Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Grouper Inc.'s manufacturing overhead budget for the first quarter of 2022 contained the following data. Variable Costs Fixed Costs Indirect materials $11,040 Supervisory salaries $33,120
Grouper Inc.'s manufacturing overhead budget for the first quarter of 2022 contained the following data. Variable Costs Fixed Costs Indirect materials $11,040 Supervisory salaries $33,120 Indirect labor 9,200 Depreciation 6,440 Utilities 7,360 Property taxes and insurance 7,360 Maintenance 5,520 Maintenance 4,600 Actual variable costs were indirect materials $12,420, indirect labor $8,740, utilities $8,004, and maintenance $4,600. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $7,636. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes and insurance. (a) Prepare a manufacturing overhead flexible budget report for the first quarter. (List variable costs before fixed costs.) GROUPER INC. Manufacturing Overhead Flexible Budget Report Difference Favorable Unfavorable Neither Favorable nor Unfavorable Budget Actual $ $ $ $ $ $ (b) Prepare a responsibility report for the first quarter. GROUPER INC. Manufacturing Overhead Responsibility Report Difference Favorable Unfavorable Neither Favorable nor Unfavorable le Costs Budget Actual $ $ $ $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started