Please answer in excel format
P10-41. Comprehensive Performance Report Instant Computing is a contract manufacturer of laptop computers sold under brand named companies. Presented are Instant's budgeted and actual contribution income statements for October. The company has three responsibility centers: Production, Selling and Distribution, and Administration. Production and Administration are cost centers while Selling and Distribution is a profit center. INSTANT COMPUTING Budgeted Contribution Income Statement For Month of October Sales (1,800 $250) . $450,000 Less variable costs Variable cost of goods sold Direct materials (1,800 $50) $90,000 Direct labor (1,800 x $20). ... 36,000 Manufacturing overhead (1,800 x $15) . 27,000 $153,000 Selling and Distribution (1,800 x $60) .... 108,000 (261,000) Contribution margin .. 189,000 Less fixed costs Manufacturing overhead... 80,000 Selling and Distribution. ... 60,000 Administrative.. 21,000 (161,000) Net income..... $ 28,000 Chapter 10 Standard Costs and Performance Reports INSTANT COMPUTING Actual Contribution Income Statement For Month of October $687,500 Sales (2,500 x $275) Less variable costs Cost of goods sold Direct materials Direct labor Manufacturing overhead. Selling and Distribution.. Contribution margin Less fixed costs Manufacturing overhead. Selling and Distribution. Administrative. Net income (loss) $125,000 57,500 48,750 $231,250 188,000 (419,250) 268,250 78,000 75,000 43,000 (196,000) $ 72,250 Required a. Prepare a performance report for Production that compares actual and allowed costs. b. Prepare a performance report for Selling and Distribution that compares actual and allowed costs. c. Determine the sales price and the net sales volume variances. d. Prepare a report that summarizes the performance of Selling and Distribution. e. Determine the amount by which Administration was over or under budget. f. Prepare a report reconciling budgeted and actual net income. Your report should focus on the performance of each responsibility center. P10-41. Comprehensive Performance Report Instant Computing is a contract manufacturer of laptop computers sold under brand named companies. Presented are Instant's budgeted and actual contribution income statements for October. The company has three responsibility centers: Production, Selling and Distribution, and Administration. Production and Administration are cost centers while Selling and Distribution is a profit center. INSTANT COMPUTING Budgeted Contribution Income Statement For Month of October Sales (1,800 $250) . $450,000 Less variable costs Variable cost of goods sold Direct materials (1,800 $50) $90,000 Direct labor (1,800 x $20). ... 36,000 Manufacturing overhead (1,800 x $15) . 27,000 $153,000 Selling and Distribution (1,800 x $60) .... 108,000 (261,000) Contribution margin .. 189,000 Less fixed costs Manufacturing overhead... 80,000 Selling and Distribution. ... 60,000 Administrative.. 21,000 (161,000) Net income..... $ 28,000 Chapter 10 Standard Costs and Performance Reports INSTANT COMPUTING Actual Contribution Income Statement For Month of October $687,500 Sales (2,500 x $275) Less variable costs Cost of goods sold Direct materials Direct labor Manufacturing overhead. Selling and Distribution.. Contribution margin Less fixed costs Manufacturing overhead. Selling and Distribution. Administrative. Net income (loss) $125,000 57,500 48,750 $231,250 188,000 (419,250) 268,250 78,000 75,000 43,000 (196,000) $ 72,250 Required a. Prepare a performance report for Production that compares actual and allowed costs. b. Prepare a performance report for Selling and Distribution that compares actual and allowed costs. c. Determine the sales price and the net sales volume variances. d. Prepare a report that summarizes the performance of Selling and Distribution. e. Determine the amount by which Administration was over or under budget. f. Prepare a report reconciling budgeted and actual net income. Your report should focus on the performance of each responsibility center
