d Static budget e. Variance - Definitions 1. A summarized budget for several levels of volume that separates variable costs from foxed costs 2. A budget prepared for only one level of sales 3. The difference between an actual amount and the budgeted amount 4. The difference arising because the company actually earned more or less revenue, or incurred more or...
Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 [The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product. Direct materials (3.0 Ibs. @ $5.00 per Ib.) Direct labor (1.7 hrs. @ $14.00 per hr.) Overhead (1.7 hrs. @ $18.50 per hr.) Total standard cost $15.00 23.80 31.45 $70.25 The predetermined overhead rate ($18.50 per direct...
Required information Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 [The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @ $5.00 per Ib.) Direct labor (1.6 hrs. $11.00 per hr.) Overhead (1.6 hrs. @ $18.50 per hr.) Total standard cost $20.00 17.60 29.60 567.20 The predetermined overhead rate ($18.50 per...
Problem 21-3A Flexible budget preparation; computation of
materials, labor, and overhead variances; and overhead variance
report LO P1, P2, P3, C2 [The following information applies to the
questions displayed below.]
Problem 21-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 [The following information applies to the questions displayed below.) Antuan Company set the following standard costs for one unit of its product. Direct materials (3.0 Ibs. @ $6.00 per...
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....
Need help with the following accounting problem.
Problem 23-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 The following information applies to the questions displayed below.] Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @ $5.00 per Ib.) Direct labor (1.9 hrs. @ $12.00 per hr.) Overhead (1.9 hrs. @ $18.50 per hr.) Total standard cost $20.00 22.80 35.15 $77.95...
Flexible Budget for Varying Levels of Activity
Nashler Company has the following budgeted variable costs per
unit produced:
Direct materials
$7.10
Direct labor
1.54
Variable overhead:
Supplies
0.23
Maintenance
0.19
Power
0.17
Budgeted fixed overhead costs per month include supervision of
$98,000, depreciation of $77,000, and other overhead of
$248,000.
Required:
1. Prepare a flexible budget for all costs of
production for the following levels of production: 160,000 units,
170,000 units, and 175,000 units. Round your answers to the nearest...
Required information Problem 21-1A Preparation and analysis of a flexible budget LO P1 [The following information applies to the questions displayed below.) Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,150,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management...
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