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Help with number one I will give an outstanding review! 1) Phoenix Company budget amounts are prepared using standards. Follow the instructions provided in (a)

Help with number one I will give an outstanding review!

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1) Phoenix Company budget amounts are prepared using standards. Follow the instructions provided in (a) through (e) to complete the Standard Card below. Phoenix Company Standard Cost Card - Current Year (2019) Qty per Cost per Std. Cost per Unit Input Unit (a) Direct materials 4.00 lbs. X Direct labor hrs. 12.10 Variable Overhead rs X a) Use the Budget expenses (Fixed/Planning or flexible budget) and the number of units to calculate the Standard cost per unit. Show 2 decimals. Include your calculated amounts in the last column for direct material, direct labor, and variable overhead. Note: For variable overhead, you will need to add all variable overhead costs together b) Phoenix Company sets its material standard at 4 pounds of raw material per unit of finished goods. Calculate the standard cost per pound (input) for direct material as the cost per unit divided by 4. This is the standard price per pound of raw material. Include it in the standard cost card above. Show 2 decimals. c) Phoenix Company estimated its standard labor rate at $12.10 per hour. Calculate the standard number of direct labor hours to complete one unit of finished goods. Note: Cost per unit (a) divided by 12.10. Include the standard in the table above. Show 2 decimals. d) Phoenix Company applies its overhead based on direct labor hours. Include the standard hours of variable overhead in the standard card above. Show 2 decimals. e) Calculate the standard variable overhead rate and include it in the standard cost card. Variable overhead cost per unit divided by standard overhead hours. Show 2 decimals.Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 16,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3, 600, 000 Cost of goods sold Direct materials $960, 000 Direct labor 240, 000 Machinery repairs (variable cost) 64,000 Depreciation-Plant equipment (straight-line) 315, 000 Utilities ($48,000 is variable) 198, 009 Plant management salaries 230, 000 2, 007, 000 Gross profit 1, 593, 090 Selling expenses Packaging 80, 000 Shipping 112, 009 Sales salary ( fixed annual amount) 260,000 452, 090 General and administrative expenses Advertising expense 133, 000 Salaries 251, 000 Entertainment expense 100, 000 484, 090 Income from operations $ 657, 090Phoenix Company's actual income statement for 2019 follows. PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2019 Sales (19,000 units) $4, 338, 090 Cost of goods sold Direct materials $1, 156, 000 Direct labor 293, 000 Machinery repairs (variable cost) 67,000 Depreciation-Plant equipment (straight-line) 315, 000 Utilities ( fixed cost is $147,500) 203, 750 Plant management salaries 240, 000 2, 274, 750 Gross profit 2, 063, 250 Selling expenses Packaging 92, 000 Shipping 126, 000 Sales salary (annual) 276,000 494, 090 General and administrative expenses Advertising expense 141, 000 Salaries 251, 000 Entertainment expense 103, 000 495, 090 Income from operations $1, 074, 250PHOENIX COMPANY Flexible Budget Performance Report For Year Ended December 31, 2019 Flexible Actual Fav. / Variances Budget Results Unfav. Sales $ 4,275,000 $ 4,338,000 $ (63,000) Favorable Variable costs Direct materials 1,140,000 1, 156,000 (16,000) Unfavorable Direct labor 285,000 293,000 (8,000) Unfavorable Machinery repairs 76,000 67,000 9,000 Favorable Utilities 57,000 56,250 750 Favorable Packaging 95,000 92,000 3,000 Favorable O Shipping V 133,000 126,000 7,000 Favorable Total variable costs V 1,786,000 1,790,250 Fixed costs Depreciation-Plant equipment (straight-line) @ 315,000 315,000 No variance Utilities 150,000 147,500 2,500 Favorable Plant management salaries 230,000 240,000 (10,000) Unfavorable Sales salary 260,000 276,000 (16,000) Unfavorable Advertising expense V 133,000 141,000 (8,000) Unfavorable Salaries 251,000 251,000 No variance Entertainment expense 100,000 103,000 (3,000) Unfavorable Total fixed costs 1,439,000 1,473,500 Income from operations V

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