Homework: HW - Chapter 23 s Score: 0 of 10 pts 11 of 13 (7 complete) HW Score: 23.08%, 30 of 13 E23-16 (similar to) 0 Data Table Stenback Company managers received the following incomplete performance report: E (Click the icon to view the incomplete performance report.) Complete the performance report. Identify the employee group that may deserve praise and the group that Complete the performance report. (Enter a "0" for any zero balances. For any $0 variances, leave the Favor Static Budget Stenback Pro Company Flexible Budget Performance Report For the Year Ended July 31, 2018 Flexible Actual Budget Flexible Results Variance Budget 41,000 41,000 Stenback Company Flexible Budget Performance Report For the Year Ended July 31, 2018 Flexible Sales Actual Budget Flexible Volume Results Varlance Budget Varlance 41,000 (a) 41.000 12,000 F S 215,000 (b) $ 215,000 $ 24,000 F 87,000 (c) 83,000 13,000 U 128,000 (d) 132,000 11,000 F 110.000 (e) 105,000 0 Sales (g) (h) (i) Static Budget Units Sales Revenue Variable Expenses Contribution Margin Fixed Expenses Operating Income 0 Volume Variance 12,000 F 24,000 F 13,000 U (k) S 215,000 $ 215,000 $ S 18,000 (1) Units Sales Revenue Variable Expenses Contribution Margin Fixed Expenses 27,000 $ 11,000 F 87,000 83,000 128,000 132,000 11.000 F Print Done 110,000 105,000 0 S 18,000 $ Operating Income 27,000 $ 11,000 F X E22-24 (similar to) Question Help Kelvin, Inc. manufactures model airplane kits and projects production at 550, 420, 650, and 750 kits for the next four quarters. (Click the icon to view the manufacturing information.) Prepare Kelvin's direct materials budget, direct labor budget, and manufacturing overhead budget for the year. Round the direct overhead allocation rate to two decimal places. Round other amounts to the nearest whole number. i More Info For the Year Ended December 31 First Second Third Fourth Quarter Quarter Quarter Quarter Tota Direct materials (ounces) per kit Direct materials needed for production Direct materials are 6 ounces of plastic per kit and the plastic costs $1 per ounce. Indirect materials are considered insignificant and are not included in the budgeting process. Beginning Raw Materials Inventory is 860 ounces, and the company desires to end each quarter with 30% of the materials needed for the next quarter's production. Kelvin desires a balance of 280 ounces in Raw Materials Inventory at the end of the fourth quarter. Each kit requires 0.50 hours of direct labor at an average cost of $45 per hour. Manufacturing overhead is allocated using direct labor hours as the allocation base. Variable overhead is $0.90 per kit, and fixed overhead is $135 per quarter. Plus: Total direct materials needed Less: Print Done Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials purchases
