Question
Monty Company estimates that it will produce 5,880 units of product IOA during the current month. Budgeted variable manufacturing costs per unit are direct materials
Monty Company estimates that it will produce 5,880 units of product IOA during the current month. Budgeted variable manufacturing costs per unit are direct materials $7, direct labor $13, and overhead $18. Monthly budgeted fixed manufacturing overhead costs are $7,840 for depreciation and $3,724 for supervision. In the current month, Monty actually produced 6,380 units and incurred the following costs: direct materials $38,073, direct labor $74,904, variable overhead $114,300, depreciation $7,840, and supervision $3,920. Prepare a static budget report. Hint: The Budget column is based on estimated production while the Actual column is the actual cost incurred during the period. (List variable costs before fixed costs.)
Monty Company Static Budget Report | |||||||
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Difference | |||||||
Budget | Actual | Favorable Unfavorable Neither Favorable nor Unfavorable | |||||
select an opening static budget report item Total Variable CostsDepreciationDirect LaborTotal CostsVariable CostsProduction in unitsSupervisionTotal Fixed CostsOverheadFixed CostsDirect Materials | enter a number of units | enter a number of units | |||||
select an opening name for section one SupervisionDirect MaterialsDepreciationOverheadTotal Variable CostsTotal Fixed CostsFixed CostsVariable CostsProduction in unitsDirect LaborTotal Costs | |||||||
select an item Direct MaterialsTotal CostsDirect LaborTotal Fixed CostsSupervisionProduction in unitsOverheadFixed CostsVariable CostsDepreciationTotal Variable Costs | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | select an option FavorableNeither Favorable nor UnfavorableUnfavorable | |||
select an item DepreciationTotal Fixed CostsTotal CostsVariable CostsDirect LaborProduction in unitsTotal Variable CostsDirect MaterialsFixed CostsOverheadSupervision | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Neither Favorable nor UnfavorableFavorableUnfavorable | |||
select an item Total CostsDepreciationProduction in unitsFixed CostsDirect LaborSupervisionTotal Variable CostsDirect MaterialsOverheadVariable CostsTotal Fixed Costs | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option FavorableUnfavorableNeither Favorable nor Unfavorable | |||
select a closing name for section one Total CostsFixed CostsVariable CostsSupervisionTotal Variable CostsDepreciationOverheadDirect LaborTotal Fixed CostsDirect MaterialsProduction in units | enter a total amount for section one | enter a total amount for section one | enter a dollar amount | select an option FavorableUnfavorableNeither Favorable nor Unfavorable | |||
select an opening name for section two SupervisionDirect MaterialsDepreciationVariable CostsProduction in unitsFixed CostsTotal Variable CostsTotal CostsDirect LaborOverheadTotal Fixed Costs | |||||||
select an item Direct LaborVariable CostsTotal CostsDirect MaterialsDepreciationTotal Variable CostsSupervisionFixed CostsProduction in unitsOverheadTotal Fixed Costs | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option FavorableNeither Favorable nor UnfavorableUnfavorable | |||
select an item Fixed CostsOverheadProduction in unitsTotal Variable CostsTotal Fixed CostsVariable CostsDirect LaborDirect MaterialsTotal CostsDepreciationSupervision | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an option Neither Favorable nor UnfavorableUnfavorableFavorable | |||
select a closing name for section two DepreciationDirect MaterialsTotal Variable CostsProduction in unitsSupervisionTotal CostsVariable CostsOverheadFixed CostsTotal Fixed CostsDirect Labor | enter a total amount for section two | enter a total amount for section two | enter a dollar amount | select an option UnfavorableFavorableNeither Favorable nor Unfavorable | |||
select a closing static budget report item Total Variable CostsFixed CostsDepreciationTotal Fixed CostsDirect LaborProduction in unitsVariable CostsDirect MaterialsTotal CostsOverheadSupervision | $enter a total amount for this report | $enter a total amount for this report | $enter a total amount for this report | select an option Neither Favorable nor UnfavorableUnfavorableFavorable |
Were costs controlled? select an option YesNo
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