Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help in all requirements. please add work/steps. thank you! Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are

need help in all requirements. please add work/steps. thank you!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where is the number of labor-hours worked in a month Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Cost Formulas $16.209 $4,180 + $1.889 $5,788 + $0.689 $1,500 - 50.389 $18,880 + $2.50 58,5ee $2,800 $13,700 + se.689 The Production Department planned to work 4.400 labor-hours in March: however, it actually worked 4 200 labor-hours during the month. Its actual costs incurred in March are listed below: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Actual Cost Incurred in March $ 69,60 $ 11,200 $ 8.730 $ 3,00 $ 29,300 $ 8,90 $ 2,800 $ 15,570 Required: 1. Prepare the production Department's planning budget for the month 2. Prepare the Production Department's flexible budget for the month 3. Calculate the spending variances for all expense items. Complete this question by entering your answers in the tabs below. Required: 1. Prepare the Production Department's planning budget for the month. 2 Prepare the Production Department's flexible budget for the month 3. Calculate the spending variances for all expense Items. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's planning budget for the month. Packaging Solutions Corporation Production Department Planning Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the Production Department's flexible budget for the month. Packaging Solutions Corpptation Production Department Flexible Budget For the Month Ended March 31 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the spending variances for all expense items. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Packaging Solutions Corporation Spending Variances For the Month Ended March 31 Spending Variances Actual Results 4,200 Flexible Budget Labor-hours Direct labor $ Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Total expense 69.600 11.200 8.730 3.030 20.300 8,000 2,800 16,670 140.130 $ Prey 39 of 40 !!! Next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Essential Controller An Introduction To What Every Financial Manager Must Know

Authors: Steven M. Bragg

2nd Edition

1118169972, 9781118169971

More Books

Students also viewed these Accounting questions