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Exercise 08-3 Preparing flexible budgets LO P1 Tempo Company's fixed budget (based on sales of 10,000 units) for the first quarter reveals the following. Fixed Budget $2,060,000 $240,000 440,000 270,000 40,000 990,000 1,070,000 Sales (10,000 units X $206 per unit) Cost of goods sold Direct materials Direct labor Production supplies Plant manager salary Gross profit Selling expenses Sales commissions Packaging Advertising Administrative expenses Administrative salaries Depreciation-office equip. Insurance Office rent Income from operations 90,000 160,000 100,000 350,000 90,000 60,000 30,000 40,000 220,000 $ 500,000 (1) Compute the total variable cost per unit (2) Compute the total fixed costs. (3) Compute the income from operations for sales volume of 8,000 units. (4) Compute the income from operations for sales volume of 12,000 units. Complete this question by entering your answers in the tabs below. Bay City Company's fixed budget performance report for July follows. The $440,000 budgeted total expenses include $300,000 variable expenses and $140,000 fixed expenses. Actual expenses include $130,000 fixed expenses. Fixed Budget Variances Sales (in units) Sales (in dollars) Total expenses Income from operations 6,080 $480,000 440,000 $ 40,000 Actual Results 4,999 $441,000 489.000 $ 32,000 $39,000 u 31,800F $8,000 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately, (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Do not round your intermediate calculations. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav./Unf. Sedona Company set the following standard costs for one unit of its product for this year. Direct material (30 lbs. @ $2.20 per Ib.) Direct labor (20 hrs. @ $4.20 per hr.) Variable overhead (20 hrs. @ $2.20 per hr.) Fixed overhead (20 hrs. @ $1.10 per hr.) Total standard cost $ 66.00 84.69 44.09 22.60 $216.80 The $3.30 ($2.20+ $110) total overhead rate per direct labor hour is based on an expected operating level equal to 60% of the factory's capacity of 68,000 units per month. The following monthly flexible budget information is also available. Operating Levels (% of capacity) 60 37,400 40.800 44,280 748,089 816,000 884,000 Flexible Budget Budgeted output (units) Budgeted labor (standard hours) Budgeted overhead (dollars) Variable overhead Fixed overhead Total overhead $1,645,600 897,600 $2,543,200 $1,795,200 897,600 $2,692,300 $1,944,889 8 97,600 $2,842, 480 During the current month, the company operated at 55% of capacity, employees worked 728,000 hours, and the following actual overhead costs were incurred. Variable overhead costs Fixed overhead costs 51,625,000 924.300 Variable overhead costs Fixed overhead costs Total overhead costs $1,625,000 924,369 $2,549,300 Exercise 08-17 Computing total variable and fixed overhead variances LO P4 (1) Compute the predetermined overhead application rate per hour for total overhead, variable overhead, and fixed overhead. Predetermined OH Rate Variable overhead costs Fixed overhead costs Total overhead costs (2) Compute the total variable and total foxed overhead variances and classify each as favorable or unfavorable (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour answers to 2 decimal places.) At 55% of Operating Capacity Standard DL Overhead Costs Hours Applied Actual Results Variance Fav./Unf. Variable overhead costs Fored overhead costs Total overhead costs