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Name: Course: Date: P10-3A - State total budgeted cost formula and prepare flexible budget reports for 2 time periods Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse Problem P10-3A Hill Company uses budgets in controlling costs. The August 2014 budget report for the company's Assembling Department is as follows. HILL COMPANY Budget Report Assembling Department For the Month Ended August 31, 2014 Difference Manufacturing Costs Variable costs Direct materials Direct labor Indirect materials Indirect labor Utilities Maintenance Total variable costs Fixed costs Rent Supervision Depreciation Total fixed costs Total costs Budget Actual Favorable - Fav Unfavorable - Unf $48,000 54,000 24,000 18,000 15,000 6,000 165,000 $47,000 51,200 24,200 17,500 14,900 6,200 161,000 ($1,000) Fav ($2,800) Fav $200 Unf ($500) Fav (100) Fav 200 Unf (4,000) Fav 12,000 17,000 6,000 35,000 $200,000 12,000 17,000 6,000 35,000 $196,000 $0 Unf $0 Unf $0 Unf 0 Unf ($4,000) Fav The monthly budget amounts in the report were based on an expected production of 60,000 units per month or 720,000 units per year. The Assembling Department manager is pleased with the report and expects a raise, or at least praise for a job well done. The company president, however, is unhappy with the results for August, because only 58,000 units were produced. Instructions: (a) State the total monthly budgeted cost formula. Enter text answer here. Name: Course: Date: (b) Prepare a budget report for August using flexible budget data. Why does this report provide a better basis for evaluating performance than the report based on static budget data? Units Variable costs* Title Title Title Title Title Title Total variable costs Fixed costs Rent Supervision Depreciation Total fixed costs Total costs HILL COMPANY Assembling Department Flexible Budget Report For the Month Ended August 31, 2014 Budgeted at Actual Costs Number Number units units Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Formula Formula 12,000 17,000 6,000 Formula Formula 12,000 17,000 6,000 Formula Formula Difference Favorable - Fav Unfavorable - Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf Formula Formula Formula Formula Formula Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf *Note that the per unit variable costs are computed by taking the budget amount at 60,000 units and dividing it by 60,000. For example, direct materials per unit is therefore $48,000 / 60,000 units or $0.80 per unit. Enter text answer here. Name: Course: Date: (c) In September, 64,000 units were produced. Prepare the budget report using flexible budget data, assuming (1) each variable cost was 10% higher than its actual cost in August, and (2) fixed costs were the same in September as in August. Units Variable costs* Title Title Title Title Title Title Total variable costs Fixed costs Title Title Title Total fixed costs Total costs HILL COMPANY Assembling Department Flexible Budget Report For the Month Ended August 31, 2014 Budgeted at Actual Costs Number Number units units Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount Formula Formula Amount Amount Amount Formula Formula Amount Amount Amount Formula Formula Difference Favorable - Fav Unfavorable - Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf Formula Fav / Unf 0 Fav / Unf Formula Formula Formula Formula Formula Fav / Unf Fav / Unf Fav / Unf Fav / Unf Fav / Unf